The NDID or the National Digital ID Platform is a government-led initiative to enable non-face-to-face authentication and verification of customers using various financial and government services. It employs blockchain and facial recognition tech, aiming to facilitate customer authentication and the exchange of personal information. The NDID will enable financial services companies to fully digitise customer onboarding.
The new gateway is also meant to reduce the setup costs required to access the NDID. Moreover, the SET’s new digital gateway is developed by FinNet Innovation Network, and will facilitate faster adoption of the NDID at financial companies by reducing IT setup costs, duplication of back-office investment, and time-to-market. The SET affirmed that so far, 50 companies have signed up to use the gateway.
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