Abu Dhabi – 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 localizing 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 localization 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.

The survey, commissioned by the trading and investing platform eToro, sampled 1,000 retail investors residing in the UAE. It was conducted from 27th November to 2nd December 2024 and carried out by research company Appinio. Retail investors were defined as self-directed or advised and had to hold at least one investment product, including shares, bonds, funds, investments, or equivalent. They did not need to be eToro users.

About eToro:

eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.

About UAE PASS

UAE PASS is the first national digital identity for citizens and residents of the UAE. The app enables all registered individuals to access government, semi-government and private sector entities’ services through their respective websites and apps, and allows them to digitally sign and authenticate documents and transactions. UAE PASS also enables users to request a digital version of any official documents issued to their name.

UAE PASS was launched as a joint initiative between the Telecommunications and Digital Government Regulatory Authority (TDRA), Abu Dhabi Department of Government Support and Digital Dubai. It is also supported by key strategic partners including the Ministry of Interior, Federal Authority for Identity, Citizenship, Customs & Port Security, the Dubai Electronic Security Center, and all the digital authorities of the respective seven emirates of the UAE.

In September 2019, the UAE Central Bank adopted the UAE PASS initiative allowing the financial sector around the UAE to use it in processing different transactions. In order to enhance UAE PASS further and as part of the second implementation phase, UAE PASS now also enables users to request a digital version of their official documents, and to use them securely, to execute transactions and avail services from service providers in the private sector when needed. This feature eliminates the need for paper and physical visits, saving you time and effort. It is also powered by block chain technology, providing you with optimal traceability and security.