At Trulioo, our goal is global coverage – every country, every person verifiable and ready to talk, trade and transact online. To that end, we’re happy to announce we’ve extended our electronic identity verification coverage to include the Philippines.
To take advantage of today’s borderless digital economy, businesses demand and expect scalable solutions with maximum reach and capabilities. Trulioo’s global data and technology partners have been curated to provide robust and comprehensive identity services to over 500 clients worldwide – all through a single API integration and contract; expanding to new markets has never been easier.
The Philippines is a South-East Asian country in the western Pacific that consists of 7,641 islands. Its population is 103 million and it has a GDP of $304 billion. Categorized as a newly industrialized country, the Philippines is projected to have GDP growth of over six percent for every year between 2015 – 2020.
With 67 million internet users, the Philippines ranks number 12 in terms of total number of internet users. In terms of its digital competitive ranking, it recently dropped 10 positions to number 56, but that is seen as a short-term drop by IDC Philippines Manager Sudev Bangah, as it’s “extremely typical of a country in transition.”
Currently, 46.1 percent of the population is estimated to own smart phones with that number rising to over 50 percent by 2020. In a 2016 Visa’s Consumer Payment Attitudes Survey, 74 percent of Filipinos were interested in contactless payments. However, at that time, only nine percent were using electronic payments which, according to Stuart Tomlinson, Visa country manager for the Philippines and Guam, shows “a huge appetite for new technology that bring convenience and security.”
Global remittance flows to developing countries in 2017 reached $466 billion. The Philippines is the third largest recipient of remittances in the world. Combining that fact with the growth of mobile and interest in electronic payments, another substantial opportunity is improving the safety, security and efficiency of sending money to individuals in the Philippines.
Remittances are the country’s largest source of foreign exchange income and account for approximately 10 percent of GDP in 2017. Last year, the country recorded inflows of approximately US$33 billion, an all-time high, and in January cash remittances from Overseas Filipino Workers (OFW) reached US$2.4 billion – a 9.7 percent increase on the previous year.
“The Philippines is a remittance hub,” said Stephen Ufford, CEO of Trulioo. “Having access to a global identity verification solution with comprehensive coverage safeguards against nefarious activities, such as money laundering and fraud while helping to keep remittance costs low for senders and recipients.”
For companies that are involved in remittance the ability to add new countries instantly adds more revenue potential. Using Trulioo’s GlobalGateway allows companies to run Anti-Money Laundering and Know Your Customer (AML/KYC) checks in multiple jurisdictions all through one API, one contract and one solution. Whether verifying identities for consumers or businesses, companies can onboard new clients quickly, seamlessly and confidently.
Last month, Trulioo received the 2018 RemTECH award for “Compliance Innovation” during the 2018 Global Forum on Remittances, Investment and Development in Kuala Lumpur, Malaysia. The RemTECH awards showcase the most innovative and outstanding technologies designed to improve remittance services worldwide.
For Trulioo, global coverage isn’t just a slogan -- it’s our mission. Providing access to reliable and unique data and technology partners in new countries helps expand opportunities, both for businesses to grow and for consumers to take part in the global economy. Leveraging identity services with enhanced global coverage ensures efficient and scalable growth while helping to meet the necessary regulatory compliance and risk-mitigation requirements.