IrisGuard partner with Elm to help boost financial inclusion in the developing world

June 19, 2023
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IrisGuard and Elm Saudi Arabia completed and signed a Memorandum of Understanding at GITEX Africa in Morocco on 1st June 2023, to explore collaboration across various projects including the distribution of humanitarian aid and citizen social protection payments incorporating iris recognition.

Joining up the powerful IrisGuard EyePay® Network iris payment solution and the innovative cross department architecture of the Elm Sahl system aims to help provide a more robust, reliable financial assistance delivery system, providing even greater transparency and efficiencies for all. This will benefit Saudi Arabian citizens and those countries and beneficiaries outside supported by the region.  Some of the key objectives for this development include secure and convenient ways of accessing personal entitlements without the need for any other documentation, utilising the human iris for 100% accurate biometric proof-of-life.

Established in 1988, Elm is the investment arm of the Saudi Ministry of Finance, a trusted partner of the Government as well as the private sector and individuals. They provide a wide range of the highest quality, innovative IT solutions including e-commerce, IT infrastructure management and business process outsourcing, whilst directly supporting the Kingdom’s Vision 2030 through investing in new technologies.

IrisGuard’s EyePay® Network is a web-based platform specifically designed for biometric real time digital ID management and subsequent delivery of humanitarian and social protection assistance. Without the need for cards, PIN numbers, ID documents, mobile or bank accounts this provides an un-paralleled service for financial inclusion of the most vulnerable. Governments and organisations around the world are all struggling with greater demands of G2C services and ensuring the right value from the right entitlement goes to the right person, without duplication, is even more critical.

“We are thrilled about our collaboration with Elm as we embark on expansion of our products and solutions in Saudi Arabia. Elm’s passion for excellence, innovation and keeping ahead of the curve with digital transformation by introducing advanced integrated technology solutions, means we share the same goals and aspirations. We look forward to exploring the potential ways of joining up our iris recognition technology alongside Elm’s databank infrastructure for a seamless multi-modal assistance delivery system.” Imad Malhas, CEO & Managing Director at IrisGuard.

Majid bin Saad Al-Arifi, Executive VP of Marketing at Elm, affirmed that this Understanding would lead the two parties to target broader business areas and stressed that Elm is seeking to continue its leading contribution to digital transformation, thus enhancing capabilities and increasing performance levels in such a manner that would contribute to the improvement and development of economic environments by developing services and creating innovations in a world witnessing a shift towards a more digital future.

About IrisGuard

Founded in 2001, IrisGuard is a world-leader of end-to-end iris enabled payment systems, empowering financial inclusion for the world’s poorest and most vulnerable. Processing over USD $1.3b in humanitarian aid and beneficiary value per annum, IrisGuard’s iris recognition technology provides a 100% accurate proof-of-life in real time on a one-to-millions basis. It is a highly secure and reliable way to authenticate payments and services to citizens used by Governments, NGOs, banks, switches, post office and retail establishments, now serving over 14 million beneficiaries across multiple countries.

About Elm

Elm is an integrated digital solutions company offering a wide range of ready-made and customized digital solutions in many fields, through diverse and flexible business models to suit the desires of each of their customers. They are among the few companies that combine all solutions under one umbrella (consultations, technology, outsourcing, and training), and they fully oversee their costumer experience.

For more information on IrisGuard, please visit www.irisguard.com

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