BFC Bulletins Monthly News Digest
Tags Anti-fraud Identification
Fraud has been an increasing issue for many Asian-Pacific countries, leading many financial institutions in the region to seek out the merits of adopting technology-based solutions for identification, especially ones that also have the added benefit of enabling enrollment through faster, easier and lower-cost digital channels. In such a context, modern electronic know-your-customer (eKYC), AML screening and online identification solutions are getting much attention. Some of the more intriguing of these solutions have taken inspiration from modern smartphones and take advantage of biometric authentication technology. In fact, biometric eKYC solutions have been popping up all over Asia-Pacific, including in Singapore, Hong Kong, Malaysia and Thailand. As consumers, financial institutions and regulators become more familiar (and more comfortable) with these modern biometric eKYC solutions, their use throughout the region is expected to become even more widespread.
