Trustworthy digital identification remains one of the main challenges of the internet because none of the traditional, offline methods of verifying that someone is who they claim to be apply. Yet, while digital identity is one of the most foundational and valuable digital assets we have – made even more apparent by the pandemic – many people question whether there is a business to be built around it.
Startup Moldova: Hello Sergiu! Briefly describe what is the situation in the field in which you operate? What are the trends and what new solutions do you come up with?
Sergiu Motreac, founder of MyID: People are tired of going through the identification process repetitively and filling out a lot of forms on the one hand, and on the other hand, companies are struggling with huge expenses to validate the data presented and comply AML law and reduce risks. The solution is MyID, a decentralized ecosystem for verifiable data and its reuse in different scenarios. Customers will use it as a MyID e-wallet to store various documents and verifiable data, and in turn will be able to share this data securely and simply to companies they want to do business with. These companies will be able to validate data integrity quickly and easily through our platform.
Startup Moldova: What makes you special? How would you like to be remembered by your audience?
Sergiu Motreac, founder of MyID: MyID implements the standards defined by eIDAS 2.0 of the electronic identity wallet, combining the customer identification process with the traditional (photo of documents) and digital (documents issued in electronic form) as a result, we raise the KYC&AML process to a new level, far more advanced and efficient than our competitors. And this is just the first step, we will continue to add more services to the app that will make our user’s digital life much more accessible, easy and even enjoyable.
Startup Moldova: Where did the idea for this startup come from, from what necessity?
Sergiu Motreac, founder of MyID: Being into the Fintech field we often faced the need to implement the customer identification process remotely according to the regulation or risk policy. Sharing the problems that companies were facing in the process, starting from the costs of such services to their quality, we decided to come up with a solution.
Startup Moldova: What were the biggest difficulties you faced at the beginning?
Sergiu Motreac, founder of MyID: Adoption! Everyone is excited about the idea and everyone realizes that it is the solution to a persistent problem and the future, BUT because it is something new and not a standard that users are already used to, they reject cooperation in the initial phase. Simply put, they don’t want to be among the firsts. As a result, we have the “chicken and egg” problem (B2B & B2C), plus the sales process is super long.
Startup Moldova: But what is the target customer segment for you? Do you already have real customers?
Sergiu Motreac, founder of MyID: The most valuable client for us is currently EGA+UNDP. We are developing for them the MWallet (MobiGov) project – “Citizen’s electronic wallet”, where the government will issue digital documents such as Identity Card, Driver’s License and other documents applying eIDAT 2.0 and W3C standards.
The current focus is on the Fintech sector offering KYC & AML solutions with an emphasis on reusing the past process of data validation by other institutions. Then we plan to enter InsurTech in combination with HealthTech as the portability of personal data in these sectors is more sophisticated than in Fintech. We are currently in advanced negotiations with local and European companies regarding this aspect.
Startup Moldova: Who is part of your team?
Sergiu Motreac, founder of MyID: We are a small team at the moment. Special people to mention are Mihai Turetchi, Vasile Javgurean, Alexei Rusu – together we started the project from 0 and I want to thank them for their dedication and passion. Without them the project would not succeed!
Startup Moldova: Share with us your growth and development plans.
Sergiu Motreac, the founder of MyID: From a strategic point of view, we are focusing on Europe, looking for partners or investors who believe in the future of Digital Identity.
Likewise, in the near future we plan to add an Electronic Signature service to our platform. For a longer term we want to cooperate with Insurtech institutions to whom we can provide insurance policy issuance and accident report fulfilment services in a fast and simple way.