ARV, IBM to Build Thailand’s National Digital Corporate Identity Platform
The NCID platform will be the first-of-its-kind digital corporate identity system in the ASEAN region that incorporates Thailand's Electronic Transaction Development Agency standards of self-sovereign identity on a public blockchain and secured cryptographic key encryption.
Developed on IBM Cloud and Red Hat OpenShift, the platform is secured by the industry's highest FIPS 140-2 Level 4 security certification, implementing the Keep-Your-Own-Key concept to support future scale and expansion.
Following the implementation, the NCID platform will reduce the time it takes for corporate onboarding, also known as Know Your Customer (KYC). By improving the identity verification of corporate authorized signatories that could take more than four weeks to complete, the latest solution gets reduced to just less than a week.
Commenting on the platform, Sinthu Satawiriya, Head of Ventures at AI and Robotics Ventures, said:
“In collaboration with IBM, this secured platform will unlock new digital banking opportunities between corporates and banks. We believe that the platform and its system will revolutionize the access to digital finance for the entire juristic community across Thailand's financial and business ecosystem in the near future, in alignment with the Smart Financial Infrastructure effort and ecosystem currently led by the Ministry of Finance and Bank of Thailand."
System Going Live in Early 2022
The system will go live on the ASEAN region's first-of-its-kind joint sandbox set up by the Electronic Transaction Development Agency and the Bank of Thailand in early 2022 and will be first used by PTTEP, Exploration and Production Public Company Limited (PTTEP), ARV's subsidiary and its banking partners for corporate KYC for treasury and bank accounts.
Meanwhile, PTTEP has collaborated with the Bank of Thailand, Electronic Transaction Development Agency and its more than 11 partner banks to pilot the platform via ARV.