Know Your Customer (KYC) verification

Know Your Customer (KYC) verification

Currently, Waan Exchange supports 2 methods for the verification of Thai nationals which are:

• Dip chip with our staff.
• National Digital ID or NDID service; the details will be provided in this article.

Basic Information about NDID

NDID (stands for National Digital ID) is a digital verification method for verifying users when applying for online services. NDID helps accommodate users with registration and enhances the level of online transactions to be more reliable and secure.

Additional Details:

The National Digital ID (NDID) Platform is a central platform of Thailand that serves as the infrastructure for digital identity verification and authentication. It aims to connect various agencies, both public and private sectors.

It is a central system for managing Digital ID to support electronic transactions of individuals and legal entities, such as digital identity verification and authentication (eKYC), digital signature (e-Signature), and consent for electronic data disclosure (e Consent). It aims to standardize and enhance the credibility of various transactions. Furthermore, it creates a Data Sharing system by connecting data from various agencies. However, Data Sharing must receive consent from the data owner before connecting the data.

The design principle of the NDID system is Data Security and Privacy by Design. It is a service that provides high security through encryption in data transmission, and the system does not have centralized data storage. The data remains with the agency that manages the data and serves the customers. The system is designed under the concept of Decentralization with Blockchain technology. The system administrator, National Digital ID Co., Ltd., will not be able to see any customer data.

National Digital ID Co., Ltd. is a joint venture company among Thai commercial banks, securities companies, fund management companies, life insurance companies, non-life insurance companies, electronic payment service providers, the Stock Exchange of Thailand, and Thailand Post, totaling more than 60 companies. Each company is under supervision, so it can be assured that the supervising agencies and these companies must comply with the laws and regulations related to data security for sure.

The highlights of NDID are: 

• It reduces the complexity and resource-intensive nature of identity verification and authentication, including time and labor.
• It facilitates convenience for service recipients to perform various transactions quickly, save time, and without having to have multiple IDs.
• It elevates the security of Thailand’s transactions to meet international standards, with higher security than transactions that verify and authenticate identity with a copy of an ID card.

Attention

• Customers who intend to complete the verification with Waan Exchange through NDID must have completed the NDID verification with a provider in Thailand before using this method on Waan Exchange.

You can check the links below to learn more about NDID services from the providers in Thailand.

• Siam Commercial Bank (SCB) Click
• Bangkok Bank (BBL) Click
• Bank of Ayudhya (BAY) Click
• Kasikorn Bank (KBANK) Click
• Kiatnakin Phatra Bank (KKP) Click
• CIMB Bank (CIMB) Click
• TMBThanachart Bank (TTB) Click
• Government Housing Bank (GHB) Click
• Government Savings Bank (GSB) Click
• Bank for Agriculture and Agricultural Cooperatives (BAAC) Click

Steps to verify identity through NDID to open an account with Waan Exchange

After you have registered

• Make a transaction on the website on a PC. The system will display a QR Code for scanning to continue the transaction on a mobile browser.
• Make a verification process on a mobile browser that can proceed according to the steps below.