CTOS Digital Berhad has announced that it is collaborating with the government-backed national digital identity platform, MyDigital ID. This partnership, formalised through the signing of a Memorandum of Understanding (MoU), concerns electronic Know Your Customer (eKYC) processes.
The MoU outlines a framework for using national digital identity system in improving eKYC verification. Through this partnership, the credit reporting agency (CRA) and its subsidiaries including CTOS Data Systems will explore how MyDigital ID can be implemented in existing identity verification processes.
Speaking on the partnership, CTOS Digital Interim GCEO Kevin Loh explained that the firm seeks to create a foundation for future solutions, while supporting the country’s shift to a digital economy. As the first CRA to formally collaborate with MyDigital ID, it aims to pave the way for frictionless eKYC solutions that are more secure and efficient. This serves to support efforts to minimise fraud risk while encouraging wider digital adoption.
Meanwhile, MyDigital ID CEO stated that this collaboration highlights how the government and industry can work in tandem to strengthen digital trust. He went on to add that the partnership will result in safer transactions, enhanced consumer protections, as well as stronger progress towards an inclusive digital economy.
(Source: CTOS Digital press release)
