With this new feature, users based in the UAE will be able to register on eToro by utilizing the UAE PASS application.
The UAE’s national digital identity platform will facilitate client registration by obtaining verified Proof of Identity (POI) and Proof of Address (POA) directly from the government’s digital identity system. This integration will also streamline the verification process, resulting in quicker account setups, bolstered security, and a more efficient overall experience for new users.
The company aims to eliminate significant hurdles and introduce enhanced convenience and security for its UAE customers, reinforcing its commitment to making global markets accessible for everyone in a straightforward and transparent manner.
Further Details on eToro’s Integration with UAE PASS
As indicated by a recent eToro survey, this initiative arrives at a critical juncture in the evolution of fintech in the UAE, where 87% of retail investors in the region depend on fintech platforms to manage their finances. Moreover, 26% exclusively utilize fintech providers, while 36% predominantly use them for their financial activities.
This integration is also a significant part of eToro’s broader localization strategy, which includes the establishment of its Abu Dhabi office and the inclusion of stocks listed on both the Abu Dhabi Securities Exchange and Dubai Financial Market. All these efforts are directed towards delivering a customized and secure experience for investors across the UAE and the MENA region.
UAE PASS serves as a national digital identity for both citizens and residents, designed to allow all registered users to access solutions from government, semi-government, and private sector entities via their respective websites and applications. This platform also enables users to digitally sign and authenticate documents and transactions, as well as request digital versions of any official documents issued in their name. With this initiative, eToro remains dedicated to addressing the evolving needs, preferences, and expectations of its clients in a dynamic market while ensuring compliance with industry regulations and legal standards.