Trulioo is excited to announce that it has extended its identity verification coverage to Bangladesh, one of the fastest-growing economies in Asia.
“Economists, investors and global businesses have taken notice of the country’s economic turnaround,” said Stephen Ufford, CEO and founder of Trulioo. “The majority of the adult population in Bangladesh owns mobile phones, which is driving the demand for digital services.” Bangladesh is a South Asian country with a population of 164.7 million people. It was included in a Goldman Sachs Group report of a group of 11 countries (the N11) that have a high potential of becoming among the world’s largest economies in the 21st century. It’s GDP growth in the last 10 years has been over six percent; according to the UN, in 2017, it graduated to a middle-income country.
One of the most pivotal factors behind its strong economic outlook is the country’s rapid adoption of digital services. The number of adults with mobile money accounts now exceeds 20 percent, and, with a large younger population, that number should continue to grow. There’s an increasing culture of entrepreneurship, raising investment capital and embracing new technologies to drive financial inclusion.
The government is embarking on ambitious digital transformation initiatives: For example, the Bangladesh Post Office recently launched Nagad, its digital financial services arm, to ease the day-to-day financial interactions of its customers. More recently, the government worked with global agencies to launch 16 digital services and platforms to get closer to its goal of wholesale digital transformation.
Global expansion continues: Identity verification helps emerging markets embrace digital transformation, besides helping global companies expand more quickly into these markets and meet various compliance obligations. Organizations can leverage GlobalGateway, Trulioo’s marketplace of identity data and services, to verify consumers in Bangladesh to help mitigate risk, prevent fraud, and meet compliance requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.
Including Bangladesh, Trulioo has added four new countries to its global identity verification coverage in the last two months alone – the Czech Republic, Slovakia and Poland. Since its inception, Trulioo’s mission was to deliver a truly global impact: Verify the entire human population so that everyone, regardless of their circumstances, has access to the advantages and opportunities created by the online, borderless economy.