eKYC: Online ID Verification
The problem
The current on-boarding process applied by financial institutions is highly inefficient. Valuable staff cost and time is spent on the on-boarding process as customers have to physically go to a brick-and-mortar bank branch with all their legal documents, stay in a long queue, and the whole experience is rather stressful and inefficient for all parties involved. According to the World Bank 2018 report, 44.28% of world population live in rural areas and for them going to a bank means a day-or-two job depending on the nearest bank branch. Furthermore, the risk of customers being ill-treated due to human biases posed by the bank's personnel is of course prevalent. Often people from poorer or disadvantaged backgrounds are subject to the bank cashier's judgement and are denied access to open a bank account or treated unfairly. We hope that this digitization of the onboarding process will make it possible for people to access services from banks from the comforts of their home, simply with a mobile phone plus internet to be able to upload their legal documents on to our platform, securely open bank accounts and take ownership of their data. The aim is to create a win-win situation for both banks and customers where organizations reduce manual interference and makes customer on-boarding process quick and secure.
Our Solution
- We use state-of-the-art technologies including AI& ML and Blockchain to create an eKYC (eKnow Your Customer) solution which is certified by Sing.
- Authenticating users using OTP and Digital Signature for better compliance, customer experience and operational efficiency.
Outcomes
- It lowers operating costs for businesses by leveraging technology to streamline processes.
- It lowers cost per acquisition for business customers by providing its technology solution to identify, analyze and target suitable customers.
- It lowers the burden of customer due diligence (CDD) for financial service providers (FSPs) by improving ID authentication.
Updates
See us at HK Fintech Week 2020
Profile in Startup SG, a Singapore Government Site
Profile in Startup SG, a Singapore Government Site
We will be exhibiting in this event. Please do visit out booth in the exhibition.
Profile in Startup SG, a Singapore Government Site
Profile in Startup SG, a Singapore Government Site
Profile in Startup SG, a Singapore Government Site
Read our profile here. Startup SG is the government of Singapore Portal for startups.
Industry Association Membership
Profile in Startup SG, a Singapore Government Site
Industry Association Membership
We are proud members of Singapore Fintech Association
Product Certification
Microsoft for Startups
Industry Association Membership
The Secured ID is now certified by Singapore Fintech Association.
Registration
Microsoft for Startups
Microsoft for Startups
Unlimited Cloud Pte Ltd is registered with ACRA, Singapore.
Microsoft for Startups
Microsoft for Startups
Microsoft for Startups
Microsoft Corp has identified Unlimited Cloud Pte Ltd and the usage of AI, ML, Blockchain and cloud computing of The Secured ID and provided support.