KiplePay Sdn Bhd, a wholly-owned subsidiary of Green Packet will leverage on Tencent Cloud’s facial recognition and machine learning capabilities to build a localised e-KYC solution through KipleID e-KYC
PETALING JAYA: GREEN PACKET BHD and China’s Tencent Holdings Ltd have inked an agreement to leverage on Tencent Cloud to provide KipleID e-KYC (electronic know your customer) as a service to businesses in Malaysia, particularly banking and financial institutions.
KiplePay Sdn Bhd, a wholly-owned subsidiary of Green Packet will leverage on Tencent Cloud’s facial recognition and machine learning capabilities to build a localised e-KYC solution through KipleID e-KYC
Tencent Cloud is the cloud computing arm of Tencent Holdings Ltd, which is a leading provider of Internet value-added services in China. It is listed on the main board of the Hong Kong Stock Exchange and commands a massive market capitalisation of more than HK$4.1 trillion or US$530bil, not far below from that of Facebook (US$598bil).
Tencent Holdings owns communication and social platforms QQ, Mobile QQ, Weixin and WeChat, among other smart industry solutions, technologies and fintech services.
For the financial year ended Dec 31,2019, Tencent registered a revenue of US$54bil and a net profit of US$13bil. By using e-KYC in financial institutions, consumers will no longer need to walk into a bank branch to set up a savings or current account.
Apart from that, leading research has shown that adopting e-KYC can improve business operation efficiency by 30% to 65%.
This includes protecting businesses from identity fraud, which remains a growing concern among the business community.
Another highlight of KipleID e-KYC is the Tencent-patented “single-flash” liveness detection solution, which integrates reflection-based and motion-based detection technologies. Compared with traditional motion-based and digital-voice-based liveness detections, the “single-flash” detection ensures a better user experience and a more outstanding security performance with its motion interaction feature, increased randomness of the algorithm, and upgraded backend.
According to Green Packet group managing director and CEO CC Puan, the introduction of the KipleID e-KYC solution comes at a timely manner, given the Covid-19 pandemic.
“The pandemic has showcased the value of digital transformation.
“This has become a wake-up call for organisations and industries that are overly reliant on traditional operations to quickly embrace digital transformation as we foresee that there will be a definite shift in consumers’ behaviours once the movement control order is lifted, ” he said in a press release yesterday.
Besides the banking and financial ecosystem, KipleID e-KYC will also add great value to the business community in sectors like education, insurance, retail, and telecommunications. As fintech innovation continues to gain global traction, Malaysians are getting more digital savvy and have higher expectations on every touchpoint of a business.
Green Packet is in talks with several leading companies who will pilot KipleID e-KYC.
Tencent’s International Business Group vice-president Poshu Yeung said: “We are committed to exploring and opening up new ways for people and businesses to operate more efficiently and effectively in the growing digital economy.
“Today, Green Packet is taking its digital innovation further, leveraging on Tencent Cloud’s technology to better connect people and ensure continued business success.
“We look forward to deepening our collaboration with Green Packet to further help local businesses on their digital transformation journey.”
https://www.thestar.com.my/business/business-news/2020/05/14/green-packet-in-tie-up-with-tencent-to-provide-e-kyc
