FB pixel

Chinese app developer releases facial recognition based lending platform

 

Chinese application developer PING AN TianXiaTong (PING AN) has released facial recognition technology that it will incorporate its wealth management solutions and other services in an effort to create the fastest lending platform in China, requiring only six minutes to complete a loan application.

The PING AN technology is based on a complex neural network which allows computers to act like the human brain, thus achieving facial recognition with even greater accuracy than the human eye. The application also compensates for the natural aging process and is even able to differentiate between twins.

In developing its Biometric Authentication Platform, the team at PING AN’s Science and Technology Artificial Intelligence Laboratory studied the core technology for over a year. They used the facial structure, features and muscles to deliver a clear analysis of facial movement, providing an end-to-end authentication service.

Last September we reported that an increasing number of financial institutions in China are using facial recognition technology in their mobile apps to verify the identity of its customers. China’s facial recognition market is expected to reach 10 billion yuan ($1.57 billion) annually in three years.

Article Topics

 |   |   |   |   | 

Latest Biometrics News

 

Procurement audit finds fault with Australian Passport Office

A recent performance audit by the Australian National Audit Office (ANAO) has uncovered procurement issues within the Department of Foreign…

 

Idemia NSS wins DOJ biometric service contract

The U.S. Department of Justice (DOJ) Offices Boards and Division’s Justice Management Division has awarded Idemia National Security Solutions (NSS)…

 

LSEG Risk Intelligence’s new biometric, ID verification tools hit the market

LSEG Risk Intelligence has launched two new products that utilizes AI to verify identities, with the aim of strengthening anti-fraud…

 

Canadian policy makers spar over age verification bills S-210, C-412

The question of effective age verification in Canada increasingly has ramifications beyond the beaver. There is ongoing debate on whether…

 

Lobby groups sue to block Florida’s age verification requirements for social media

NetChoice and the Computer & Communications Industry Association (CCIA) are suing the state of Florida to prevent social media companies…

 

World strengthens chain link with LBank Exchange listing, multiple integrations

Fresh off its rebrand, World (ex-Worldcoin) has announced its upcoming listing on LBank Exchange, a premier global digital asset trading…

Comments

8 Replies to “Chinese app developer releases facial recognition based lending platform”

Leave a Reply to rawlsonking2Cancel reply

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

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events