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.
