Friday, December 31, 2021

CSR: Spreading Christmas Joy with Sunway Shoebox




In the spirit of Christmas, Innov8tif is giving back to society by donating to Sunway Student Volunteers (SSV) through their annual program, Shoebox Christmas. This program sheds light on social concerns faced by underprivileged communities amidst the pandemic. 

The reusable shoe boxes which are often disposed of, containing gifts amounting to RM20, where the content of each gift may vary based on the children’s ages. The program was initiated with the aim of providing gifts to children from underprivileged communities. This year, there were 3 underprivileged communities, which are orang asli settlements, Persatuan Membantu Orang Kelainan Upaya Malaysia & Persatuan Rumah Kebajikan Hajah Kamariah. 

“Innov8tif has always been a company that does a lot of community services, it is one of our ways to help those in need. We may not know how they are suffering, but we hope that with our small contribution we can bring joy to everyone that receives the shoe box, regardless of their age”, Joe Seah, COO of Innov8tif.



Almost 200 shoe boxes are given to children of different age groups at various locations, with distribution starting from 19th to 21st of December. Locations include “Persatuan Membantu Orang Kelainan Upaya Malaysia”, and Carey Island – settlements that accommodate orang asli families. Shoe boxes were also distributed to Persatuan Rumah Kebajikan Hajah Kamariah, a home for single mothers and orphans. We would like to thank Sunway Student Volunteers for organising this event.  

Friday, December 17, 2021

Looking Back : 3 Trends within eKYC in 2021

 A message from our CEO, George Lee




Although 2020 was the year of coronavirus, this year is when companies are truly tested beyond their limits. Not every industry can withstand the onslaught of the pandemic lockdowns, but we are fortunate to be part of the good tail end of the K-shaped economic recovery.

A 2021 report by Facts and Factors shows that the global eKYC market is growing at a compound annual growth rate (CAGR) of 22%. Innov8tif is experiencing growth several times larger than that — thanks to our solid team of engineers and product makers, with some elements of luck involved.

As the dust settles, investors and clients have become accustomed to the pandemic cycles and are now looking towards the future. Here are three key trends we have observed, which will shape the industry moving forward:


1 — Staying ahead of cybercriminals

The pandemic also saw a boom in cybercriminal activities. Cybersecurity Malaysia reported 31 incidents happening in Malaysia every single day, from fraud, to hacking and data breaches.

Innov8tif's solutions are built to combat some of these issues, but we have also taken steps to protect ourselves from such threats as well. In addition to obtaining our ISO certification in January, our internal tech teams have formulated detailed policies on how sensitive data is being handled and stored.

We will not dive deep into our cybersecurity policies here, but our clients can rest assured that we are paying attention to movements within these criminal groups, and are actively partnering with other cybersecurity firms to ensure the safety of our client's data.

We foresee the race against fraudsters intensifying moving forward. As eKYC product builders, we are constantly ahead in finding loopholes on how fraudsters can bypass our verification checks, whilst also patching up any bugs found within our internal systems.


2 — Thinking and growing regionally

Identity assurance is not just a local need, but an issue that companies all around the world are trying to address. It plays a crucial role in many processes, such as real-time payments, customer onboarding, protecting supply chains, and even enabling digital banks to exist.

The current demand for our product is already overwhelming, but we are primed to capture any future demand that may arise. Thailand, Philippines, Cambodia, Indonesia and Singapore; These are some of the areas that we have penetrated in 2021, and we have no plans on slowing down.

To enable Innov8tif to grow at such a rapid rate, we are also in the midst of reviewing and refining our internal processes.

It is a huge hurdle for us, but it is best to have an early start. This luxury will soon turn into a necessity, because we have almost doubled our employee headcount in just a year. To enable our company to grow regionally, we need to set processes that enable our valuable team members to think and operate on the same scale.


3 — Rising competition within this space

As a B2B growth company, sales cycles are long, and there are plenty of opportunities for competitors to insert themselves into the marketplace. The demand for ID verification has increased, but so does the effort and resources needed to capture it.

Within just a year, we have seen several new faces within the industry — be it freshly founded startups, sudden acquisitions or institutions launching new product lines. We have time-in-the-market and product maturity on our side, but their entrance into the market is being noted.

Like us, even lucky companies within booming industries have their own sets of challenges. Fortunately, we have plans to address these issues as well. We are not just going to put up a fighting chance, but are confident in becoming the world's leader within the identity assurance space! This is due to the core foundation we have tirelessly built across the years:

Wednesday, December 15, 2021

Metaverse and the Future of Computer Vision

Metaverse - a new phase of interconnected virtual experiences using technologies like virtual and augmented reality. At its heart is the idea that by creating a greater sense of “virtual presence”, interacting online can become much closer to the experience of interacting in person. Imagine users having their own virtual avatars in the metaverse which are analogous to their physical self, allowing them to enjoy an alternate life in a virtual world.


Source: pexels.com


Content creators can engage with digital creations that are linked to physical counterparts. A large ecosystem that includes culture, business, social norms, and laws and regulations (such as data ownership), can support these digital creations — which are supplemented by protective and additional measures including biometric security and even business-related tools that enhance digital experiences such as digital customer onboarding.

