Salmon partners with the Philippine Statistics Authority to integrate the National ID eVerify system into its platform, enhancing financial services accessibility for Filipinos. This initiative aims to simplify identity verification, making it faster and more secure, while promoting inclusivity and efficiency. Raffy Montemayor highlights the commitment to removing barriers to financial access. The partnership represents a significant digital transformation in the sector.
Salmon is collaborating with the Philippine Statistics Authority (PSA) to integrate the National ID eVerify system into its financial platform. This initiative aims to enhance the accessibility of financial services for Filipinos by simplifying the process of identity verification.
Historically, the identity verification process in the Philippines has relied on physical documentation and prolonged procedures, which have often limited access to financial services, particularly for individuals in remote locations. Salmon is addressing this challenge by enabling businesses to perform digital customer identity verification through the National ID eVerify integration, thereby making the process quicker, more secure, and more convenient.
The partnership introduces numerous advantages, including smoother account creation, compliance with Know Your Customer (KYC) regulations, faster loan processing, improved fraud prevention measures, and increased financial inclusivity. Customers can now more easily open accounts and access financial services, irrespective of their geographic location.
Raffy Montemayor, Co-Founder of Salmon and Chairman of the Rural Bank of Sta. Rosa (Laguna), Inc., underscored the company’s commitment to enhancing financial access. “We are committed to making identity verification more efficient and secure for our customers. Integrating PSA’s National ID eVerify removes unnecessary barriers, making financial services more accessible to everyone,” he remarked.
This partnership signifies a substantial advancement toward digital transformation within the Philippine financial sector. By prioritizing efficiency, security, and accessibility, Salmon is fostering a more inclusive and modern banking experience for Filipinos. The company, Salmon Group Ltd, is a financial technology entity aimed at improving financial access throughout Southeast Asia and is supported by global investors, including the International Finance Corporation (IFC) and the sovereign wealth fund of Abu Dhabi (ADQ).
The collaboration between Salmon and the Philippine Statistics Authority to incorporate the National ID eVerify system represents a transformative step in enhancing financial accessibility in the Philippines. By streamlining identity verification, the partnership aims to significantly improve customer access to financial services, demonstrating Salmon’s commitment to fostering inclusivity and efficiency in the financial sector.
Original Source: fintechnews.ph
