Fast Bank is a founding board member and shareholder of the digital identity provider company, imID

With the active support of 10 Armenian banks, including Fast Bank with a major investment, as well as 3 telecommunications operators, imID, which provides electronic identity solutions for individuals, businesses and government agencies, was established. Fast Bank is a founding board member and shareholder of imID, a digital identity provider company. The company aims to support the creation of a secure digital alternative to electronic identity and all types of documents issued to individuals in the Republic of Armenia, as well as beyond its borders, such as contracts used in various legal relations and signatures.
 

"Fast Bank attaches importance to the development of digitalization of processes and offered services, particularly in the banking sector. For this reason, the Bank has decided, as a shareholder, to participate in the implementation of imID company initiatives. Currently, imID has already implemented automatic identity authentication, and the next step is to use signature authentication and data exchange in a more secure environment. I believe this will have a positive impact on end users, allowing them to make transactions faster, more conveniently and in a more secure environment," said Zelim Simonyan, Head of Special Services Management at Fast Bank.
 

As Armenian imID aims to obtain a certificate of compliance with the European Union's eIDAS regulation and become a Qualified Trust Service Provider (QTSP), users will soon be provided with the possibility of mutual recognition of digital identities and transactions in all countries of the European Union. Simply put, Fast Bank, as a founding board member and shareholder of imID, contributes to the fact that service users can perform electronic registration without the need for physical presence, log in with imID, confirm transactions, and sign any digital document online, saving time. It should be emphasized that both document signing and identity verification transactions are secured by powerful encryption and operational protection mechanisms.
 
“The goal of our initiative is to create a digital identity ecosystem that will completely revolutionize the development of the country’s digital future and will be the foundation of digital trust in Armenia. Today, I can proudly say that imID is already operational, based on a completely new, modern infrastructure designed to ensure full compliance with the EU eIDAS regulation. This means that we are creating all this not only for today, but also for a secure future, where Armenian citizens and organizations will be able to fully integrate into international digital systems,” said Karen Mkoyan, General Director of imID.
 
It should be noted that currently 125,000 people are using the service.