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´myVault´ offers remittance transfers to Timor-Leste unbanked population

Last update: 29/10/2019

KUALA LUMPUR, Oct 29 -- VaultID Group Ltd has created a financial and digital footprint for the ‘unbanked’ population via its application ‘myVault’, allowing remittance transfers to Timor-Leste.

The application enables the onboarding of potential consumers via a mix of traditional KYC/AML systems, enhanced with biometric image to document scanning and in-government official witness attestation.

Approximately one-third of the Timor-Leste population, currently excluded from participation due to lack of identification, can now be onboarded to allow seamless, verification remittance transfers.

This will be powered by ‘myVault’ biometric and witness attestation verification products which include facial matching and optical character recognition biometrics.

VaultID Group Ltd chief executive officer, Jason Edwards said: “Through ‘myVault’, we have extended traditional KYC to a new eKYC offering which includes Self-Sovereign Identity; the consumer has control, sole ownership and management of their digital identity as well as how their data is stored, shared or used for verification.

“With accurate consumer details, official attestation, biometric matching and traditional documentation, myVault is a new paradigm in APAC consumer onboarding for financial service providers.”


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