ARV and IBM to build Thailand's national digital corporate identity system

Monday 31 January 2022 10:46 CET | News

ARV has announced it is launching a blockchain-based National Digital Corporate Identity (NCID) platform in collaboration with IBM.

The platform will reduce the time it takes for corporate onboarding, also known as KYC, at banks. By augmenting the identity verification of corporate authorised signatories. The new process will offer more opportunities for banks and corporates to engage in opportunities which otherwise would have been discouraged due to existing KYC processes, according to the press release.

The NCID platform, incorporates Thailand's Electronic Transaction Development Agency standards of self-sovereign identity on public blockchain and cryptographic key encryption. Developed on IBM Cloud and Red Hat OpenShift, the platform is secured by the industry's FIPS 140-2 Level 4 security certification, implementing the Keep-Your-Own-Key concept to support future scale and expansion.

The system will go live on the ASEAN's joint sandbox set up by the Electronic Transaction Development Agency and the Bank of Thailand in early 2022, and will be first used by PTTEP and its banking partners for corporate KYC for treasury and bank accounts.

More: Link

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Keywords: KYC, identity verification, blockchain, IBM, partnership
Categories: Fraud & Financial Crime
Companies: ARV, IBM
Countries: Thailand
This article is part of category

Fraud & Financial Crime




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