Mastercard and NDID Thailand have signed a Memorandum of Understanding (MOU) that aims to foster cooperation on cross border Digital identity.
Chris Reid, Executive Vice President – Identity solutions said “When Mastercard laid out its vision for digital identity back in 2019, we stated that there is no single government, technology company, financial institution, or even industry sector in today’s interconnected world that can effectively deliver a global digital identity service by itself. That statement still holds true today. That is why we placed collaboration at the core of our design for Mastercard’s global digital identity network.
We recognize that how identity works in Thailand is different from how it works in Singapore, different from Australia, different from the United States. For this reason, we have developed a system that supports national standard. But offers global interoperability building on more than 50 years of experience working with partners to develop a payments network that does just that.”
Mr. Boonsun Prasitsumrit, Chief Executive Officer of National Digital ID Co., Ltd., Thailand revealed that NDID is studying the linkage between two platforms in several areas such as the technical aspect, contractual, legal, and regulatory aspects, as well as permission granting processes from regulatory bodies. The occasion marks the first time in the world where an MoU was signed to study cross-border digital ID, where some of APAC countries is expected to be the pilot market for bank account opening and mobile phone registration. The partnership will help create the innovation that will be beneficial and create ease of use and a good experience for the customers of both Mastercard and NDID.
“As we launch ID in countries around the world, our partners – merchants, airlines, banks, governments are integrating ID as a convenient, smart and secure way of on-boarding new users and interacting with existing ones to offer innovative products and services. Many of those providers operate in multiple jurisdictions or have legacy processes for authentication and identity verification. By bringing the user-base of NDID onto our network it means our partners can offer the same great experience regardless of whether the user is from Thailand or from any other country. They can be confident that they meet their regulatory obligations with the same high levels of assurance, trust and reliability. When digital identity issued in one country is accepted in another country, seamlessly and securely, it becomes a powerful driver of economic growth.” said Rajat Maheshwari, Vice President – Digital Identity at Mastercard.
