Finda System (Asia) Pte Ltd (Finda), a fintech company offering Know-Your-Customer (KYC) solutions to the banking sector, today announced receiving grant from 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 conduct its proprietary KYC service of facial recognition in Singapore under this POC Scheme.
The Facial Recognition technology rejects fakes such as a photograph
Mr Chen Yingjie, Chief Engineer from Finda said, “Our key innovation amongst others include its capability to differentiate a live subject from a “fake” one, and our core digital-KYC as an authentication infrastructure can be integrated to users on mobile phones to ensure online payment transactions more secure and efficient. For example, a bank card holder can report a lost or stolen card on mobile devices via facial recognition authentication instead of going through the lengthy process over the bank’s phone hotlines and entering 16 digits card number etc.”
“We see Singapore with increasing adoption on 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.” He added, “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.”