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WHAT IS eKYC?

eKYC, which stands for Electronic Know Your Customer, is a form of customer identification and verification through the application of technology to authenticate the customer’s identity based on collected data such as:

  • Images
  • Customer portrait videos
  • Identification documents such as ID cards, citizen cards, or passports

These are cross-referenced with databases to confirm the customer’s identity.

Electronic Know Your Customer (eKYC) can replace and meet all criteria for accuracy, safety, and security compared to Know Your Customer (KYC), the traditional identification and customer verification method based on information collected by the personnel of banks and businesses.

Currently, with the approval of the relevant regulatory authorities, banks in many countries are transitioning from KYC to eKYC, as eKYC represents the digital transformation of KYC.

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Source: Admin compilation