Worldcoin launches verification services in Singapore

Worldcoin has initiated identity verification services for Singapore residents right after it has curtailed its operations in India. Worldcoin announced the availability of its iris-scanning technology at five locations across Singapore in his blog posted on Wednesday. This expansion follows a brief suspension of scanning services for individuals in India.

At present, Worldcoin provides verification facilities in 11 countries, including locations within the United States. However, the initiative has faced regulatory scrutiny in certain regions; for instance, authorities in Kenya have halted the project citing privacy apprehensions.

The identity verification feature of Worldcoin started in 2021, amassing over two million sign-ups even before its launch in July 2023. As of the latest update on the Worldcoin website, more than 50 million WLD Tokens have been claimed by 5 million orb-verified users across 120 nations. 

This number represents 0.06 per cent of the global population and in the last seven days, more than 245,000 new users have joined the platform. Now with Singapore becoming the next destination for Worldcoin verification, this number is only going to go up.

Why Worldcoin’s Singapore venture is crucial?

Singapore has a population of more than 5.4 million with a literacy rate of 96.77 per cent coupled with aspirational youth and a booming fintech industry. Singapore's advanced infrastructure and tech-savvy populace provide an ideal setting for Worldcoin to showcase its innovative iris-scanning technology.

Singapore is also well known for its technological innovation including blockchain and cryptocurrency. According to Statista, the blockchain and cryptocurrency sectors accounted for the largest share of fintech companies in Singapore in 2022. By launching its identity verification services in Singapore, Worldcoin can navigate a more predictable regulatory landscape compared to other jurisdictions

Singapore's strategic location in Southeast Asia also serves as a gateway for Worldcoin to get into a broader market and better understand consumer sentiment. Larger 

Last year, the Monetary Authority of Singapore (MAS) also authorised 11 cryptocurrency service providers, nine of which hold a major payment institution license and two of which hold a standard payment institution license.