eToro, the trading and investing platform, has announced the integration of UAE PASS, the UAE’s national digital identity platform, into its onboarding process, further localising its product for the UAE market.
This new feature allows UAE-based users to register on eToro using the UAE PASS app, which pulls verified Proof of Identity (POI) and Proof of Address (POA) directly from the government’s digital identity system. It simplifies the verification process significantly, enabling faster account creation, enhanced security and a smoother experience for new users.
George Naddaf, Managing Director at eToro MENA, said: “This is a major milestone in simplifying the onboarding experience and advancing in our vision to open the global markets for everyone to trade and invest in a simple and transparent way. By integrating a trusted local identity solution, we’re removing key friction points and adding another layer of trust and convenience for our UAE community.”
The integration comes at a pivotal time in the UAE’s fintech evolution. According to a recent survey by eToro, 87% of UAE retail investors now rely on fintech platforms to manage their finances. Additionally, 26% use only fintech providers, while 36% use them for the majority of their activity, reflecting the country’s rapid shift toward digital-first financial solutions.
This initiative adds to eToro’s broader localisation initiatives in the region, including the opening of its Abu Dhabi office, the addition of stocks listed on the Abu Dhabi Securities Exchange and Dubai Financial Market – all aimed at providing a tailored, relevant experience for investors in the UAE and across the MENA region.
We asked George Naddaf, Managing Director at eToro MENA, further questions to find out more about the project.
How does integrating the UAE PASS enhance security for eToro users in the UAE?
UAE PASS is known for its security and user-convenience – two key features that eToro was looking for in order to enable seamless registration on the platform for all local users.
By leveraging UAE PASS, eToro accesses verified Proof of Identity (POI) and Proof of Address (POA) directly from the government’s digital identity system.
This eliminates the need for manual document uploads, reducing the risk of data breaches and identity theft.
How does eToro protect sensitive data, prevent unauthorised access, ensure compliance with local regulations, and maintain a secure yet seamless user experience when integrating with the UAE PASS app?
UAE PASS employs advanced security measures, including biometric authentication and blockchain technology, to ensure the integrity and confidentiality of user data.
eToro stores user records securely for as long as accounts remain active or as required to meet legal obligations. Upon account closure, personal information is handled in compliance with UAE data protection laws, ensuring secure disposal or anonymisation of data.
In 2023, eToro received approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate in the UAE, reinforcing its regulatory compliance footprint in the region.
What is eToro’s approach to securing digital onboarding processes as fintech evolves in the UAE?
Further to its recent integration with UAE PASS, eToro has implemented advanced security protocols, including two-factor authentication and biometrics for its mobile app, and sensitive data is safeguarded through encryption.
