Global identity verification provider Trulioo has expanded its services to Vietnam with the GlobalGateway marketplace, according to a press release.
GlobalGateway provides identity verification services in over 100 countries including Malaysia, the Philippines, Singapore and Thailand. The service is intended to help businesses automate their customer onboarding processes, powering fraud prevention and compliance for numerous financial institutions, payment companies, banks and other such institutions.
By using GlobalGateway, Trulioo will be able to help verify customers are who they say they are in Vietnam. The country, which has not reported any COVID-19 deaths so far, has had a growing economy through the pandemic with the GDP growth rate expected to hit 4.1 percent this year, and jump to 6.8 percent in 2021.
Those factors, along with a host of non-bank financial services opening up since 2014 when the State Bank of Vietnam launched a guideline for intermediary payment services, have led to a need for better ways to verify that people are who they say they are.
Trulioo's recent research also found that security is becoming a more important factor for many people, with 62 percent of customers in a recent survey saying they'd prefer a slower, more measured account creation process to ensure they were protected from risk.
Trulioo CEO Steve Munford said the new expansion to Vietnam will "will help remove barriers faced by consumers in accessing the basic financial services and support everyone deserves, while also providing businesses with a reliable way to meet compliance requirements and reduce risk," according to the release.
"Consumers expect businesses to protect their identity and security when they access their websites and mobile applications, and they also don’t expect to give up a smooth digital experience in exchange," he said, according to the release. "Businesses have to ensure their identity verification and wider onboarding processes find the right balance between speed and security."
Trulioo has also recently introduced a new facial recognition and document verification product to help smaller companies companies further shield against fraud in the same way as bigger corporations.