SHAK­ING UP BANKS

Len­non Tan, group chair­man, JK Tech Group Fi­nan­cial Ser­vices Tech­nol­ogy En­able­ment En­tre­pre­neur Of The Year

The Peak (Singapore) - - The Hot Seat -

Af­ter work­ing for Amer­i­can man­u­fac­tur­ing con­glom­er­ate 3M – where he de­vel­oped the busi­ness across the Asia Pa­cific – for 10 years, Len­non Tan de­cided to scratch his en­tre­pre­neur­ial itch and re­lo­cated to China to seek busi­ness op­por­tu­ni­ties.

There, he chanced upon and ac­quired Jing King Tech Hold­ings, then a small card-man­u­fac­tur­ing busi­ness whose owner was about to re­tire. Af­ter tak­ing over the com­pany in 2001, Tan tapped on tech­nol­ogy and in­no­va­tion to trans­form the man­u­fac­tur­ing out­fit into the fintech gi­ant it is to­day, and which ranks among the top 10 global smart­card pro­duc­ers.

With 2,000 em­ploy­ees world­wide, the JK Tech Group, which is now head­quar­tered in Sin­ga­pore, ser­vices lead­ing banks and fi­nan­cial in­sti­tu­tions with se­cure mo­bile pay­ment so­lu­tions, bio­met­ric au­then­ti­ca­tion tech­nol­ogy, and au­to­ma­tion so­lu­tions such as vir­tual teller ma­chines ( VTM).

VTMs, fit­ted with fa­cial recog­ni­tion tech­nol­ogy and video sur­veil­lance, al­low cus­tomers to access bank­ing ser­vices with­out hav­ing to visit a bank’s branch. Says the 49-year-old Tan: “An ATM can do many things, but it can­not re­mit large amounts and open new ac­counts, so we de­signed the VTM, which is ca­pa­ble of these tasks through bio­met­rics, and can help to re­duce the num­ber of staff in a 30,000 sq ft bank to just five.”

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