Monday, May 31, 2021

The Authentication Experts

This article first appeared in New Straits Times, authored by Nur Zarina Othman.

Homegrown software company, Innov8tif, is doing its part in the nation's digitalisation agenda with a solution to identity fraud

FOUNDED by a group of Malaysians with backgrounds in business development, software engineering and corporate finance, Innov8tif is a technology company with a goal to realise the nation's digitalisation roadmap.

This Subang Jaya-based tech company is the producer and host of an artificial intelligence (AI)-based identity verification solution, which operates on its own integrated mobile platform known as EMAS that provides eKYC (electronic know-your-customer) solutions.


At the beginning to mid-2010s, the evolution of customer service was driven towards opening mobile branches and bringing relationship managers closer to the customers' location.

Having an enterprise mobility platform to support mobile sales touchpoints, Innov8tif came up with the technology to authenticate MyKad using fingerprint verification, as well as to digitally recognise and extract information on identity documents.

This technology sped up the know-your-customer (KYC) process during face-to-face interactions, but then, customer preference started shifting to digital self-service channels, especially among millennials.

In a "document-not-present" environment, digital images of MyKad submitted by users or customers are becoming common. They are mainly taken using smartphone cameras, home scanners, digital cameras and sometimes, computer webcams.

Tapping into this trend, Innov8tif started to roll out an eKYC solution in 2017, which enables businesses to support real-time and remote customer onboarding from self-service applications.

According to Innov8tif chief operating officer Tiensoon Law, the eKYC solution is made possible by the maturity of deep learning-based facial recognition technology, where from the comfort of one's sofa, a proof-of-consent may be digitally confirmed by comparing a customer's identity photo with a selfie.

"Driven by an uptick in the interest in e-wallet and innovative financial services, we came across the need to support document authentication to offer eKYC solutions for 'document-not-present' scenarios, with the aim of preventing identity fraud.

And this problem statement led to the birth of AI-based identity document authentication algorithms — collectively branded as EMAS OkayDoc," said Law.

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Thursday, May 6, 2021

Innov8tif Launched New Applications on Joget Marketplace using EMAS™ eKYC to Offer AI-based Identity Verification

Kuala Lumpur, Malaysia 6 May 2021 - Innov8tif Solutions Sdn. Bhd. (“Innov8tif”) has launched new applications on the Joget Marketplace to offer real-time and automated identity verification capabilities on Joget low-code/no-code ecosystem.

Operated by Joget, Inc., the Joget Marketplace enables customers, partners and third-party innovators to easily leverage new applications, plugins and solutions to address their digital transformation needs. The two new applications published by Innov8tif are EMAS™ eKYC and EMAS™ OkayFace Approval. 

EMAS™ eKYC is an application that demonstrates customer registration use cases using face biometric authentication technology to strengthen the identity assurance aspect of a customer onboarding process. The identity document text recognition and facial biometric verification features are embracing the extensibility aspect of Joget’s plugin architecture, and these tools are designed to work in any process built on Joget platform, to support e-KYC (electronic know-your-customer).

EMAS™ OkayFace Approval enhances approval workflow with facial biometric authentication capability to strengthen data control and achieve the nonrepudiation criteria required in a stringent approval process.

Tuesday, May 4, 2021

The Rise of e-KYC Trends among Non-Financial Digital Companies

Image source: Pexels

According to a study by McKinsey’s recent report, allowing e-KYC could save businesses up to 90% on customer onboarding costs. Based on the same report, digital identity could enable 1.7 billion people who are currently unbanked to access financial services. Government agencies, especially the regulator, are being urged to release e-KYC guidelines for the wider financial services sector as Malaysia's population becomes more digital and e-KYC technology becomes more accessible.

Given these factors, as well as the fact that Malaysia will be issuing digital banking licenses soon, e-KYC regulation for the entire industry is unavoidable and necessary. It is important to remember that Malaysia would not have to look far for resources; many countries have already implemented digital IDs and e-KYC. It will be more cost-effective and time-efficient to learn from them. Meanwhile, a leading Malaysian telecommunications company's Vertical Director for Banking, Financial Services, and Insurance acknowledged that Digital ID has numerous business benefits. For example, by reducing interactions to over-the-counter transactions, increasing efficiency, and allowing smooth and digitally-driven experiences for consumers, the technology can save time and money. Essentially, the digital automation of customer onboarding is a step into the future most, if not all companies have to take.

Experts agree that e-KYC would become a critical process for banks to perform faster customer onboarding than the conventional over-the-counter method.

However, handling digital ID fraud is a major concern. As a result, regulator and authority's guidance on e-KYC implementation guidelines with information security requirements are making it easier for the BFSI industry to execute this initiative successfully. Now that e-KYC has made its way towards the BFSI industry, the trend also rises among non-financial digital companies. 

Property Technology (PropTech)

The rise of Property Technology, often referred to as PropTech across the globe represents the combined result of the real-estate, Internet-of-Things (IoT), finance and technological industries. Innov8tif started serving the PropTech industry for the first time since 2020. Prior to this, Innov8tif’s services and solutions were not needed by the industry as process digitalisation solutions were not mandatory for their continued operation. But now, PropTech players needed a method to sign property contracts virtually. 

PropTech players are attempting to remain sustainable while also preparing for what lies ahead in the post-Covid-19 setting. Some behaviours and programs, such as self-service registration fortunately will continue, as people would choose not to meet in person if anything can be done online.