Palestinian Monetary Authority Launches Financial Digital Identity iDplus

SadaNews: The Palestinian Monetary Authority launched the financial digital identity iDplus today, Thursday, under the patronage and presence of Prime Minister Dr. Muhammad Mustafa, and the Governor of the Monetary Authority, Yahya Shanar, with participation from several ministers and officials from the public and private sectors, as well as representatives from the banking sector.

Prime Minister Dr. Muhammad Mustafa confirmed that amid the ongoing significant challenges we face, and despite the obstacles and assaults of the occupation, improving the services provided to our people will remain a top priority, including financial services.

The Prime Minister conveyed the greetings of President Mahmoud Abbas and his ongoing support for all initiatives that strengthen our people’s resilience and lay the groundwork for a more stable and prosperous future, expressing special thanks and appreciation for the distinguished efforts made by the Monetary Authority in developing the national economy, achieving financial stability, and digital transformation, and to all partners, emphasizing that the government will continue to support all national initiatives that enhance citizens' resilience, ease their lives, and build an independent, developed, and cohesive Palestinian state.

Mustafa stated: "We gather to witness a real national achievement that reflects the strength of our will and the capability of our institutions to innovate: the launch of the financial digital identity iDplus, which enhances the highest standards of protection and security in digital services and supports Palestine's shift towards electronic payment, in line with the government's direction to empower citizens and institutions to manage their transactions with confidence and safety."

The Prime Minister stressed that the launch of the financial digital identity is a strategic step that reflects our vision in building a modern digital Palestine, a state capable of advancement, with resilient institutions and a flexible economy.

Mustafa pointed out that what we are witnessing today in terms of accelerated development in implementing the plan to develop and strengthen national institutions, whether through initiatives launched by the government or the systems and programs initiated by the Monetary Authority, is indeed a source of pride for the people of Palestine and the banking sector.

For his part, the Governor of the Palestinian Monetary Authority, Mr. Yahya Shanar, clarified that the launch of iDplus represents a new phase in the digital transformation journey, aimed at enhancing financial inclusion, encouraging economic growth, accelerating the economic cycle, and providing a more attractive investment environment. He emphasized that the system is not merely a technical application but a comprehensive framework that provides citizens with a reliable and secure digital financial identity, enabling them to conduct their transactions easily and quickly with the highest levels of data protection.

Shanar added that the financial digital identity will create wide opportunities for both the public and private sectors to develop innovative services that support the national economy and create new job opportunities. He also mentioned that adopting electronic registration and biometric verification using iDplus will be a pivotal step towards building a safe and sustainable digital economy.

It is worth noting that iDplus is a smartphone application that allows citizens to create their financial digital identity and link it to banking applications, ensuring protection against electronic financial fraud and allowing them complete control over their financial transactions through advanced verification technologies, which include biometric facial recognition.