The Digital National ID system will increase bank lending activities and promote financial inclusion as it gives access to Filipinos and resident aliens to open accounts and perform various bank-related transactions, said Asia United Bank (AUB).
AUB is one of the early adopters of the Digital National ID system after getting accredited by the Philippine Statistics Authority (PSA) as a “Relying Party.”
As banks can leverage the use of the Digital National ID for electronic Know Your Customer (e-KYC) which is used to securely verify the identity of its customers, “we expect faster account opening and KYC compliance, reduced paperwork, improved loan application and approval processes, and enhanced security for financial transactions with the use of the two-factor authentication using the National ID,” said AUB Executive Vice President and Chief Transformation Officer Jacob C. Ng, who also oversees AUB‘s branch banking business.
“This will also enable AUB to fulfill its commitment and support the Bangko Sentral ng Pilipinas’ thrust towards strengthening financial inclusion in the country,” he added.
“We take pride in being one of the early adopters of the National ID system, as this pioneering initiative supports AUB’s aspiration to become the Digital Partner of Choice, advocating for open collaboration and helping others share in our success and responsibility to deliver financial inclusion,” said AUB President Manuel A. Gomez.
Through its digital partnerships, AUB has been enabling merchants to accept digital payments from their customers using its all-in-one digital payment acceptance product AUB PayMate and revolutionizing cross-border digital payments through its HelloMoney e-wallet, among others.
