Sunday, July 12, 2020

MCO sees higher e-KYC adoption

This article first appeared in The Edge Markets Malaysia, authored by Vanessa Gomes.

woman using smartphone
Photo by bongkarn thanyakij from Pexels

During the recent nationwide lockdown, the majority of business activities involving physical in-person presence were on hiatus. To keep people at home during the Movement Control Order (MCO), the government announced incentives related to free mobile data, but telecommunication dealers and agents were closed.

Fortunately for telcos who already had the electronic know-your-customer (e-KYC) channel in place, they were able to serve the market digitally. Innov8tif Solutions Sdn Bhd chief operating officer Law Tien Soon tells Enterprise that among the five telco brands they provide e-KYC for, he witnessed an average of 279% growth in monthly prepaid SIM card activation from the e-KYC channel, in April (when compared to SIM card activation pre-MCO in February).

“April was a whole month of lockdown and in February, the shops were still open. When we compared the two months, we found there was an average of 2.5 times of growth in electronic registration. This shows that the e-KYC infrastructure was very good ensuring continued business sales,” he says.

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