Bio­met­ric bank­ing ser­vices in­tro­duced for Pak ex­pats

The Pak Banker - - COMPANIES / BOSS - IS­LAM­ABAD -APP

A re­mote bio­met­ric reg­is­tra­tion and on­board­ing process is be­ing in­tro­duced to al­low Pak­istani cit­i­zens over­seas to di­rectly open bank ac­counts or in­vest in the coun­try. The new Roshan Dig­i­tal Ac­counts ini­tia­tive is slated to roll out in early-Sep­tem­ber, hav­ing been ap­proved by Prime Min­is­ter Im­ran Khan. The ac­counts will en­able fund trans­fers, ecom­merce pay­ments, bill pay­ments, and other trans­ac­tions.

A se­nior of­fi­cer in the Min­istry of Over­seas Pak­ista­nis and Hu­man Resource De­vel­op­ment also said that a bio­met­ric em­i­grant reg­is­tra­tion process would ver­ify the iden­tity of all em­i­grants. The Na­tional Iden­tity Card for Over­seas Pak­ista­nis has been elim­i­nated to re­duce costs for mi­grants. The bio­met­ric process is pro­vided by a link the Na­tional Data­base and Reg­is­tra­tion

to

Au­thor­ity (NADRA). Pak­istan's gov­ern­ment has formed agree­ments with sev­eral coun­tries in the Mid­dle East and Asia to pro­vide over­seas em­ploy­ment op­por­tu­ni­ties for Pak­ista­nis.

The OP&HRD has also im­ple­mented a ma­chine-read­able pass­port fa­cil­ity, among other mea­sures to aid ex­pats. Bio­met­ric point-of-sale (POS) ter­mi­nals are rolling out in the Ukraine for Pri­vatBank's FacePay24 pay­ment ser­vice, writes NFCW. The ter­mi­nals al­low cus­tomers to make pur­chases with face bio­met­rics and a PIN, without us­ing a card or mo­bile de­vice. Cus­tomers can reg­is­ter via the bank's up­dated Pri­vat24 app with three selfies taken from dif­fer­ent an­gles, and link­ing their ac­count to a bank card.

So far, 260 An­droid PAX POS ter­mi­nals have been de­ployed, and Pri­vatBank is plan­ning to in­stall an­other 7,500 across the coun­try be the end of the year. Cryp­tocur­rency plat­form BitMEX is launch­ing a User Ver­i­fi­ca­tion

Pro­gram in which it will ask all users to com­plete ID checks with a bio­met­ric selfie, proof of ad­dress and iden­tity doc­u­ment within the next six months. The new con­trols will en­able the plat­form to pro­vide a more trusted and se­cure trad­ing en­vi­ron­ment, ac­cord­ing to the an­nounce­ment.

BitMEX says the process should take about five min­utes in to­tal. All BitMEX traders must have com­pleted the checks by Fe­bru­ary 12, 2021 to con­tinue trad­ing. The process for cor­po­rate ac­counts re­mains the same. In ad­di­tion to help­ing se­cure ac­counts, the iden­tity ver­i­fi­ca­tion process will help BitMEX sup­port per­son­nel re­li­ably ver­ify who ac­tu­ally owns an ac­count in the event of a dis­pute, hack, or "in­ca­pac­i­ta­tion."

A sin­gle selfie is no longer enough to en­sure cus­tomer iden­tity, Ju­mio CPO Phillip Point­ner tells Tech Wire Asia, as it leaves in­sti­tu­tions vul­ner­a­ble to spoof­ing. 3D face bio­met­rics and live­ness de­tec­tion, he says, are the way to be sure of who the cus­tomer is.

The com­bi­na­tion of bio­met­rics and ar­ti­fi­cial in­tel­li­gence for rules-based com­pli­ance sys­tems is the key for banks in Asia-Pa­cific fight­ing fi­nan­cial crime, ac­cord­ing to Ti­mothy Choon, fi­nan­cial crimes leader for Fico.

Fico's In­te­grated AML Com­pli­ance Sur­vey shows 93 per­cent of banks in the APAC re­gion are plan­ning to con­tinue in­vest­ing in tech­nol­ogy to up­grade or en­hance ex­ist­ing sys­tems for com­pli­ance with AML and other reg­u­la­tions this year. The launch of elec­tronic KYC checks in Viet­nam makes 2020 the year of dig­i­tal trans­for­ma­tion for many banks in the coun­try, ac­cord­ing to lo­cal out­let The Star.

The first banks have launched eKYC ser­vices, with selfies sub­mit­ted with iden­tity doc­u­ments for fa­cial bio­met­ric com­par­i­son. "The bank en­sures safety ac­cord­ing to reg­u­la­tions of the State Bank of Vit Nam for cus­tomers in­clud­ing iden­tity and bio­met­rics from in­for­ma­tion en­cryp­tion to 3-layer se­cu­rity," a rep­re­sen­ta­tive of VPBank told Viet­nam News. "VPBank has al­ways paid at­ten­tion to risk man­age­ment. We are wait­ing for new reg­u­la­tions from the cen­tral bank to launch more di­ver­si­fied prod­ucts on eKYC ac­count." The new sys­tem has not solved all on­board­ing prob­lems, the rep­re­sen­ta­tive says, as elec­tronic sig­na­tures are re­quired, but the coun­try's e-sig­na­ture reg­u­la­tions them­selves are flawed. The rep­re­sen­ta­tive also said that in a pilot, more than half of cus­tomers who had pre­vi­ously de­clined to use dig­i­tal bank­ing had adopted the chan­nel, and half of them made trans­ac­tions through it.

More than 35pc of adults in Viet­nam do not have bank ac­counts, ac­cord­ing to the ar­ti­cle. The Aus­tralian Se­cu­ri­ties and In­vest­ments Com­mis­sion was told dur­ing a we­bi­nar that dig­i­tal iden­tity ver­i­fi­ca­tion must be kept in place post-COVID, Aus­tralian Bro­ker re­ports.

IS­LAM­ABAD -APP

Pres­i­dent Dr. Arif Alvi be­ing briefed about the Jhelum Biotech­nol­ogy Park by the Fed­eral Min­is­ter for Sci­ence and Tech­nol­ogy, Chaud­hary Fawad Hus­sain , at Ai­wan-e-Sadr.

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