Updated on Dec 28, 2023 14:19 IST
Singapore’s advanced infrastructure and technology-savvy population provide an ideal environment for WorldCoin to showcase its innovative iris scanning technology.
World Coin Iris Scan Orb | Image:world coin
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Immediately after WorldCoin scaled back its operations in India, it launched an identity verification service for Singapore residents. WorldCoin announced in a blog post on Wednesday that its iris scanning technology is now available at five locations across Singapore. This expansion follows the temporary suspension of personal scanning services in India.
Currently, Worldcoin provides verification facilities in 11 countries, including locations in the United States. However, this initiative has come under regulatory scrutiny in certain regions. For example, Kenyan authorities canceled the project citing privacy concerns.
Worldcoin’s identity verification feature was launched in 2021 and has attracted over 2 million sign-ups prior to its launch in July 2023. As of the latest update of the Worldcoin website, more than 5 million WLD tokens have been claimed by his 5 million Orb-verified tokens. To users in 120 countries.
This number represents 0.06% of the world’s population, and over 245,000 new users have joined the platform in the past seven days. This number is only going to increase as Singapore becomes the next destination for WorldCoin validation.
Why is Worldcoin’s Singapore operation important?
Singapore has a population of over 5.4 million people, a literacy rate of 96.77%, an ambitious young population and a booming fintech industry. Singapore’s advanced infrastructure and technology-savvy population provide an ideal environment for WorldCoin to showcase its innovative iris scanning technology.
Singapore is also well known for technological innovations such as blockchain and cryptocurrencies. According to Statista, the blockchain and cryptocurrency sector accounted for the largest share of fintech companies in Singapore in 2022. By launching identity verification services in Singapore, WorldCoin is able to navigate a more predictable regulatory environment compared to other jurisdictions.
Singapore’s strategic location in Southeast Asia also serves as a gateway for WorldCoin to tap into broader markets and better understand consumer sentiment.bigger
Last year, the Monetary Authority of Singapore (MAS) also licensed 11 cryptocurrency service providers, of which nine hold a primary payment institution license and two of them hold a standard payment institution license.