The Capital Market Authority has granted, on Thursday, a no-objection letter for the application “Verify ID” by Jaffa Networks and Computer Systems (Jaffa.net Software), aiming to work in the Palestinian insurance sector in line with terms and conditions stipulated in the no-objection letter. This application is designed to assist insurance companies in verifying the identity of health insurance service recipients using technology-based applications.
Mr. Barraq Al-Nablusi, the General Director of the PCMA, emphasized that issuing the no-objection letter for the Verify ID application is part of the PCMA’s efforts to promote financial technology in non-banking financial sectors, based on its strategy, through the services offered by the “Ebtaker” platform in providing the necessary environment, guidance, and regulatory supervision for innovators in the field of financial technology, including insurance technology.
By the same intimation, Dr. Yahya Al-Salqan, representing Jaffa.net Software, highlighted the significance of receiving the no-objection letter from the Capital Market Authority for the “Verify ID” application. This development is aims to enhance the company’s operations in the insurance sector in Palestine, especially after the support provided by the PCMA to this sector to foster growth and integration with the information technology sector.
It is worth noting that the application focuses on combating fraud in private sector health insurance services provided by insurance companies with which it is contracted. It does so by verifying the identities of insured individuals who apply for healthcare services.