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As more and more people open social media accounts, personal identity has gone digital; which means it has become more mobile. But with this ongoing trend comes the sinister underworld full of digital fraudulent schemes, cyberhacks, account take-over attacks and identity thefts, which can leave not just the users but also the government, regulators and businesses, vulnerable if these concerns are not addressed properly.

While traditional identity verification services including knowledge-based authentication and two-step authentication procedures, have proven their mettle, the ever-changing digital landscape demands a much more robust, advance and secured identity authentication method that can safeguard the citizens against their fraudulent acts and make transactions much more efficient and secured.

The response to the growing fintech market? Real-time mobile cross-border authentication services, which uses biometrics to authenticate identity of people in real time.

The Department of Finance (DoF) is one of the first to employ this kind of authentication service through partnership with MyEG Philippines, a leading one-stop e-government solutions provider, and Hong Kong-based Finda International Consultancy & Management.

In recent years, with its strong commitment to cut red tape and improve the ease of doing business in the country, the DoF has successfully linked up with Association of Southeast Asian Nations (Asean) member countries with the ASEAN Single Window System (ASW), an initiative that targets to ease the electronic exchange of cross-border trading documents among the 10 member-states.

As government services take large volumes of data, the new service is a necessary tool to ensure that finance department has the capacity and security to process and access such data in short span of time. The mobile cross-border authentication services can help businesses validate the identity of potential customers, and screen potential counter parties.

It will help it provide efficient and economical border access and control and broaden applications to cross border financial transactions. It helps improve efficiency using a single source of data that can be utilized by several teams, streamlining the process for increase operational efficiency.

“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,” said MyEG Philippines President Ron Aquino.

MyEG Philippines aims to focus on providing the Philippine government agencies and local government units with “e-solutions” to streamline their processes. These initiatives are focused on (but not limited to) electronic payment and collection system facilities, development of web system services, and system integration to existing systems and facilities that specific institution have in place.

The partnership with Finda, a company specializing in providing digital Know-Your-Customer (“KYC”) authentication systems and with access to golden data sources, has been a welcome development. Finda is known for its 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) with the POC was completed satisfactorily according to the stipulated criteria. The technology is also helping other government agencies in performing KYC compliances. Finda’s solutions has also minimized the risk of defaulting claims from government healthcare plans and commercial insurance companies in China.

“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,” shared Finda Director Chen Yingjie.

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Autor(en)/Author(s): MA. GLAIZA LEE

Quelle/Source: The Manila Times, 17.02.2019

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