IDnow, one of Europe’s leading providers of digital identity verification solutions, has revealed its plan to expand into the Middle Eastern market, with the opening of its new office in Dubai International Financial Centre (DIFC) Innovation Hub.
The business expansion of IDnow marks its first office outside of Europe, adding to its headquarters in Munich, and offices across Leipzig, Düsseldorf, London and Manchester. IDnow’s regional team will be led by Mr. Oliver Obitayo, Chief Commercial Officer of IDnow Group and Mr. Basil Macklai, Head of Region Middle East.
The business is targeting the huge Middle East and Africa (MEA) digital identity verification market, which is expected to reach $800 million by 2025. It is a rapidly expanding market, with the facial verification sector expected to grow at a 20 percent compound annual growth rate (CAGR) for the next five years.
IDnow is specialized in developing quality technology that serves some of the world’s biggest banks and financial institutions. The IDnow platform offers a range of secure and seamless products, including its signature IDnow AutoIdent, an artificial intelligence (AI)-powered identity verification.
Oliver Obitayo CCO – IDnow Middle East
“The Middle East is a rapidly growing market for digital identity verification, supporting the region’s booming and innovative digital economy. We have been working in conjunction with regional regulators for more than two years, and the time is right to expand our presence with a dedicated team and office. IDnow’s combination of international experience, German-quality standards and in-depth knowledge of requirements across Middle East jurisdictions, puts us in a unique position to serve government, regulators, banks, financial services, enterprises and fintechs.”
More than half of businesses in the Middle East and North Africa (MENA) region have faced new financial crime risks due to the pandemic, including payments fraud, account takeovers and identity theft.
According to a study by Comparitech, in the UAE alone cybercrime claims 166,667 victims annually, losing $746 million, with identity theft and fraud key contributors. McKinsey’s research highlights financial services as the largest driver of identity verification services.
Aligning with the vision of regional governments to strengthen the digital transformation of the banking sector and underline trust in Middle East financial services, IDnow facilitates greater integration with the global financial system and supports the development of legislative and legal frameworks to ensure compliance with international standards.
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