Smart Trade Networks to tap into US$1.5B global eKYC marketplace
VaultID and Smart Trade Networks execute a Teaming Agreement to deliver best in class KYC for Blockchain
VaultID and Smart Trade Networks have executed a teaming agreement to design and develop fit-for-purpose eKYC solutions integrated to blockchain ecosystems.
The agreement will see the parties deliver global-scaled eKYC solutions to support digital wallet address validation in the growing Web3 environment. The solutions are targeted to support use cases in areas such as:
- Digital asset / token exchanges
- Cross border payments
- Insurance services
- Intellectual property validation and ownership
The footprint delivered by this teaming agreement covers all delivery locations throughout the Asia Pacific. A streamlined eKYC functionality will reduce compliance costs and fast track global transactions over blockchain infrastructure to capture the benefits of credentialed trade and commerce.
Market Size and Growth
According to independent market analysts ReportCrux:
“The Global e-KYC Market is estimated to grow from USD 291.14 Million in 2019 to reach USD 1,568.95 Million by 2027, at a CAGR of 23.4% during the forecast period from 2020–2027.”
These trends have been confirmed by other analysts such as the report from Facts and Figures.
Comments from Company Leaders
VaultID Chairman Anthony Seaegg believes this agreement opens up a significant new market for the company to leverage its core capabilities into one of the fastest growing sectors globally.
Further stating “Ensuring actors and regulators can have confidence in blockchain-enabled transactions requires a robust and accepted KYC capability. This is what we deliver.
“The opportunity to work with one of the world’s leading blockchain development organizations at Smart Trade Networks is an exciting one, and we expect to expand our offerings as a result into whole new areas where identities matter”.
Smart Trade Networks Founder Adjunct Professor Warwick Powell echoed these sentiments: “Confidence in transactions means not only credentialed products but also confidence in the veracity of counter-parties. This means KYC is critical for serious commercial interactions where buyers, sellers and relevant regulators and associated supply chain stakeholders are confident that they are dealing with appropriately authenticated digital signatories.
“Delivering a generic white-labeled eKYC solution to support identity confirmation for blockchain wallets will open up a whole host of opportunities for individuals and businesses globally while preserving our commitment to maintaining privacy.
Further he stated, “Our solution set designed and developed in concert with sector leaders VaultID will be to ensure no personal data is retained once identities are verified. That way we can deliver proofs that wallets are linked to validated identities undertaken in a robust way without compromising an individual’s privacy rights. This also means we are readily compatible with the private data protection requirements of diverse jurisdictions including the EU’s GDPR regime”.
What is KYC and eKYC?
Know Your Client (KYC) is, according to Fatpos Global, a process used for identifying and verifying the identity of a client. A number of regulations related to, for example, anti-money laundering (AML), terrorist financing, or standards for electronic identification and trust services affect this process (eIDAS).
The term e-KYC is used to describe the digitalization of KYC processes and the electronic and online conception of them. The remote, paperless process that minimizes the costs and traditional bureaucracy needed in KYC processes is e-KYC (Electronic Know Your Customer). Identity falsification, signatures, and phishing are very common. Completely secure e-KYC has been developed by specialist companies engaged in technological compliance solutions that have developed completely secure e-KYC processes with zero margins for the commission of these counterfeiting offenses and related crimes.
…
About VaultID
VaultID’s eKYC solution allows the unbanked to gain a digital footprint for the first time in generations, offers greater opportunities when combined with Smart Trade Networks technology for the Blockchain world as well as the underbanked and underserved, enabling welfare payments, savings plans, health and vaccine records, digital payments and economic participation thus assisting countries to increase their GDP.
VaultID has been working with partners in Near Shore locations to assist unbanked populations to Identify and onboard the people into the banking system helping populations transact and Bank for the first time, and have launched proprietary technology to cater for the lack of proof of identity for the unbanked. VaultID provides full bio-metric and official verification with QR Code and bank audit files to reduce wait times in the banks. The eKYC solution also covers all AML legislative compliance.
About Smart Trade Networks
Smart Trade Networks is a general purpose blockchain-based design, development and implementation organization focused on solutions that support asset credentialing and tracking and streamlined transactions of authenticated products and services.
Its technology infrastructure is already supporting activities across Australia, Asia at large, South America and South America. Applications of the infrastructure can be found in diverse sectors such as food systems — including protein and horticulture chains, Guarantee of Origin projects in green energy production, carbon mitigation certification and other climate technologies, financial services, art and the creative industries and the property sector.
Smart Trade Networks is engaged in technology infrastructure design and development with R&D collaborators at Queensland University of Technology and the Australian Government-funded Future Food Systems Cooperative Research Centre.
