MyDigital ID has signed agreements with 15 banks and fintech firms to strengthen digital identity checks across Malaysia’s financial sector.
The participating organisations are Maybank, CIMB Bank, Public Bank, RHB Bank, Hong Leong Bank, AmBank, Bank Islam, Boost Bank, KAF Digital Bank, RytBank, TNG Digital, ShopeePay, Atome, Kale Technology and Finexus.
MyDigital ID’s e-verification technology will be tested and implemented within onboarding and transaction verification systems at participating institutions.
The initiative aims to strengthen identity assurance and help reduce risks linked to impersonation, account takeover and other forms of digital fraud.
MyDigital ID verifies identities in real time against the National Registration Department database, which it describes as the single source of truth.
This is intended to provide a higher level of assurance when authenticating customers for account opening, digital transactions and other critical services.
The initiative supports Bank Negara Malaysia’s strategic blueprint to advance digitalisation within the financial sector and aligns with the government’s goal to transform Malaysia into a high-income, digitally empowered nation by 2030.
MyDigital ID is positioned as a digital identity platform designed to simplify online verification without replacing the MyKad system.
Featured image: Edited by Fintech News Malaysia, based on image by Freepik
