KUALA LUMPUR (Sept 12): CTOS Digital Bhd (KL:CTOS) has signed a memorandum of understanding (MOU) with MyDigital ID Sdn Bhd to establish a framework for exploring the use of national digital identity to strengthen electronic know your customer (eKYC) processes.
CTOS is Malaysia’s leading credit reporting group, while MyDigital ID is the government-backed national digital identity platform.
In a statement on Friday, CTOS Digital said that with this agreement, it has become the first credit-reporting agency in Malaysia to formalise collaboration with MyDigital ID.
“Through this collaboration, CTOS Digital and its subsidiaries, including CTOS Data Systems, will assess how MyDigital ID can be incorporated into existing verification processes.
“The aim is to build a foundation for more secure, efficient and seamless eKYC solutions, which will support efforts to reduce fraud risk, improve compliance, and encourage wider digital adoption,” it added.
Source: TheEdgeMalaysia
