AI and Robotics Ventures has signed an MOU with Krungthai Bank Public Company to trial a National Corporate Identification (NCID) platform being proposed by the Association of Southeast Asian Nations. The solution will serve to identify and verify corporation accessing any financial service, such as opening a bank account, and streamline the know-your-customer (KYC) process between enterprises and financial institutions.
The NCID platform is the first of its kind in the ASEAN region and once implemented will speed up corporate verification and onboarding, as referred to as the Know Your Customer (KYC) process.
An enhanced system of KYC provides the business opportunity for enterprises to access financial service as well as ensures financial institutions can monitor the secure onboarding of companies.
The Platform deploys Thailand’s Electronic Transaction Development Agency standards of decentralised identity on a public blockchain, leveraging technologies like Web 3, Digital ID, digital document creations and digital signatures while still using secure cryptography encryption.
General Manager at AI and Robotics Ventures, Dr. Thana Slanvetpan said, “Conducting transactions between corporates and commercial banks is still plagued by a number of inefficiencies and limitations, including the reliance on paper-based documents and laborious manual processes. The ability to quickly, transparently, and reliably, verify digital-signatures together with its signing-authority in one single solution has been a limitation for juristic persons, inhibiting more widespread digital transformation.”
