Digital Identity a vehicle for tangible economic growth
In 2019, McKinsey Global Institute predicted in a research paper that implementing Digital ID could unlock 3 to 13 percent of GDP by 2030. Since then many developing and developed countries have embarked on deploying National Digital Identity Services or improving and upgrading their National Identity Systems to implement robust Digital Identity Systems.
Kenya and Singapore case studies showed examples of two digital identity systems used in those two countries. However, there are challenges and risks when implementing such systems. From lessons learnt, such as in the case of Kenya, PNG can take a collaborative approach to implementing a system that is cost effective with higher economic returns.
If Digital Identity systems are implemented right, economic benefits are greater, as in the case of Singapore and India. The International Trade Administration Market Intelligence has reported that Singapore’s digital economy has seen a GDP growth of over 17%, according to the ”Singapore Digital Economy Report 2023”. Comparably to Singapore, India’s digital growth is expected to increase due to the economic value added by their Digital Public Infrastructure like UPI and Aadhaar.
Whilst Papua New Guinea is embarking on a Digital Government Transformation journey, it is important to learn from mistakes and capitalise on available opportunities that are cost effective.
YuTru is primed to partner with businesses to implement a digital identity that is secure, reliable and free for customers. Speak to us today – info@yutru.org.pg, remember there is only one true you.