VaultID Group Ltd and Island Dream Money; joint venture now offers Remittance transfers to Timor-Leste unbanked population through a new paradigm in eKYC

VaultID Group Ltd and Island Dream Money; joint venture now offers Remittance transfers to Timor-Leste unbanked population through a new paradigm in eKYC

Press Release (Asianet)

AsiaNet 81333

MELBOURNE, Australia, 29 Oct, 2019 (Antara/Medianet International-AsiaNet) --

VaultID Group Ltd creates a financial and digital footprint for the "unbanked". VaultID's application 'myVault' enables the onboarding of potential consumers through a mix of traditional KYC/AML systems, enhanced with biometric image to document scanning and in-government official witness attestation (People who do not qualify due to lack of identification, will now be able to access financial products through VaultID's eKYC verification process.)

Island Dream Money in conjunction with MoneyGram, provide safe money transfer products to over 200 countries. Island Dream Money holds the exclusive license with MoneyGram to service Timor-Leste and the rest of the world with money transfer services.

Approximately one third of the Timor-Leste population, currently excluded from participation due to lack of identification; can now be onboarded (eKYC'd) to allow seamless, verification remittance transfers. This will be powered by VaultID's "myVault" biometric and witness attestation verification products; which includes facial matching and optical character recognition biometrics.

• VaultID is an Australian based eKYC FinTech specializing in onboarding the unbanked
• VaultID launched its 'myVault' - Consumer Personal Verification wallet for Timor-Leste
• VaultID's 'myVault' supporting the Island Dreams / MoneyGram Remittance Transfer Business

Adrian Somanader, CEO of Island Dream Money states, "Remittances are Timor-Leste's largest source of foreign revenue after oil and aid with more than USD 40 million remitted to Timor-Leste in 2017 and made up of over 85,000 individual payments. This is a fast-growing market from which one third of the population are excluded due to the inability of consumers to verify themselves. Integrating 'myVault' extends our coverage and capacity, allowing participation to the greater Timor-Leste population."

Jason Edwards, CEO of VaultID Group Ltd, states, "Through 'myVault' we have extended traditional KYC to a new eKYC offering which includes Self-Sovereign Identity; the consumer has control, sole ownership and management of their digital identity as well as how their data is stored, shared or used for verification. To this end, we have added Witness attestation verification options by government approved local administrative staff. With accurate consumer details, official attestation, Bio Metric matching and traditional documentation, myVault is a new paradigm in APAC consumer onboarding for financial service providers."

SOURCE: VaultID Group

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