Published: Thursday August 23, 2012
Written by on News
London – 23rd August 2012 – GB Group PLC, GB Group moves closer to realising its vision of providing in depth identity verification of Anyone, Anywhere, Anytime, as it expands its global electronic ID Verification capability to now incorporate China. This latest country launch with Huaxia CRIF, a Chinese consumer credit reporting agency, increases GB Group’s ability to provide a deeper level of ID Verification of citizens in countries that represent approximately 53% of global GDP.
With a population of over 1.3 billion, the opportunity is vast for companies wishing to acquire customers from China. According to the official Xinhua news agency, 210 million Chinese citizens are shopping online. The value of online shopping transactions in China increased 51.6 percent year on year to 268.4 billion Yuan in the second quarter of 2012. As Chinese citizens venture cross border in the virtual world to purchase their goods online, businesses with the ability to verify and onboard these customers quickly will reap the benefits.
Trust and confidence between customers and businesses will be an important factor in the continued growth of e-commerce. GB Group’s ID Verification for China allows businesses that wish to trade or offer age-restricted products to Chinese citizens to make a decision on the authenticity of a customer's personal details and satisfy global compliance requirements, all whilst protecting themselves from the growing problems of ID fraud, Money Laundering and financial crime.
John Lord, managing director at GB Group comments: “This is yet another exciting time for GB Group as we surge ahead increasing our global ID Verification capability. We’re now able to verify over 2 billion people across five continents, which is just as well as the number of internet users is predicted to be in the region of 3.5 billion in just a couple of years time, around 50% of the world’s population! These statistics only serve to remind us that deciding if a potential customer is genuine or is over the required age limit will be virtually impossible in the future if the foundations of e-commerce platforms do not incorporate robust ID Verification.
Lord adds: “We are delighted to be working with Huaxia CRIF to provide European and western companies the ability to validate Chinese citizens in accordance with standard AML and gaming legislation. Our relationship will help businesses verify and collate accurate identity data so they can develop strong customer relationship strategies. We expect volumes to be light initially but to build as the www continues to bridge continents and markets”
About GB Group plc
GB Group is a leading Identity Management business. It helps organisations recognise and verify all elements of an individual’s identity at every interaction. Through the application of our proprietary technology, we enable organisations to connect, communicate and transact with people safely, responsibly and profitably. In doing so, we help businesses like O2, Laura Ashley, HMRC, LloydsTSB, Virgin Games, PartyGaming, Betfair and Ladbrokes understand their customers better to create more meaningful customer interactions – and reduce costs across the business.
GB Group is listed on the London Stock Exchange (GBG). For more information, please visit GB Group’s website: www.gb.co.uk
GB Group - because identity matters™
For any further information, please contact:
Maxine Morgan, GB Group
Tel: +44 (0)1244 657333
Louise Waller, Bite Communications
Tel: +44 (0) 20 8834 3445