The demand for Digital Identity and Trust
The YuTru Digital Identity framework and services roll out is slowly progressing as we continue to keep you updated on the demand and need for this vital service in Papua New Guinea. With the increasing need to manage our relationships online for almost all digital services, manual processes of identifying and verifying customs are slowly changing. Customers and businesses are demanding quick and reliable online services built on trust and transparent relations whilst interacting virtually.
We share with you a recent report by Oliver Whayman for the International Banking Federation – Digital Trust : How banks can secure our digital identity. The report highlights the important role of banks in the implementation of Digital Identity. It states that due to the bank’s highly regulated environment with their strict procedures on Knowing their Customers (KYC), bank led digital identity systems are more trustworthy and secure. It also mentions the importance of collaboration between banks for benefits such as lower operating costs and reduction of fraud risks.
The report outlines the bank-grade digital identity best practices which the YuTru trust framework is built on, and there are currently no other digital identity schemes in Papua New Guinea that use similar internationally accepted open-standards for KYC/eKYC.