Financial Inclusion for the UnbankedeKYC Frictionless Remittance Services
Vault ID is a superb technology solution, backed by an experienced executive team.
Their ID verification tech is extraordinary: it handles consumers from very low socio-economic backgrounds just as gracefully as those in developed economies. Unlike most ID verification competitors, Vault ID's risk scoring engine can be tailored to fit each business' own risk scoring parameters, and enables even consumers with no identification documents to be verified, through personal attestation by an authorised 3rd party (eg. JP, high school teacher, village chief, police captain).
Through a 2019 strategic joint venture with MoneyGram and Island Dream in Timor Leste, Vault ID has demonstrated viability in one of the most difficult remittance markets on the planet. In 2017, an estimated USD $40 million was remitted from overseas workers back to Timor-Leste in 2017, through more than 85,000 individual payments. Without Vault ID, more than 33% of the population were excluded from participation in the financial system... a typical picture of many emerging markets.
Only 22.6% of Filipinos hold any form of bank account (including e-wallets), according to the most recent Financial Inclusion Survey (2017) from the Philippines central bank (Bangko Sentral ng Pilipinas). That means 81 million people remain unbanked, and thus excluded from the financial system. With more than US$28.9 billion in cash remittances from overseas Filipino workers sent home each year, a huge market potential is obvious.
At Alamat we believe there is extraordinary potential for the right strategic partners in the Philippines to capture the lion's share of the unbanked (and other) market, through the right combination of Fintech and frictionless eKYC technologies. Vault ID is available on an exclusive and non-exclusive country licensing basis.
- Equity and convertible notes available
- Seeking strategic partnerships in the Philippines
- Identity verification technology
- Handles low or no-documentation consumers
- Already deployed in Australia and Timor Leste
- Customisable risk scoring
- Suits eKYC and any other models that rely on identity (eg. telcos, medical, schools)