Recently, VNPT eKYC, an AI-powered electronic identification and authentication platform by the Vietnam Posts and Telecommunications Group (VNPT), achieved a significant milestone by surpassing 1 billion user requests. This accomplishment makes VNPT eKYC the first identity and authentication platform in Vietnam to reach such scale.

The processing of over 1 billion requests reflects the rapid growth of the identification and authentication sector in Vietnam, creating confidence among banks and financial institutions to adopt biometric authentication solutions. This development comes as Decision 2345/QĐ-NHNN from the State Bank of Vietnam is set to come into effect, requiring biometric authentication for transactions over 10 million VND from July 1, 2024.

In the past, registering for services required customers to visit physical locations with multiple documents, which was time-consuming and prone to risks like lost or stolen paperwork.  

However, with digital transformation and the application of artificial intelligence (AI), customers can now authenticate their identities online via VNPT eKYC. By uploading ID documents and a selfie, AI systems verify the authenticity of the documents and match them to the owner's face, allowing instant service access.

eKYC (electronic Know Your Customer) has become an essential trend, enhancing the customer experience and streamlining procedures for banks and financial organizations. This convenience has led to a surge in online transactions in Vietnam, with nearly 11 billion cashless transactions valued at over 200 million trillion VND by the end of 2023.

However, the rise in online activities also brings challenges. According to the Ministry of Information and Communications' Department of Information Security, nearly 16,000 reports of fraud were made in the first 11 months of 2023, with 91% related to financial and banking fraud. Thus, advanced biometric technology like VNPT eKYC plays a critical role in preventing fraud.

Implementing Decision 2345/QĐ-NHNN
On December 18, 2023, the State Bank of Vietnam issued Decision 2345/QĐ-NHNN, requiring credit institutions to use biometric authentication for transactions of 10 million VND and above from July 1, 2024. Experts suggest that domestic solutions, such as VNPT eKYC, are the optimal choice for banks due to faster deployment and cost-effectiveness, with world-class technology and large-scale capability.

Over the past five years, VNPT eKYC has been implemented by more than 100 banks and financial institutions, including Vietcombank, SHB, MBBank, HDBank, Kookmin Bank, and Momo, facilitating digital identification for over 40 million Vietnamese citizens. With a total of more than 1 billion requests, VNPT eKYC processes up to 3 million requests daily, demonstrating its technological strength and infrastructure capacity.

VNPT eKYC is part of VNPT AI's comprehensive artificial intelligence ecosystem. Its core biometric technology, VNPT FaceID, is the only technology in Vietnam to meet ISO 30107-3 standards for anti-facial spoofing by iBeta and ranked in the Top 10 by the U.S. National Institute of Standards and Technology (NIST) in March 2023.

Using advanced AI models, VNPT eKYC ensures biometric authentication with an accuracy of up to 99.99%. Over the past five years, it has detected and eliminated millions of sophisticated fraudulent attempts, including 2D masks, silicone masks, deepfake videos, and makeup disguises. This continuous upgrade ensures that the platform is prepared to tackle emerging fraud techniques.

Surpassing 1 billion user requests is a significant milestone for VNPT's AI research and application efforts over the past five years. With its proven technological capabilities, VNPT is well-positioned to support banks and financial institutions in implementing high-quality, cost-effective biometric authentication solutions in compliance with Decision 2345/QĐ-NHNN.