Salmon is partnering with the Philippine Statistics Authority to implement the National ID eVerify system, improving accessibility to financial services for Filipinos. This integration streamlines identity verification, making it more efficient and secure, while enhancing KYC compliance and fraud prevention. The partnership aims to create a more inclusive banking experience for all Filipinos.
Salmon has formed a partnership with the Philippine Statistics Authority (PSA) to incorporate the National ID eVerify system into its platform. The primary objective of this initiative is to increase accessibility to financial services for Filipinos by streamlining the identity verification process.
Traditionally, verifying identities in the Philippines required physical documentation and extended procedures, which often obstructed access to financial services, particularly for individuals in rural regions. The partnership addresses these challenges by enabling businesses to verify customer identities digitally through the eVerify system.
This collaboration provides numerous advantages, including more streamlined account openings, compliance with Know Your Customer (KYC) regulations, accelerated loan processing, improved fraud prevention, and enhanced financial inclusion. With the digital identity verification in place, customers will find it easier to open accounts and access financial services irrespective of their geographic location.
Raffy Montemayor, Co-Founder of Salmon and Chairman of the Rural Bank of Sta. Rosa (Laguna), Inc., remarked on the company’s commitment to enhancing financial access. He stated, “We are committed to making identity verification more efficient and secure for our customers. Integrating PSA’s National ID eVerify removes unnecessary barriers, making financial services more accessible to everyone.”
This partnership signifies a crucial advancement towards the digital transformation of the financial sector in the Philippines. By fostering greater efficiency, security, and accessibility, Salmon is playing a vital role in creating a more inclusive banking experience for Filipinos. Salmon Group Ltd. is a financial technology entity that aims to improve financial access across Southeast Asia, supported by global investors such as the International Finance Corporation (IFC) and the sovereign wealth fund of Abu Dhabi (ADQ).
In summary, the collaboration between Salmon and the Philippine Statistics Authority marks a pivotal development in making financial services more accessible in the Philippines. By integrating the National ID eVerify system, the partnership enhances the efficiency and security of identity verification, thereby fostering greater financial inclusion for Filipinos, particularly in underserved areas. Salmon’s initiatives are supported by notable global investors, further underscoring its commitment to transforming financial accessibility in Southeast Asia.
Original Source: fintechnews.ph
