Ant Group Digital Technologies, a digital technology provider of the Ant Group, said the company is optimistic about the Philippines technology market due to the digitalization trend of the country’s financial sector and the push toward greater financial inclusion.
“As you can see, many are looking for ways and solutions on how to streamline their operations,” said Zhang Yi, the company’s solutions architect.
Yi also added that “digital banks are getting bigger,” and that these banks “have to find ways on how to apply the technology to the tasks performed by humans in mission-critical applications.”
“Automating the things being done by humans is a big challenge. For example, the banking industry’s robustness is very impressive particularly given the rapid growth of the financial technology (fintech) sector in the Philippines,” the executive said.
He added that “we want to support our partners in the international market and enable them to provide safer, more convenient, and more reliable services to their customers. The market in the Philippines has significant potential.”
Potential partners include digital banks, fintech, and insurance companies, and others that would like to offer online services which require e-KYC. mPass, the company’s mobile development solution, helps companies build new superapps or improve the performance of existing apps.
The company recently held a “Customer Day” and presented new features in its cutting-edge digital solutions before the Bank Marketing Association of the Philippines (BMAP) and the chief technology officers of some of the country’s leading banks.
The company launched four new features in their business security solutions, namely: e-KYC, mPaas, Authentication and AML.
The main tech security solution that the Ant Group introduced in the Philippines was e-KYC with new functions. Major e-wallet operators and financial institutions including GCash in the Philippines, TnGD and Maybank in Malaysia, Dana in Indonesia, TrueMoney in Thailand and Mandiri Bank in Indonesia have been using ZOLOZs e-KYC (electronic Know-Your-Customer) solutions to serve their customers.
The adoption of e-KYC solutions helps clients reduce end user authentication time from days to around three minutes, while improving the authentication success rate from 65% to above 90%.
One of the new functions, the e-KYC Blacklist Management, can conduct real-time risk mining, enabling an organization to protect itself from illicit use of its products and services. Other features such as multiple dimension risk assessment, enable merchants to better manage and mitigate risks.
Other new security solution and features introduced in this event included the Identity Network module that identifies patterns and syndicate information from the entire e-KYC lifecycle, the NFC Passport Reader which helps verify passport information within a few seconds, and the one-stop risk control product- Mobile Device Security Product.
Another tech solution is mPaaS (Mobile PaaS) which provides a cloud-to-end, one-stop solution for mobile development that can generate initialization code and offer modular development mode for collaborative development.
“We remain focused on the technological breakthroughs that create a trusted digital network to improve industrial collaboration. We look forward to working with more partners in SEA, and using our innovative products and services to better serve the digital economy, ” Geoff Jiang, president of the Digital Technology Business Group at Ant Group, said.