Trulioo, the leading global identity verification provider, today announced that it is now able to verify customers in Vietnam through GlobalGateway, the world’s largest identity verification marketplace.
The extended GlobalGateway coverage will help organizations accurately and efficiently verify consumers and business entities throughout Vietnam.
“Our coverage in Vietnam will help remove barriers faced by consumers in accessing the basic financial services and support everyone deserves, while also providing businesses with a reliable way to meet compliance requirements and reduce risk,” said Steve Munford, CEO of Trulioo. “With one of the fastest-growing economies in the world, Vietnam’s appetite for digital advancements will fuel their GDP growth for a prosperous future.”
Even in the midst of COVID-19, Vietnam’s economy continues to thrive as it is one of the only countries that has not reported any deaths thus far. Their GDP growth rate is expected to reach 4.1% this year and jump to 6.8% in 2021. State Bank of Vietnam (STB) launched a circular document to guide intermediary payment services in 2014, and 32 non-bank fintech entities have opened up various types of electronic payment, money transfer and wallet services since. The guidance includes the need to “check, authenticate, update full and accurate information of customers registering to use the services.”
Online security is becoming increasingly important to consumers around the world. Recent research conducted by Trulioo found that 62% of consumers indicated they prefer a slower account creation process with more rigorous identity verification to protect them from risk, rather than a faster process with fewer identity checks. With access to GlobalGateway, organizations working with Vietnamese businesses and consumers can streamline this process to better ensure they meet compliance requirements, mitigate fraud risks, and increase trust and safety online.
“Consumers expect businesses to protect their identity and security when they access their websites and mobile applications, and they also don’t expect to give up a smooth digital experience in exchange,” said Munford. “Businesses have to ensure their identity verification and wider onboarding processes find the right balance between speed and security.”
He added that “digital adoption will increase as governments, technology and telecommunication businesses continue to accelerate programs to improve connectivity and access to basic online services for all citizens. ASEAN is one of the regions that is making rapid progress in this area, and its speed of digital adoption and innovation will make it increasingly attractive to businesses and investors.”
GlobalGateway provides identity verification in more than 100 countries, including Southeast Asian countries such as Malaysia, the Philippines, Singapore and Thailand.
Developed to help businesses automate their customer onboarding processes and comply with AML and KYC requirements, GlobalGateway powers fraud prevention and compliance systems for hundreds of financial institutions, payment companies, banks, and online marketplaces worldwide.