Singaporean companies operating in the financial security sector have to unite at the BIS innovation hub to collaborate on the relaunched e-KYC 2.0 project

Updated 27.08.2020
Singaporean companies operating in the financial security sector have to unite at the BIS innovation hub to collaborate on the relaunched e-KYC 2.0 project

At the press-conference, dedicated to the launch of the Bank for International Settlements’ (BIS) innovation hub in Singapore, CEO MAS Mr Menon has announced, that MAS will have another attempt to launch an e-KYC project and that “ This time, MAS will look at a “less costly” technology architecture.”

Accordingly to Mr Menon’s words, the currently realized e-KYC project is too expensive to implement and doesn’t support global coverage. “This (e–KYC) is a concrete example where you need as much of a global approach as possible,” he said.

Singaporean identity verification platform BASIS ID is willing to offer it’s participation in the project and assist the global coverage of the e-KYC project launched by MAS.

The company, which was founded in Singapore, is fully integrated with MyInfo as well as provides service all across the globe, offering a broad selection of KYC instruments that are required by the regulators, including speech-recognition and interactive liveness check. Also, the company offers custom e-KYC solutions to financial institutions, such as banks and fintechs. The solution is based on a modular data processing platform and risk-scoring, with fully compatible integration into the bank’s or fintech’s internal systems. Such a platform was brought to life in close collaboration with financial institutions as well as by participating in the financial regulation work groups.

“We were happy to participate in the Singapore Fintech Week and enjoy what Ravi Menon had to say. The launch of the reborn e-KYC project is truly inspiring and we would happily take our fair part in it. Our great experience operating on different continents has enabled us to create an optimal dashboard for the e-KYC platform, which lives up to the expectations of the regulators, as well as provides efficient tools to the legal & compliance department of the financial institution itself. Besides that, when thinking global, we also got to count in collateral regulations, for instance GDPR or PDPA, and understanding such nuances requires actual practice, BASIS ID has that.” CEO BASIS ID Akim Arhipov.

In order to successfully bring the ambitious project by MAS to life, BIS innovation hub is expected to become the catalyst of the e-KYC 2.0 project by uniting experienced companies and people with the insights around itself. The timeline hasn’t yet been publicly announced, yet the necessity of such a solution is clear and the challenge truly demands to be resolved.

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