Fintech company Finda System (Asia) has received grant from Monetary Authority of Singapore (MAS) to advance testing of facial recognition systems.

The company, which specialises in delivering Know-Your-Customer (KYC) solutions to the banking sector, received the grant under the Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) Scheme of the central bank.

The POC Scheme is designed to support ‘industry-wide technology infrastructure’ for new products and services.

Finda is expected to use the money to advance the implementation of its KYC service which is based on facial recognition in Singapore.

Finda chief engineer Chen Yingjie said, “Our key innovation is its capability to differentiate a live subject from a ‘fake’ one, and our core digital-KYC as an authentication infrastructure can be integrated with users’ mobile phones to ensure online payment transactions are more secure and efficient.”

He also stated that following the implementation a bank cardholder can report about a missing card through a mobile device by facial recognition authentication eliminating the need to go through a lengthy verification process.

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Yingjie added: “We see Singapore with its rising adoption of cardless transactions and various alternative payment modes such as QR code as an ideal test-bed that may support regional development of such fintech solutions.”