Artificial Intelligence will be used to enable, populate, and sustain the metaverse (AI). It will power the metaverse's seven technology layers, including spatial computing, scaffolding for creators, and new and sophisticated kinds of narrative. Few people appreciate how swiftly artificial intelligence is developing. Before the formation of these innovative neural networks, AI had already made significant progress: voice recognition in Alexa, machine vision (such as that used in Tesla's autonomous driving systems or Google image recognition), and algorithms that appear to surface things on social media that elicit reactions from us.

Indeed, it is thought that it might be to Virtual Reality  (VR) what the present smartphone is to the 1980s' cumbersome mobile phones.


Friday, November 5, 2021

What are Some Differences between InsurTech and Conventional Insurance?

Source: pexels.com


Although the word "InsurTech" dates back to at least 2010, its use and influence have grown in recent years. InsurTech - a portmanteau of insurance technology – is about how technology is transforming the insurance sector at its most fundamental level. InsurTech in Malaysia and the rest of the world has gained relevance over time as an integral component to the future of insurance. Like Fintech, it is a wide term that encompasses both insurance processes and products. It's also often used in the insurance business to describe disruptive start-ups and products. InsurTech's ascent has coincided with the advancement of Artificial Intelligence (AI) technology and the enhanced data-crunching capability now available to businesses.

The investment share of the InsurTech market fell dramatically in 2020, although analysts believe this is a one-time pandemic-related blip. Investment, as determined by the number of agreements completed, has consistently increased over the last decade, peaking in 2018 with 466 deals completed worldwide. As a result of the epidemic, several insurers have accelerated their digital transformation initiatives and are looking for InsurTech opportunities that can help them speed up virtual interactions in sales and claims while also lowering costs.

Data has traditionally been used by insurance companies to perform the core responsibilities of underwriting risk and assessing claims. According to Abbott, new technologies have boosted the volume and quality of data available, allowing insurers to uncover new efficiencies and develop new solutions. The initial concentration was on web-based and mobile-friendly content. It was always about making the experience more user-friendly. In recent years, we've seen technology like Artificial Intelligence (AI) and data analytics used to develop more efficient and cost-effective alternatives.

With that being said, there are few differences between InsurTech and conventional insurance that may lead to a disruption of the insurance industry, bringing more innovative and customer-friendly services to market.

Monday, October 18, 2021

Innov8tif Received a Top Placer Mention for AI in the 2021 Go Global Awards

On the 14th October 2021 the International Trade Council announced the winners of the 2021 Go Global Awards. Originally launched in 1989, The International Trade Council’s Go Global Awards celebrate organizations that drive the global economy through their innovations, technologies, and strategies.

The 2021 Go Global Awards received a total of 6416 entries, coming from organizations in 178 countries. 

Unlike the past, when we made an announcement for emerging as the winner of awards, the competitive nomination seen at this year’s Go Global Awards is accompanied by winners more qualified than Innov8tif to win the top spot of respective categories. Although not making the final spot, we are pleased to receive an honorable mention from the judging panel - as a Top Placer for Artificial Intelligence in the 2021 Go Global Awards.

We are committed to continuously deliver innovations to tackle real-world business challenges using AI while displaying leadership and resiliency in our go-global mission.

Congratulations to Luminance from UK, Diveplane from USA and AI Superior from Germany for winning the top spots in the Artificial Intelligence category of 2021 Go Global Awards.

Thursday, September 23, 2021

What are Some Benefits of eKYC for Non-Financial Sectors?

Source: pexels.com

eKYC (electronic Know-Your-Customer) is a concept that you've probably heard or read about. With the migration of a wide range of products and services to the internet, the necessity for digital customer onboarding has grown. 

The procedure entails a series of tests carried out in the early stages of the customer connection to ensure that s/he is who s/he claims to be, taking into consideration his/her identity documents and persona. A range of rules, such as anti-money laundering (AML), counter terrorism financing, electronic identification standards, and trust services (eIDAS), have had an impact on this process. eKYC solutions are seen as a response to traditional problems that come with customer onboarding.

All organisations and economic agents are going through a significant digitalisation process. Digital transformation has been one of the most significant shifts in organisations over the last decade, causing those who ignore it to miss out on possibilities or fail in their industries entirely.

Companies and organisations are battling to transform and digitise processes that previously seemed inefficient. However, specialised solutions have emerged to accomplish this work, transforming and optimising processes using cutting-edge technology such as artificial intelligence and machine learning. As the future grows evidently more tech-reliant, eKYC stands as a strong pillar for many security, regulatory and consumer-related aspects for various businesses.

eKYC for financial services is obvious in its benefits, as it is mainly driven by regulatory compliance while keeping up with the customer demand for self service channels. On the other hand, could non financial sectors, especially when not driven by regulatory compliance, reap some benefits from eKYC in favour of businesses and consumers?

Here are a few benefits that eKYC has to offer non-financial sectors:


1. Better Operational Measures for Government Agencies

Apart from financial institutions, government bodies and agencies can greatly benefit from the implementation of highly advanced security innovations, and eKYC matches the capabilities necessary for more effective processes.

