Transcription of Finance News Network Interview with My Verified ID Chairman and CEO, Didier GrossemyLelde Smits: Hello I’m Lelde Smits from the Finance News Network and joining me from global technology company My Verified ID, is its Chairman and CEO, Didier Grossemy. Didier welcome to FNN.
Didier Grossemy: Thank you.
Lelde Smits: Could you start by introducing My Verified ID?
Didier Grossemy: My Verified ID is an organisation designed to protect users, businesses, organisations and governments through very simple ID verifications, document authentications and private cloud sharing.
Lelde Smits: What do you believe are the biggest threats to internet security?
Didier Grossemy: Without any doubt, anonymity and the main reason it’s affecting our life every day. It’s affecting your life when you are on a dating website where people could pretend to be anybody. It’s affecting your life or the life of somebody else, when they exchange information to a social website. Say for instance, a social website is actually the perfect place for a crime, because people would pretend to be yourself. So anonymity is in fact, the biggest problem.
Lelde Smits: How does My Verified ID address this problem?
Didier Grossemy: Well we’ve created a unique system, where a user is verified and another user is verified. So these two users now verified, can actually communicate to each other knowing that both parties are safe, right. But if you go a little bit further, a user – a verified user answering a website that accept My Verified ID information, means that the business will also get the information verified as well.
Lelde Smits: Who are My Verified ID’s customers?
Didier Grossemy: Well we have a very large and important range of clients. You can go from dating websites or equipment websites, any government organisations, financial organisations. Anyone that has a need to have a form filledup online is a customer for us right, anyone, so it’s a lot of people.
Lelde Smits: Could you give us an idea of your platform’s reach and how many people you can currently verify?
Didier Grossemy: Absolutely. Well right now, we’re able to verify about three billion people in about 102 countries. About 600 million people in China, where we have access to their photo barometric as well, about 500 million people in India and we cover Africa, Europe, United States and so on. So basically, if your business or with any organisation we work with is a global organisation, we can actually provide the platform right now. And your platform is super-fast wherever you are. We use top encryptions, but also the best breed of server technology and so on and so forth.
Lelde Smits: My Verified ID is also involved in the Festival of Hope event. Could you expand on your participation?
Didier Grossemy: The Festival of Hope is a fantastic event and the reason it’s fantastic is because it’s going to be the largest event in the
world. About four billion people will be watching this particular event. About 1.6 million to eight million people will like to become physically inside the event. My Verified ID is the organisation that is actually in charge of verifying every single ticket sold to the system. So we are providing a verification system and we are providing as well, a payment system as well, because one thing that people don’t know necessarily is My Verified ID is integrated also with the payment system as well. So not only can we verify the user, but we can also safely take the payment through our system as well.
Lelde Smits: How does My Verified ID make money?
Didier Grossemy: Typically our users, the end users, the people that get verified don’t pay a dollar for it, only if they want to upgrade the services maybe to a cloud system, or the functionality we have inside. But to get verified they don’t pay. So you may wonder who’s paying then. Well the business is paying and the reason the business is paying, is very simple. We save them a huge amount of money in verifying their data. As a matter of fact, let me give you an example. The price can vary as much as 25 cents per verification, which is extremely low when you think that those people may spend two hours, to verify only one person.
So you start to put the numbers together and you start looking at how do we assemble this product. It’s very simple; an average transaction, they’re about $1.50 to $2.50. It can go down to 25 cents if you have one million transactions per month, we’re talking about. So therefore, it means that if we’re looking at the Festival of Hope say for instance, 25 million transactions at $1.50 each, that’s a $40 million transaction fee.
Lelde Smits: Finally Didier, you’ve recently appointed Tandem Capital to raise $3 million through a private placement to grow the business. Where do you plan to put the funds and what are your growth aspirations?
Didier Grossemy: Well the money is going to be purely, the funds are going to be purely invested in sales and marketing. And this will allow us to move really fast and get a first mover advantage, which we already have but we need to maintain. And that’s our commitment.
Lelde Smits: Didier Grossemy thank you for the introduction to My Verified ID.
Didier Grossemy: Thank you.
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