NDID to service corporate sector

NDID to service corporate sector

Move 2nd phase of platform's growth

Currently the platform provides services to individual users.
Currently the platform provides services to individual users.

The National Digital ID (NDID) Co Ltd plans to expand digital identity verification and data-sharing services on its NDID platform to cover the corporate sector.

The company wants to expand services this year to the business and government sectors as the second phase of the NDID platform development, said chairman Payong Srivanich, who is also chairman of the Thai Bankers' Association.

Currently the platform provides services to individual users.

Digital ID authentication on the NDID platform was established via collaboration among related parties in both the public and business sector to build trust in digital identity and data sharing.

NDID, which was founded through the cooperation of 14 partners in both the public and private sector, is increasing membership.

"NDID will continue to expand the digital ecosystem both locally and internationally to strengthen the country's digital infrastructure in the long term," said Mr Payong.

"Digital identity is a part of the infrastructure base supporting the shift to a digital economy in the longer term."

Under NDID's roadmap, the company plans to expand digital services to cover the ID verification of foreigners.

The company signed a memorandum of understanding with MasterCard (Thailand) on Thursday to study a plan to link their digital ID platforms to offer a cross-border digital ID service.

NDID wants to study this linkage in terms of technique, law and related rules.

The two-platform linkage could be the world's first cross-border digital identity platform, he said.

NDID chief executive Boonsun Prasitsumrit said in 2021 there were 9 million digital identity authentication transactions on NDID's platform, involving more than 100 members, of which 90 were replying parties (IPs) and 10 identity providers (IdPs).

Of the total, eight IdPs were commercial banks and two were specialised financial institutions.

The company offered digital identity services to individuals from 2020 in the first phase under the regulatory sandboxes of the central bank and the Electronic Transactions Development Agency.

NDID exited the sandboxes at the beginning of this year.

The use cases on the NDID platform in the first phase include new account opening for banks, securities companies, asset management companies, insurance companies and digital lending providers.

Mr Boonsun said the Revenue Department also joined NDID's ecosystem and the regulatory body has been developing digital taxation by leveraging the NDID platform.

The Provincial Administration Department is also poised to join NDID's ecosystem, he said.

These moves will facilitate the country's digital identity and data sharing, as well as offering more convenience, speed, security and lower operating costs in the country, said Mr Boonsun.

There are 4.3 million accounts registered with the NDID platform, while an estimated 30 million accounts are qualified to register.

NDID has the capacity to conduct 630 million transactions per year, and the company wants to upgrade capacity, technology and add new features in response to customer demand, in line with the digital era, he said.

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