The contract with ADB was signed on March 1, with the implementation starting immediately and expected to be finished in Q3 of this year.
ADB is an international development finance institution dedicated to reducing poverty in Asia and the Pacific.
Everest will support its platform for identity, KYC, anti-money laundering (AML), e-wallets and transactions for Samoa, and thus will be installing its platform in the Samoan Central Bank.
The platform will ensure regulatory requirements compliance to enable money transfer operators (MTO) from New Zealand, Australia and Samoa to send cross-border payments.
In Samoa, digital ID is one component of an e-gov or e-bank solution. In order for a government or bank to deliver services digitally, they need digital ID, e-wallet, transaction ledger, data exchange layer and e-money.
In other words, Everest’s platform will standardise the KYC compliance so that every citizen in the country can have a e-wallet (EverWallet) by compiling information (EverID) through biometrics, scan official documentation and identity verification through third-party checks, which plug into the platform itself.
The solution offers a robust and secure system able to future proof KYC processes and needs digitally.
The company’s platform uses one Euthereum-based blockchain (EverChain) to support the EverID and the EverWallet, and a second Everchain to manage interfaces with banking systems.
Everest is currently working on rolling out more systems of similar characteristics and that South Asia is its current main target market.
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