Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 61 Survey Findings Should the government facilitate the authentication of individual identities? When applying for new accounts from banks and insurers, customers are often required to go through an identity verification process by scanning and uploading images of their Hong Kong ID cards, proofs of residence, etc. – the verification of which could take days. As such, banks and insurers are creating their own ways of easing the onboarding process and subsequent transaction authentication. However, these processes could be significantly streamlined if there is an infrastructure at the society level that both the public and private sectors can use to facilitate transaction approvals which require personal identity authentication. The Hong Kong Government plans to launch the iAM Smart Account 10 for all Hong Kong residents, enabling them to use a single digital identity to conduct government and commercial transactions online. The account will be bound to the mobile device of the user. OGCIO has provided three sets of APIs to interested organizations to adopt iAM in their online services. A sandbox has also been installed at the Hong Kong Cyberport for commercial entities to experiment and develop prototype applications. This initiative could facilitate large-scale adoption of online services in Hong Kong. Respondents were asked if they agreed that the government should facilitate the authentication of individual identities. The results show that most respondents (36.0%) are indifferent, while the total percentage of respondents (32.1%) who disagree/disagree is almost the same as those (31.7%) who totally agree/agree. 10 Office of the Government Chief Information Officer, iAM Smart, https://www.ogcio.gov.hk/en/our_work/business/tech_promotion/iam_smart/ Exhibit 31 Should the government facilitate the authentication of individual identities? [1 - Totally Disagree ...... 5 - Totally Agree]