HO CHI MINH CITY, Vietnam, April 5, 2021 /PRNewswire/ — On March 31st, Credify and Med247 – a startup operating in the field of online and offline healthcare, signed a Memorandum of Understanding.
Through this collaboration, Credify will open up opportunities for Med247 users to access contextually relevant credit, banking and insurance services through its the company’s cross-service exchange platform (serviceX).
Notably, Credify and Med247 were connected through, and are being actively supported by, Shinhan Future’s Lab – the investment organization that specializes in supporting Fintech start-ups through networking, mentoring, and creating a professional working environment, connecting them with investors.
As information about user behavior becomes increasingly important in business, the balance between its benefits and the safety of users is more and more important.
Information security – an emerging issue in technology development.
The advancement of platforms and applications in the digital era is a “double-edged sword”. On the one hand, it brings great convenience to users in shopping, entertainment, health or finance. On the other hand, it also raises concerns about companies and businesses secretly collecting user data without their permission. It exposes personal information, causing serious consequences.
This issue becomes more important in Vietnam which has more than 64 million internet users, accounting for more than 2/3 of the population. With this trend of using mobile devices and software applications set to increase, the Ministry of Public Security recently announced that it is drafting a Decree on personal data protection, which will slap a penalty of 50 to 80 million VND on individuals or organizations who disclose and share personal data unauthorized, without the consent of individuals, causing harm to the honor and dignity of the affected people.
This Decree aims to protect individuals’ interests when participating in digital platforms. Moreover, it poses the conundrum: how do we create effective business strategies around personalized solutions utilizing big data while at the same time preserving users’ privacy and giving them complete control over the entire process?
When users decide whether to share information or not
To solve this problem, the market needs to have pioneering businesses developing platforms in which users have the right to decide what information they are willing to share to the businesses for clear purposes. This system must bring benefits to customers (preferential shopping or discounts, access to services that meet their needs at their point of need) and service providers.
Credify has the solution for this problem. Known as a Singaporean software technology company founded in 2019, Credify has developed an award-winning Online User Data Passport system (idX). With idX users have full control over their personal information, deciding what information is shared with whom and for what purposes. On this foundation, Credify has developed an embedded finance platform for cross-selling of financial products and services(serviceX) in digital ecosystems.
Especially with idX, users own an “Online information passport” for themselves, actively manage the availability and sharing of their personal information and receive services tailored to their personal needs, at the right place and time,giving them access to many attractive direct service and product offerings. Credify’s service provider ecosystem is rapidly expanding, with trust being placed in Credify’s technologies optimized, safety, security and auditability.
Credify helps reach the right target customer-segment of businesses.
In addition to the Online information passport, Credify has developed a platform for businesses to reach their target, or ideal, customers more quickly, accurately and efficiently, all driven by user consent.
According to Credify, they provide a single platform that enables service offerings across multiple ecosystems, all through a simple to integrate and use interface. serviceX connects financial service providers with digital ecosystems by embedded access to their services in a seamless and intuitive way. Users benefit by receiving services tailored to their needs and rich incentives for engagement.
Furthermore, serviceX has a function that anonymously classifies and selects customers that are most suitable for the criteria and business goals of each company.
The above features effectively support financial service providers to optimize the cost of acquiring customers. In the context of saturated online and traditional sales channels, serviceX is a great solution for digital transformation through embedded finance. This takes full advantage of the growth of the sharing economy and the power of technology to benefit both businesses and users, with the users having greater confidence that owners of the digital services they employ treat their privacy as a first-order priority, resulting in a higher level of user willingness to engage more deeply and to a higher degree of value.
New expectations for transparent and effective financial operations.
With the strength of their privacy-first technology, industry leading security and especially the mechanism to access leads in a more effective manner, Credify services are receiving the attention of businesses operating in banking, consumer finance, insurance, e-commerce, and various businesses with a broad user base of both individuals and SMEs. These companies are constantly in search of solutions that accelerate the discovery and acquisition of new customers, due to their high security requirements and complex engagement processes.
Established in 2019, Credify is a Singaporean digital identity company that meets the growing need for secure digital identity solutions in Asia. With operations in Singapore, Japan and Vietnam, Credify’s solutions are internationally recognized. The company was the runner up in the Tokyo Financial Award 2020 – a contest for Fintech solutions in Japan, and the “OCB Open API Challenge 2020” – a Fintech contest for Banking and Finance Industry in Vietnam. Last year, Credify also received US$1.74 million in investment from BeeNext (one of the very early investors in Sendo), Deepcore (an investment fund under Softbank) and TIS (Japan’s leading IT solutions provider), which are reputable investors in Asia.
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