Omise and the Thailand government are collaborating with several other entities to create a reputable digital identity program.
OmiseGo is a public Ethereum-based blockchain project which integrates several facets to bring a more accessible payment platform to the public. Their native token (OMG) provides customers with access to all facets of the project.
OmiseGo offers the following services:
- White list Wallet SDK
- inter-currency and inter-medium exchange on the Ethereum Network
OmiseGo was put together by a Singapore-based FinTech startup called Omise. The young company was founded in 2013 and is known for establishing the Payment Card Industry Data Security Standard (PCI-DSS) for credit and debit card manufacturers in November 2017.
Omise raised roughly $19 million in VC funding leading up to the OmiseGo ICO which successfully raised $25 million. Omise functions as a payment portal and processor within the APAC region. Their current markets are Japan, Thailand, and Singapore, but growth is expected to be rapid throughout the remaining APAC regions.
Omise is now making headlines as one of the first blockchain-based projects to be considered for government partnership. Thailand and Omise are partnering up to establish a national payment processing portal and national digital identity for Thai citizens.
The announcement comes from the Electronic Transactions Development Agency (EDTA) following both parties’ signing of a Memorandum of Understanding (MoU).
In order to achieve their common goal of digital ID on the blockchain, three criteria of identity must be met. There must be an identity provider, an entity which is reliant on the information from the identity provider, and there must be a party which has access to verified copies of information that the identity provider can compare against.
Omise is expected to be the authenticating party within the digital identity portion of this collaboration. Meanwhile, the EDTA will manage the Federation Proxy, which will act as a bridge for information to travel between the EDTA and Omise. The EDTA is also expected to be responsible for development of the Federation Proxy.
According to the EDTA site, Eight other government-affiliated parties have joined in the collaboration between Omise and the EDTA.
Eight parties have already joined the first phase of this project:
Student Loan Fund
Thailand Securities Depository Company Limited
Thai Bankers' Association
Association of Thai Securities Companies
The Thai Life Assurance Association
Thai General Insurance Association
National Credit Bureau
As reported by the World Bank FinDex, Thailand had an estimated 22% of the national population over 15 years of age without a bank account, or access to financial services as recently as 2014. Digital ID and a merging of the financial services offered by Omise and the Thai government can likely drive that figure even lower than the previous years’ progress.
The APAC region fell just shy of 50% of estimated residents having direct access to financial services in 2014 according to Business Insider. Omise is working to expand into other areas within the APAC region, potentially offering a solution to some of the pain points caused by a lack of access to financial services.