Trulioo’s identity verification marketplace expands to Vietnam

Trulioo’s identity verification marketplace expands to Vietnam

Trulioo has added Vietnam to its GlobalGateway marketplace for identity verification, the company announced, furthering its mission of advancing financial inclusion.

The World Economic Forum recently recognized Trulioo for its excellence and innovation in biometric digital identity and online trust to establish financial inclusion.

“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 in a prepared statement Steve Munford, Trulioo CEO. “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.”

Vietnam has not reported any COVID-19 related deaths and expects a GDP growth rate of 4.1 percent in 2020 and of 6.8 percent in 2021. Since a guiding document was released by State Bank of Vietnam (STB) in 2014, 32 non-bank fintech companies have introduced electronic payments, money transfers and wallet services.

Trulioo research claims 62 percent of users would rather go through a slower account creation process if it involved stronger identity verification. Companies that have access to GlobalGateway can optimize the process while complying with AML and KYC requirements, preventing fraud and building trust 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.”

Munford adds 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.”

Earlier this month Trulioo upgraded EmbedID with new document verification and biometric facial recognition features to provide fraud prevention and regulatory compliance for SMBs. EmbedID is a preconfigured tool to work with GlobalGateway’s API. In June Trulioo partnered with Acuant to bring AssureID to GlobalGateway.

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