In what can be called a major milestone for VeriME – a Singaporean FinTech offering Blockchain based digital identity verification platform, has partnered with Maritime Bank – one of the largest Banks in Vietnam.
This move, which came shortly after VeriME’s Token Generation Event [TGE], was announced by VeriME company officials to the media this weekend. Leveraging VeriME’s D-KYC (KYC) & D-SECURE (Payment Authentication) services, the Bank aims to enhance its digital Banking and checkout experience for customers utilizing their Credit Cards, Retail Banking and Loan services.
Interestingly Maritime Bank is the 3rd Banking/Financial Institution in Vietnam to partner with VeriME. The Company has existing partnerships with Military Bank and CFC, with total of more than 5 million addressable customer opportunity for its Verification As a Service [VaaS] platform.
Maritime Bank’s Deputy General Director, Ms. Dang Tuyet Dung, said:
“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 continues to weigh heavily on financial institutions. According to a survey conducted by Thomson Reuters, the challenges faced by companies due to complex and tedious manual KYC processes are many. It estimates a financial firm typically spends an average of $60 million USD annually on KYC and Compliance!
Sanjeev Kumar, co-founder, VeriME, commented:
“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, launched in early 2017, is a Singaporean FinTech startup specializing in blockchain based Verification-as-a-Service solution to facilitate easy and fast user authentication for Banks, Financial Institutions, Marketplaces and large merchants. VeriME is partnered with 30+ partners globally encompassing more than 300,000 online merchants and their consumers. VeriME mission is to Digitize KYC and Authentication processes, increase transparency using the Blockchain, provide access anytime anywhere via personal mobile device and minimize time and cost for partners while maximizing customer experience. VeriMe’s vision is to become the leading unified decentralized VaaS platform in the Blockchain space and beyond.
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