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TrueMoney pilots top e-wallet facial security system at selective 7-Eleven branches

Jul 22. 2019
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TrueMoney recently showcased top-level e-wallet security technology at Bangkok Fintech Fair 2019 and is presently piloting its e-KYC system at nine selected 7-Eleven branches, the company announced on Monday. 

The firm is inviting users to experience e-wallet security technology, which the company has co-developed with Zoloz, the world’s leading biometrics-based real identity verification and authentication technology provider. With Zoloz technology, TrueMoney has set a new benchmark for e-wallet security and allowed a more secure and easily accessible digital security experience for all, the company said.

TrueMoney is one of Thailand’s e-wallet providers which joined the Bank of Thailand’s (BoT) regulatory sandbox project to deploy biometric facial recognition technology for e-KYC to verify user’s identity since March. 

Biometric facial recognition is one of the five crucial technologies being implemented under BoT’s regulatory sandbox. The company said its biometric facial e-KYC will offer more convenience and reduce complexity in identity verification and authentication processes, eliminating the problem of forgetting passwords as well as mitigating risk and fraud from grey business and money laundering. Furthermore, TrueMoney’s new e-KYC technology has set a high-level security-standard benchmark for the country’s e-financial industry while offering convenience and accessibility as users can verify and authenticate their identity in their e-wallet account through only a few easy steps at all 7-Eleven stores soon.

“Besides our mission to enable everyone to access innovative financial services and leading them to better lives, TrueMoney is committed to explore, invest and deploy the world’s best available security technology on our platform as we believe that user confidence and system credibility is at the heart of the e-financial business,” said Monsinee Nakapanant, co-president, Ascend Money Co, Ltd. “We’ve therefore collaborated with the world’s leading biometrics-based real identity verification and authentication technology provider like Zoloz to bring this state-of-the-art technology to Thai e-wallet users and apply it at an easily accessible venue like 7-Eleven. TrueMoney has worked closely with BoT on this project and we’re proud to help set a new benchmark for e-wallet security while enhancing the national e-KYC standard. Our biometric facial recognition system is expected to be out of BoT’s regulatory sandbox and available at all 7-Eleven branches very soon,” Monsinee said.

“Many of the world’s leading tech companies nowadays utilise facial recognition technology to verify their staff identity to minimise threats and protect them from intruders. Similar to TrueMoney, we deploy this technology and simplify it for our users through an easy smartphone function like taking a selfie. Together with the top biometric technology, which offers up to 99.99 per cent accuracy and fast ID card database verification of less than three seconds, users can now ensure that they’re well protected with top-level security,” Monsinee said.

“TrueMoney understands that today there are many consumers who are well aware of the latest technology and its applications, they are described as novices but want to apply technology to enhance their daily lives. But there are also cybercriminals and fraudsters who adapt to new technology with malicious intent. With our new biometric facial recognition e-KYC system, we help mitigate risks associated with crimes such as harassment, money laundering and grey business, while increasing confidence among e-wallet users,” Monsinee added.

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