ARV, IBM to Build Thailand’s National Digital Corporate Identity Platform

AI & Robotics Ventures Company Limited (ARV) is launching a blockchain-based National Digital Corporate Identity (NCID) platform in Thailand in collaboration with IBM, the companies announced Monday. 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 ...