Financial Services - Melbourne, Victoria, Australia
* VaultID identified that a large population of the world has no digital footprint, so they are excluded by the traditional banking system from accessing financial services. They are forced to rely on expensive risky alternative means to manage their money in the cash economy or consequently leave little or no digital footprint from which to verify themselves when required to do so.As part of "Know Your Customer / Anti Money Laundering" legal compliance requirements, the impact in the knowledge that 6 out of 10 top growing economies have more than a 30% unbanked population is significant, so a growing need for alternative means to offer financial inclusion solutions is a vacuum which VaultID endeavors to fill.VaultID through its "myVault" application caters for the Unbanked by empowering them to obtain personal verification through unconventional means. myVault is a Verification wallet built on both traditional verification tools such as ID, Passport and Driver's license scoring but also includes Bio-Metric scoring and Witness attestation. The holistic approach taken by VaultID will allow a greater number of the Unbanked to obtain financial inclusion and enjoy financial benefits, in some cases simply the ability to open a bank account and what most of us take for granted.
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