Dubai Financial Market signs up to government MyID project

Source: Dubai Financial Market

Dubai Financial Market (DFM) today announced it has signed a Memorandum of Understanding (MoU) with Dubai Smart Government Department to join “MyID”.

This secure service enables users to access electronic and smart services of 13 government departments through smart phones or online via a unified identity (Username and Password). Due to its integration with the Emirates ID, “MyID” will represent investors’ pass to DFM’s electronic services hence, current and potential investors can easily access many services such as applying for Investor Number (NIN), track their investments and access statements online. Investors are no longer required to personally visit DFM or have to validate signatures.

Maryam Fikri, Executive Vice President, Head of Clearing, Settlement and Depository Division, DFM and Wesam Al Abbas Lootah, Assistant Director General of Dubai Smart Government Department have signed the MoU during DFM’s participation in GITEX 2015, in the presence of senior representatives from both sides.

Investors can access DFM’s electronic services using the “MyID” through a special field on the DFM website so that they can track their investments and finalize their transactions. Potential investors can apply for DFM Investor Number (NIN) to start their investment journey with the market. Once registered to “MyID”, users will have their unified username and password enabling them seamless and secure navigation of various service provider websites online or through their smart phones. Users of electronic services are no longer required to use multiple usernames and passwords. Registration to “MyID” can be done using details of Emirates National ID through the service kiosks that Dubai Smart Government has deployed in various government offices. A similar kiosk will be installed at DFM in the near future.

DFM’s sign up to “MyID” further enhances the exchange’s successful and accelerating efforts to fully transfer into electronic services as part of the “Smart Borse” strategy enabling investors’ seamless communication with the market to efficiently accomplish their transactions and track their investments via multiple channels of smart phone applications as well as its website.

Commenting on this, Maryam Fikri said: “We would like to extend our thanks to the Dubai Smart Government for collaborating with us and we highly commend their active role in rapidly realizing the vision and directions of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai about smart government. By joining this service, we stress on the importance of collaboration amongst concerned parties to streamline service accomplishment online and through smart phones. Certainly, the introduction of a unified ID will eliminate obstacles users usually face when navigating between websites and applications of various service providers. This arrangement will facilitate potential investors’ application for investor numbers without visiting DFM personally or authenticating signatures.

Additionally, it will further facilitate investors’ access to our comprehensive investor services platform, which attracted more than 16 thousand users since its launch mid-2015. This platform enables investors to accomplish their transactions and track their investments anytime, anywhere. Moreover, as much as 41 thousand of our real time market data users can access the data through MyID.”

Wesam Lootah, DSG Assistant Director General, said: "DSG is diligently seeking to provide the government entities with the infrastructure and shared services necessary for the public to successfully access their services smoothly wherever they are and round the clock. This effectively contributes to ensuring full transformation to smart government and paves the way for Dubai to become the smartest city in the world in implementation of the initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to shift to smart government, and in response to the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to provide a single sign-on to every customer in line with the initiative of Dubai Government Towards 2021, which he launched. "

Lootah added: "Through the DSG's strategy, we are working to ease the transactions of the public with the government through a single window, which features as many services as possible. The DFM joining the MyID service will serve a large and significant section of DFM investors and stands as evidence of our commitment to provide smart services aimed at bringing happiness to customers while improving their confidence in government performance and easing their transactions in Dubai." 

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