Editor’s note: Accredify is a winner of ORIGIN Innovation Awards 2022, in the Startup Leader of the Year: Web3 Disruptors award category.
Singapore-headquartered verifiable technology solutions provider Accredify announced on Monday it is collaborating with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) in making its Business Profiles and Business Certificates (Incorporation/Registration) verifiable via its new online verification portal, trustBar – a digital site in which enterprises can verify tamper-evident documents of these information products issued by ACRA.
The project was initiated to digitally transform the business ecosystem in Singapore with the adoption of digital trust technologies to create verifiable corporate identities, the company said in a statement.
By issuing tamper-evident digital information products and providing a verification portal for any stakeholder to verify business information, ACRA is building an ecosystem that enhances trust in Singapore enterprises and simplifies the verification process of business information for situations such as applications for bank loans or accounts, business insurance, and KYC checks for mergers and acquisitions or vendor selection.
trustBar allows businesses and other stakeholders such as banks, insurance companies, or venture capital firms, to verify corporate information products instantly by scanning the QR code on the issued document or using a simple drag-and-drop verifier portal on the site.
Verifiable information profiles are a giant leap in technology that can replace traditional non-verifiable document mediums such as PDF files. Currently, PDFs are the default form of important documents, containing information that multiple stakeholders rely upon for important business decisions. However, information within the file is susceptible to tampering.
In comparison to PDFs, verifiable information products are tamper-evident, traceable back to the source of issuance, and include programatic data which enables the automation of downstream processes.
Verifiable Business Profiles and Business Certificates (Incorporation/Registration) issued by ACRA will check if information in a document has not been tampered with and was issued by ACRA.
The combination of verifiable tamper-evident Business Profiles and Business Certificates (Incorporation/Registration) and the trustBar portal drastically improves the process of data entry and immediate verification of business entities, in turn facilitating cross-border business opportunities by increasing trust in working with Singapore businesses.
“We’re proud to be collaborating with ACRA in developing verifiable business identities and being trusted with the development of trustBar,” said Accredify Co-Founder and Chief Executive Officer Quah Zheng Wei. “Accredify’s mission has always been to simplify information exchange when trust matters. We’re honored to be part of a project that emphasizes Singapore’s reputation of being a tech and business hub of Asia.”
ACRA will begin issuing verifiable Business Profiles and Business Certificates (Incorporation/Registration) and make the trustBar portal accessible on 26 Feb 2023. Beyond this collaboration with ACRA, Accredify is planning to expand verifiable corporate identities with documents such as licenses, permits and financial documents with other government agencies.
Headquartered in Singapore and founded in 2019, Accredify is Asia Pacific’s leading verifiable technology solutions provider and has processed over 12 million verifications on 2 million issued documents, known as “Accredified
documents”, to date. By enabling automation and secure information exchange, Accredify has empowered nearly 600 users in nine markets to simplify complex processes and discover new frontiers of efficiency. With a dedicated team that embraces the highest standards of customer service, security, and privacy, Accredify’s mission is to be the foremost verification solutions provider for moments when trust matters most.
Accredify’s Quah Zheng Wei on a trustless future with Web3 [ORIGIN Innovation Awards Q&A]