New Singapore sales office to serve the growing demand for online digital verification services to help banks and financial services companies efficiently comply with AML and KYC regulations
SINGAPORE, March 11, 2018 (GLOBE NEWSWIRE) — Jumio, the leading AI-powered trusted identity as a service provider, today announced it is opening a new Singapore sales office and appointing Frederic Ho as vice president, Asia Pacific, to oversee the global expansion. These announcements build upon Jumio’s continued global expansion and will help AsiaPac banks, financial services, and growing enterprises with a reliable, accurate, and compliant means of digital identity verification.
Mr. Ho has more than a decade of Asia Pacific experience selling and marketing information security solutions, including Micro Focus, OpenText, and Autonomy, targeting top ASEAN commercial and government enterprises. He will lead Jumio’s efforts to launch and expand its online identity verification solutions in the region across a broad range of verticals including banking, financial services, sharing economy, cryptocurrency, and online gaming.
The popularity and viability of online identity verification is growing dramatically in Asia Pacific due to the growing need to reliably establish someone’s genuine identity online. Research by Forrester and analytics firm GBG finds 95 percent of Australian financial firms are concerned with their ability to identify customers, while 92 percent place a “high to critical” priority on conducting identity checks properly.
As financial institutions struggle to balance the needs for strict AML and KYC compliance while improving the online experience, Asia Pacific regulators are increasingly allowing these firms to accept digital forms of identity. Banks are required to verify customers’ identities before signing them up for any products, but now they’re now being allowed to carry out non face-to-face verification of customer identity. For example, the Monetary Authority of Singapore (MAS) allows banks and financial firms to check and verify the identities of their customers using biometric identification and other forms of a secure digital signature.
“As regulations broaden enabling online identity verification–in lieu of in-branch, in-person verification – banks and other financial institutions have a tremendous opportunity to improve the user experience for creating new accounts online while simultaneously reducing the risk of fraud and meeting their KYC and AML obligation,” said Frederic Ho.
Jumio uses computer vision technology, machine learning, artificial intelligence, biometrics and live verification experts to verify credentials (e.g., passports, driver’s licenses, etc.) issued by over 200 countries. Jumio is widely considered to be the largest and most accurate solution in the market and used by leading companies in the financial services, sharing economy, retail, travel, cryptocurrency and online gaming sectors. Jumio currently serves HSBC and some of the largest challenger (digital) banks in Europe including Monzo, Tide, and MetroBank.
The Singapore team will serve businesses across Asia Pacific, including Singapore, Japan, China, Australia, Malaysia and Indonesia.
For live demonstrations of the Netverify ID, Identity and Document Verification solutions, visit Jumio at booth E45 during Money 20/20 Asia in Singapore, March 13-15.
When identity matters, trust Jumio. Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core solutions of ID Verification, Identity Verification and Document Verification, gaming operators now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology like biometric facial recognition, machine learning, artificial intelligence and human review, Jumio helps customers to meet regulatory compliance including KYC, AML and GDPR and tie the digital identity to the physical world. Jumio has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions. Jumio’s solutions are used by leading companies in the online gaming, financial services, sharing economy, cryptocurrency, higher education, retail, and travel sectors.
Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
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