Tencent working to improve facial recognition accuracy for online banking

Chinese payment service firm Tenpay, a subsidiary of Tencent, has partnered with National Citizen Identity Information Center under China’s Ministry of Public Security to improve the accuracy of facial recognition technology for banking customers, according to a report by CRI English.

Through the partnership, Tencent will work with police to ensure that its facial recognition technology is more accurate so that bank customers will no longer need to visit a bank to verify their identity.

Tencent’s Internet banking service Webank, which began test-running in January, uses facial recognition technology to verify its clients’ identification.

Webank continues to face challenges in keeping its business entirely online and has yet to enable its customers to perform transactions without visiting a bank in person for verification.

Chen Xiao, a senior executive at WeBank, said the bank is set to offer its first loan service this month, and next month, it will launch wealth management and payment services.

Meanwhile, China’s central bank is considering a draft rule that would allow people to open a bank account remotely through the Internet.

Article Topics

banking  |  biometrics  |  China  |  online authentication