Digital Identity Verification is a prevailing issue in this digital world of ours. Identity theft is not just a myth anymore and is a potent cyber security threat that can steal data, resources, digital and fiat currencies and even Intellectual property itself. Blockchain technology is seen as a robust option in the fight against identity theft and that is why companies are looking towards the new tech to solve their problems.

Maritime Bank, one of the largest banks in Vietnam, has announced that it has reached a partnership with VeriME platform to provide D-KYC and D-SECURE services to the bank. Maritime Bank is one of the largest banks in the country and this move comes after VeriME launched its Token Generation Event for the public.

Maritime Bank the Third Bank in Vietnam to to Partner with VeriME

The VeriME platform’s popularity in Vietnam is shown by the fact that Maritime is the third bank from the country to sign a partnership with the startup. VeriME is offering a Verification as a Service (VaaS) platform approach for these banking channels.

According to the Deputy General Director of Maritime Bank:
We are excited to partner with VeriME and leverage their blockchain based VaaS platform for performing KYC and Payment Authentication for our customers. We believe in their product, and most importantly their compliance with Data Sovereignty and local PDPA laws. We are looking forward to VeriME revolutionizing the traditional customer onboarding and payment authentication processes.”

KYC Implementation

KYC, or “Know-Your-Customer” regulations, have become emblematic in the quest for preserving digital identity. An estimated $60 million is spent annually on KYC and compliance by a single large financial firm around the world according to survey by Thomson Reuters.

According to Sanjeev Kumar, co-founder of VeriME:

“The rising KYC challenges and its costs, which companies as well as customers were facing made us think of a better solution. A solution which will not only automate the whole process but will also make the complete KYC and due diligence process faster, seamless and efficient, and that’s when the idea of VeriME was conceptualised.”

VeriME Mission

From its headquarters in Singapore, VeriME is hoping to develop an easy and swift user authentication for banks, financial institutions, marketplaces and other large merchant groups around the world. It has already partnered with over 30 entities globally and has more than 300,000 merchants and consumers. Its mission is to digitize the KYC and authentication processes with the power of blockchain and its transparency.

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