Finda to provide facial biometric authentication for cross-border services in Philippines
Hong Kong-based fintech company Finda International Consultancy and Management has been chosen by MyEG Philippines to provide its facial biometric technology for real-time cross-border authentication services in the Philippines, and the two companies have signed a memorandum of understanding (MoU), local media outlet Business World reports.
MyEG Philippines, which provides e-government solutions, says that the authentication service will be used for border control and applications for cross-border financial transactions. The company provides services to the National Bureau of Investigation’s Online Clearance and Payment System through a partnership with I-Pay Commerce Ventures. Finda’s facial recognition with liveness detection is commonly used to authenticate transactions with governments, financial institutions, and health insurance firms, according to the report.
“We are excited to bring this one-of-a-kind technology solutions in the country. This is a remarkable step in ensuring the digital security of the Filipinos,” MyEG Philippines President Ron Aquino said in a statement. “You can expect MyEG to continue its commitment to provide seamless e-solutions for the efficiency of government agencies.”
“Philippines is a strategic market for our company because we see the increasing need and demand for e-solutions amidst discussions on digital security in the country,” says Finda Director Chen Yingjie.
FInda was awarded a grant from Singapore’s central bank in 2018 to provide its proprietary facial recognition KYC service as part of the digital infrastructure to support fintech startups and new financial services.