In response to the growing fintech market, the Department of Finance has committed to cut the red tape and improving the ease of doing business in the country. It has linked up with Asean member-countries with the Asean Single Window System (ASW). This initiative targets to ease the electronic exchange of cross-border trading documents among the 10 member-states.
“The 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,? said Finda director Chen Yingjie, adding that this will also cater to the growing requirement of international financial regulators.
MyEG Philippines president Ron Aquino said, “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. You can expect MyEG to continue its commitment to provide seamless e-solutions for the efficiency of government agencies.”
As a provider of government services online automation, MyEG has teamed up with Finda to provide an efficient and economical border access and control, and to broaden applications to cross-border financial transactions.
Finda owns a Live-Facial-Recognition (LFR) system that serves as a technical backbone for real-ID authentication solutions for various government agencies, financial institutions, and health insurance firms in Asia.
Finda’s technology was granted a proof-of-concept (POC) by the Monetary Authority in Singapore (MAS) and the POC was completed satisfactorily according to the stipulated criteria.
The technology is also helping other government agencies in performing Know-Your-Customer (KYC) compliances. Finda’s solutions have also minimized the risk of defaulting claims from government healthcare plans and commercial insurance companies in China.
Over majority of kiosk providers recognizes Finda as the technical standard for Real-ID digital authentication that is based on hundreds of millions of transactions.]]>