Update on KYC Mechanism

Update on KYC Mechanism

Since July 24, 2020, to ensure customers’ interests and to minimize fraud occurrences, VNDC has officially applied a rule of Advanced KYC, aka trusted individuals who are assessed by VNDC Credit Scoring system as trustworthy and KYC-guaranteed. These trusted individuals are those who have provided enough accurate information and placed deposit/withdrawal orders through VNDC’s channels. Furthermore, through the process of analyzing the historical transaction, along with sign-in history, Credit Scoring system will automatically score and transfer users to the Advanced KYC group. Accordingly, VNDC users are categorised into 6 groups as follows:

  • Not Verified: A group of customers who have not completed the KYC process and have not been verified by VNDC.
  • Verified customer: Those who have completed the basic KYC through the eKYC system jointly built by VNDC and FPT.ai.
  • Advanced KYC: Users who meet the requirements from VNDC Credit Scoring system. This group will be given priority to use many features including selling VNDC directly to have VND transferred into their bank account, creating P2P Trading transactions, and joining InvestBook and DIPO platforms.
  • Partner: VNDC’s business partners, including 4 main levels: Basic, Silver. Gold, and Diamond.
  • Merchant: Distribution partners that (i) have integrated VNDC Voucher function through which users can receive sale deals or promotions and (ii) use VNDC as a gift for customers. Merchants can find all documentation and API at docs.vndc.io for integration.
  • Enterprise: Partners using VNDC in internal financial activities.
Lily Le A CMO (Chief Marketing Officer) with a background in finance and marketing based in Ha Noi, Viet Nam. Enjoys travelling, reading and writing interesting content to help others. Feel free to comment below.
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