On June 10, Ban Viet Bank and VNG Corporation (VNG) signed a cooperation agreement on the application of the TrueID solution developed by VNG on the bank’s system.
It is the only comprehensive eKYC solution of Vietnam provided to the market at this time, enabling automatically online user identity verification via mobile apps. It was built by VNG engineers on the basis of artificial intelligence technology, face recognition and optical character recognition (ORC).
The main features of TrueID are the identification of fake identity documents, information retrieval for OCR documents, facial recognition and real-life identity in selfies.
It is a “Make-in-Vietnam” eKYC solution with the highest level of accuracy and anti-fraud ability provided on the Vietnamese market. All data will be processed and stored at servers of domestic banks, ensuring information security for users.
Le Hong Minh, General Director of VNG emphasised that eKYC has been widely deployed and become the standard of banking and finance industries in many countries, including Vietnam. TrueID would help banks manage their users in a smart, accurate, secure and effective way, thereby saving a lot of time for both banks and customers, while increasing reliability for banking services and markedly improving user experience, he added.
In fact, TrueID has been tested and applied on large and diverse data sets of ZaloPay e-wallet since 2018. TrueID was fully developed by a team of Vietnamese experts and engineers at VNG, including those who have many years of experience working in Silicon Valley in the field of software and artificial intelligence, Minh informed.
Le Van Be Muoi, Deputy General Director of Ban Viet Bank said that as the first bank in the Vietnamese banking system to deploy TrueID, Ban Viet hopes to contribute to facilitating customers in using online banking services. VNG's True ID solution will help to shorten the process of providing products and services to customers, such as opening an online payment account, card services and electronic banking services.