March 29, 2017
Vancouver, B.C. – (March 28, 2017) – Trulioo, a provider of real-time, on-demand global identity verification for over 4 billion identities, announced today that it has expanded coverage to the Republic of Korea through its GlobalGateway platform.
Identity verification and proof of identity is a fundamental part of life in the Republic of Korea – a requirement for many facets of daily life including registering for a bank account, e-commerce, a variety of online transactions and accessing government services. Expanding GlobalGateway’s identity verification coverage to include citizens of the Republic of Korea, establishes a layer of trust online – making the Internet safer, as well as to safeguard the economy, and prevent proceeds of crime such as money laundering, tax evasion, terrorism and weapons financing.
Transforming the identification verification systems is a welcome move as the Republic of Korea considers overhauling its decades-old ID system following 10 years of data thefts, including a massive data breach that affected over half of the country’s 50 million citizens, with over 200 million personal identity records stolen in 2014.
Within just one generation, the Republic of Korea saw its rise from being the poorest country in the world, to being the fastest growing economy in the world, with a Gross Domestic Product (GDP) of USD$1.3 trillion in 2016. The country’s meteoric rise into an economic powerhouse, means money laundering and proceeds of crime have grown increasingly sophisticated, in pace with the growth of the global digital economy, and cross-border commerce expansion.
An ecosystem powered by transparent and robust regulatory compliance systems helps enable more cross-border commerce and trade to fuel South Korea’s rapidly growing economy, said Stephen Ufford, CEO of Trulioo.
Considering cultural nuances such as the millions of different characters, symbols, and naming conventions in South Korea, our international clients in regulated industries were previously met with regulatory barriers of entry in doing business in South Korea. With GlobalGateway, our clients can implement our solution and immediately have access to over four billion verifiable identities and expand their business footprint into a high growth market.