Finda to roll out facial recognition in Singapore
By Digital News Asia May 24, 2018
- System can differentiate between a live subject and fake one, such as a photograph
- Can be integrated with mobile devices to ensure transactions are secure and efficient
FINDA System (Asia) Pte Ltd (Finda), a fintech company offering Know-Your-Customer (KYC) solutions to the banking sector, on May 24 announced that it had received a grant from the Monetary Authority of Singapore (MAS) through the central bank’s FSTI (Financial Sector Technology and Innovation) Proof of Concept (POC) Scheme.
This scheme is aimed at supporting the creation of “industry-wide technology infrastructure” for new products and services, a category that includes fintech startups.
The Singapore-based firm, which originates from Macau, will implement its proprietary KYC service involving facial recognition in Singapore under the POC Scheme.
Finda chief engineer Chen Yingjie said, “Our key innovation is its capability to differentiate a live subject from a ‘fake’ one, and our core digital-KYC as an authentication infrastructure can be integrated with users’ mobile phones to ensure online payment transactions are more secure and efficient.
“For example, a bank cardholder can report a lost or stolen card on a mobile device via facial recognition authentication instead of going through the lengthy process over the bank’s hotlines and entering their 16-digit card number etc.
“We see Singapore with its rising adoption of cardless transactions and various alternative payment modes such as QR code as an ideal test-bed that may support regional development of such fintech solutions.
“The Greater Bay Area initiative, a key Belt and Road Project linking Guangdong, Hong Kong and Macau, has accepted the technology and standard and is in the stage of fine-tuning the applications. As for longer-term plans, Finda would like to first focus on helping to establish the authentication infrastructure in the region.”
Finda is a Singapore-registered financial technology company focusing on PPAS – Payment Processing Authentication Systems. It operates within the area between China’s Belt and Road initiative’s Greater Bay area to Singapore.
PPAS together with facial/biometric recognition technologies enable more powerful KYC abilities, faster authentication of individuals and deeper analytics capacity to identify patterns that are overlooked by the human eye.