Developing a new face comparison, document identification process
QUEST International University Perak (QIU) has signed a Memorandum of Agreement (MoA) with one of Malaysia’s leading payment solution providers Cardzone Sdn Bhd.
They will collaborate in the development of a revolutionary new Face Comparison and document identification programme for “Electronic Know Your Customer” (eKYC) processes.
This technology will use facial recognition systems to automatically verify the identities of individuals applying for payment cards and electronic payment accounts.
QIU chief operating officer Nicholas Goh and Cardzone Sdn Bhd chief executive officer Danny Lo signed the MoA.
The signing was witnessed by QIU Council member Tan Sri Megat Najmuddin Megat Khas and Cardzone Sdn Bhd executive chairman Datuk Raymond Yeong.
Also present were QIU vice-chancellor Prof Datuk Dr Raman Narayanasamy and registrar
Muhammad MG Omar.
Presently, most local Know Your Customers (KYC) verifications use the ‘traditional’ method such as providing their MyKad to agents or visiting bank branches to verify their identity manually.
Cardzone utilises innovative mobile application technology to facilitate identity verification processes.
Today’s collaboration will work towards the development of an automatic and secured verification process using a ‘selfie’ video face recognition and document authentication system, applying Computer Vision and Machine Learning Techniques.
This will remove a tedious, time-consuming and error prone process in applicant identity authentication process. The system will significantly increase productivity and efficiency, while also improving the customers’ experience.
In 2018, QIU and Cardzone began their partnership by signing a research contract to discover Data Mining and Machine Learning techniques for fraud detection in credit card transactions.
With the success of the initial ventures, it was only a matter of time before there were further collaborations. “This innovation is a prime example of our hands-on education at work.
“Guided by our experienced academics, our students are already creating cutting-edge technology that redefines new boundaries in their respective fields.
“Nearly 80 percent of our lecturers have industry experience and their connections provide our students with the knowledge and skills to make an immediate impact in the real world,” said Goh.
Lo added that the era of digital transformation has radically impacted the way businesses use technology.
“Most of our financial institution customers have also embarked on their digital transformation journey with the aim of providing frictionless and excellent digital experiences to their end customers. “For these financial institutions, our collaboration addresses these issues head on,” he said.