In many parts of the world, government agencies rely on systems and digital platforms that are either outdated, inefficient or occasionally unreliable. Fortunately, the tide is turning and the digital era has transitioned to include the improvement of many of these government-related systems. However, security and authentication measures must still be kept as a top priority, since there are a lot of verification phases related to many services that fall under the government.

Whether it’s for documentation renewal and identification confirmation or paying of fines and registering new companies, eKYC can help iron-out authentication processes. In other words, eKYC technology adoption can help to enable uncompromised accuracy when it comes to customer identification and verification. This can be used to ensure safe and secure application processes under government agencies, or the facilitating of supervisory oversight from an internal operations perspective, as well as the improvement of control measures against criminal activities.

 

2. More Trustworthy Secondary Market Merchants

Secondary market merchants can benefit from the eKYC notion of stronger security measures and better authenticity brought on by advanced tech. Seeing that eKYC can protect the interests of various bodies through the validation of legal, regulatory and policy developments, the secondary market can begin to effectively identify reliable prospects and merchants from unreliable players in any given platform.

Safety is a big concern here as well. In fact, there is a current major focus on the regulation and safety aspects across many verticals, especially since digital inclusivity leads to a higher volume of users on countless platforms. This means that cybercrime, fraudulent activities within financial and non-financial context, as well as digital conflicts are all rapidly on the verge of breaking many areas of any given market. For instance, many media outlets within Malaysia alone had reported a rise in cybercrime activity since the MCO, totaling to a 441.7% increase.

In order to mend trust between businesses and customers, regulators and service providers are working together to implement practices and limitations to prevent crimes. eKYC is a crucial part of that strategy, in order to stop malicious behavior in its tracks through stronger authentication requirements.

 

3. Restore Visitor's Confidence in the Hospitality Industry

What's interesting about the technological preferences between the hospitality and financial industries is that they share many striking similarities, especially when it comes to the need for seamless verification and security. What's more, a post-COVID future relies heavily on the trust and comfort of customers as well as tighter control under regulatory and policy measures. As the hospitality industry opens up again, a new battle ensues to attract patrons to physical spaces when hesitancy is at an all-time high.

eKYC works to provide features that can help to restore the confidence of visitors, using components like facial recognition technology via face image retrieval or face comparison devices to help identify prospects or optical character recognition based on documentation or passport details.

This security is coupled with the potential for better contactless services through verification features that don’t require customers to touch devices or linger around registration areas too long. eKYC ultimately helps in the fight against COVID-19 by creating better environments with social distancing in mind and safer hospitality spaces in general.

 

Monday, September 13, 2021

Tech in a Time of Pandemic and Political Turmoil

This article first appeared in Digital Edge, The Edge Malaysia Weekly, authored by Pathma Subramaniam.

Malaysia has undergone more political instability in the last decade than it did in the early days of its formation 58 years ago.

The continuous arbitrary changes in government — following a contentious 2018 general election — has resulted in an increasingly fractious political process that has thrown the country into one upheaval too many, which have been compounded by the unceasing Covid-19 pandemic.

While political pundits see the situation as a sign of a maturing democracy, the political bloodletting has only exacerbated a weakened economy and resulted in a state lacking in direction.


thumbnail of news "Tech in a time of pandemic and political turmoil"


And here is where technology can come in to save the day. Law Tien Soon, Chief Operating Officer at Innov8tif Solutions Sdn Bhd, an artificial intelligence (AI) solutions provider, points out that public services can be effectively carried out during a time of political turmoil — such as this — using the right technology.

“Fortunately for Malaysia, there is a convention of caretaker governments practised in the absence of a Cabinet, unlike the government shutdown in the US where federally run operations were halted [between December 2018 and January 2019],” he says.

“Thus, it is not so much a concern of maintaining functions at status quo by a caretaker government, but the integrity aspect of mandatory spending on essential functions could be improved with the help of technology, especially during times of crisis.”

For years, the adoption of technology in public service has been focused on adding processes to an existing system without looking at streamlining and eliminating redundancy and questioning the relevance of an existing activity, Law points out. “Former prime minister Tun Dr Mahathir Mohamad in 2019 said, ‘If a person wants to run a tourism project in Langkawi, he has to seek permits from close to 20 departments.’”

Meaning to say digital transformation does not necessarily have to involve the latest technology. It merely has to streamline existing processes and make everything more efficient and convenient.

“Many government agencies have embarked on system modernisation programmes for business processes. However, these programmes have often stopped at digitisation — where traditional paper forms are converted into online forms for data processing and storage in a database-driven system,” says Law.

“Larger opportunities remain to be unearthed [such as] the reengineering and optimisation of business processes. When an electronic form can be enforced with mandatory validators to ensure that sufficient information is provided in the expected format before submission, what is the relevance of keeping the ‘checker’ role in a process?

“There must be 20% of mundane and common [regulations], which can be effectively automated to yield 80% of outcomes. So, shouldn’t there be an irrelevance of traditional approval activities by appointed officers for most of the applications received by an agency?”

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