OneConnect launches biometric authentication for banks in Indonesia
Ping An Insurance fintech subsidiary OneConnect has launched in Indonesia to help financial institutions accelerate their digitization and financial inclusion efforts with a full suite of artificial intelligence, biometrics and blockchain-powered technologies.
Facial recognition provided for customer authentication by OneConnect has achieved 99.8 percent accuracy and been recognized as tops in the world in testing against the Labeled Faces in the Wild (LFW) database, the company says. OneConnect points out that this technology can also be extended to immigration, passport verification, and overseas SIM card purchase processes, for instance by comparing a customer’s face to the image stored in their biometric passport chip. In addition to facial recognition, OneConnect offers liveness detection, voiceprint and microexpression biometrics.
OneConnect also offers trade finance and supply chain solutions based on blockchain.
Ping An launched OneConnect in 2017 to bring biometric authentication to China’s insurance industry. Reports have suggested Ping An is considering spinning OneConnect out for an initial public offering.
“These technologies will equip Indonesian banks and other financial institutions with end-to-end services that would increase their efficiencies, enhance risk-control capabilities, and cost reduction – which means local financial institutions could enhance their services and offerings, providing more financial access to a greater number of Indonesians,” says Hendra Tan, President Director of PT OneConnect Financial Technology Indonesia.
Indonesia has the largest and fastest-growing internet economy in South-East Asia, at $27 billion in 2018, according to the announcement.
OneConnect will also partner with Indonesian traditional markets association ASPARINDO to provide training workshops and help vendors with the digitization process.
In 2017 Permata Bank deployed voice biometric authentication from NICE becoming the first domestic bank in Indonesia to introduce voice biometrics as part of its customer authentication protocol.