FB pixel

Hong Kong mobile banking startup using biometrics for identity verification

 

Neat is a mobile banking startup based in Hong Kong that blends biometric security with machine intelligence.

The new bank, co-founded by former Citibank veteran David Rosa, is currently testing its technology and receiving guidance and mentorship as part of the territory’s SuperCharger fintech accelerator, which is backed by Standard Chartered and Baidu.

Neat operates as mobile banking app with a companion card and uses facial recognition technology to authenticate customers at log-in. The company plans to apply AI technology to user payment data, creating distinct behavioural clusters combined with geo-location to offer personalized and local promotions to users.

David Rosa, CEO, says that by not operating any physical branches , Neat’s customer acquisition costs are 16 times lower than those of a traditional bank.

Rosa says, “This is a mobile bank account, you do everything through the smartphone, so this is how we can compete in a market that is prohibitive, as we are 16 times cheaper than a bank in terms of running costs.”

According to a report by Banking Tech, the bank has opened its waiting list to university students and young professionals and are looking at a Q2 2016 launch. The ‘pay-by-selfie’ feature appeals to the younger crowd, and Neat says it is also targeting young professionals who prefer a debit card to shop online.

Rosa says users can top up their app wallet either from their traditional bank accounts or by “pulling” in cash from the app and that Neat will be compatible with Apple Pay and Android Pay, and it plans to launch to beta users in the second quarter of this year.

Article Topics

 |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Alan Goode offers insights on booming transitional IDV market on BU Podcast

Technology is transforming identity verification. According to Alan Goode of Goode Intelligence, by 2030, digital identity verification will pass traditional…

 

Share less data in more places: inching towards decentralized digital ID for travel

The travel industry is slowly shifting to a more decentralized model of digital identity. This was one of the key…

 

Clearview takes fresh legal hits over Canada class action, UK fine

Few biometrics companies have taken a bigger regulatory and legal beating than Clearview AI. It has already been a rough…

 

Mexico makes biometric identifier mandatory for all citizens

Mexico has officially introduced a digital identification system by signing a law that turned the previously optional biometric-based citizen code…

 

MOSIP highlights the UN DPI Safeguards Initiative

The United Nations’ DPI Safeguards Initiative has released 259 recommendations designed to guide regulators, advocates, donors, technology providers and governments…

 

Brazil adopts DaaS for verifiable credentials

Brazil is the latest country to adopt DPI as a Packaged Solution (DaaS) — a practical framework designed to accelerate…

Comments

25 Replies to “Hong Kong mobile banking startup using biometrics for identity verification”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events