How would you describe the inspiration behind DIGI?
DIGI is shaped out of the belief that disruption in any sector should not be a hindrance to work but an opportunity to change gears, simplify and fasten processes.
It is a brainchild of our MD, Abhishek Jajoo, who has conceptualised the idea and formed a very strong leadership as well as Board advisory team. At DIGI, we are passionate about solving the problems faced by FIs in meeting their customer requirements.
We help our client to leverage AI and blockchain to solve various operational as well as compliance challenges faced by financial institutions while digitalising the process. For example, our DIGI SAL product is a unique proposition focusing on meeting the banking needs of the unbanked population in the UAE, by providing them virtual salary account and linking their home remittance to the platform.
Why is offering a digital service so important to financial institutions following the coronavirus?
COVID 19 has brought a unique opportunity for banks and FIs to increase the speed of digitalisation. An effective customised digital solution can enable FIs to increase efficiency, reduce human errors, promote strong compliance culture and implement effective digital channels for client communication.
For example, since social distancing norm is here to stay, FIs can leverage our product, DIGI-Q, to provide their customers with an option to schedule their appointment before visiting their branch, thereby reducing the hassle of potentially standing in queue, during peak business hours.
How does your Regtech Solution help the financial sector to remain compliant with regulations?
DIGI has been built, keeping in mind, the guidance of FATF and local regulators thereby promoting financial inclusion, enhancing customer experience, and eliminating risks such as identity theft or fraud, and AML [anti-money laundering].
The platform enables FIs to enhance its compliance infrastructure through real time customer ID and biometric verification including liveness check, ECDD, through video KYC, geo-locating and time stamp and AML alert management.
DIGI, a group entity of AJMS Global, is a DIFC based REGTECH entity registered under the name RemitEx Technologies Ltd. Under its flagship brand DIGI, it has launched a regulatory compliant KYC solution for digital onboarding of customers and aims to support in the digital enhancement of compliance infrastructure of organisations.
AJMS Global, a Super-brand (UAE-2020), is a niche consulting firm focusing on GRC, Tax, IFRS & Digital Transformation advisory in GCC.