FundingReach participates in Government iAM Smart Platform Testing to Support Smart City Digital Identity

Photo source：Hong Kong Economic Journal

[2020.11.02] The Hong Kong SAR Government is actively advancing its smart city initiatives, with the iAM Smart platform—a key component of the digital personal identity (eID) system—scheduled for official launch in Q4 this year. The platform will enable citizens to use a single digital identity and authentication to conduct online transactions with government departments and commercial entities.

The Office of the Government Chief Information Officer (OGCIO), in collaboration with Cyberport, recently launched the iAM Smart Sandbox Pilot Program. Over 100 organizations, including banks, securities firms, insurance companies, and more than 20 Cyberport-incubated FinTech startups, are testing the platform’s Application Programming Interface (API) to prepare for its official rollout.

William Lam, CEO of FundingReach, highlighted that traditionally, financial institutions relied on face-to-face verification during KYC procedures, which is time-consuming. The iAM Smart platform’s electronic questionnaire and identity verification features help streamline compliance processes and reduce the time required for customers to fill and verify their information. Looking ahead, accessing additional customer data such as tax status through the platform could further accelerate application processes. However, William emphasized that building public trust in the platform is essential and should be done progressively.

FundingReach remains committed to driving RegTech innovation, supporting the government’s smart city vision, and delivering efficient and secure digital compliance solutions for financial institutions and their customers.

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