MyDigital ID recently inked a Memorandum of Understanding (MoU) with 15 banks and leading fintech companies, in an effort to strengthen digital identity authentication across the country.
The partners signing up with MyDigital ID are Maybank, CIMB, Public Bank, RHB Bank, Hong Leong Bank, Ambank, Bank Islam, Boost Bank, KAF Digital Bank, RytBank, TNG Digital, ShopeePay, Atome, Kale, which is the parent company of PayLater; and Finexus. With the signing of the MoU, MyDigital ID’s e-verification technology will now be tested and implemented within the onboarding and transaction verification systems of participating institutions. In short, just don’t be surprised if you see certain outlets and facilities named in the list suddenly requiring you to do something a little different, in terms of identity verification.
This recent signing of the MoU comes less than a month after it was reported that 18 banking institutions had confirmed their participation in Phase 2 of the sandbox for the phased integration of MyDigital ID into the country’s financial sector. The Sandbox is expected to conclude by next month, after which, the government will assess the outcomes before agreeing on a more concrete timeline, in which it could implement the integration.
Once banks have completed integration and met regulatory requirements, they may begin offering MyDigital ID as an option for customer verification, starting with selected services such as account opening and identity authentication for digital transactions. Adoption is expected to remain phased, with individual banks determining when and how to enable the feature based on their operational readiness.
For customers, MyDigital ID could streamline processes that currently rely on manual identity checks or repeated document submissions. This may translate into faster digital onboarding, reduced reliance on physical documents, and more consistent identity verification across participating banks. Existing verification methods are likely to remain available during the transition period.
(Source: MyDigital ID via X)
