Not All Digital Identities Are Created Equal
The digital economy is growing rapidly and the pandemic has accelerated this transformation, where customers are expected to do more online. Banking especially, is being digitalised and the need to travel into a branch is a significant and unnecessary ‘pain point’ for customers. Regulated financial institutions like banks and money transfer agents are governed by the banking regulator – the Bank of Papua New Guinea (BPNG) – and in turn, the BPNG follows a set of global requirements to mandate that domestic banks must know their customers.
These requirements are enforced and monitored by the Asia-Pacific Group on Money Laundering (APGML) and the global Financial Action Task Force (FATF) to protect the global financial system and to keep PNG connected to it. Not doing digital identity right could mean lost data, reputational damage and loss of overseas banking services to our domestic banks – a trend that is unfortunately hastening at the fastest pace in the Pacific. This means our banking services and connection to the global banking system costs us more.
YuTru’s digital identity was designed with these global rules in mind and so a bank that uses us is immediately compliant and avoids the risk of correspondent banking services falling afoul of the domestic or foreign regulators. YuTru is a world-class, secure, private, reliable, and independent source of truth, working in the interests of our digital identity holders.
Ask your financial institution whether the digital identity they give you to access their services is internationally compliant and as good as YuTru, and if not, ask them why?