Bank Mayapada, a leading Indonesia-based private bank, poised to digitize its KYC onboarding and verification processes through solutions provided by OneConnect
SINGAPORE, Nov. 5, 2021 /PRNewswire/ — PT OneConnect Financial Technology Indonesia (OneConnect), the leading technology-as-a-service provider and an associate of Ping An Group, today announced a partnership with Indonesia-based PT. Bank Mayapada Internasional, Tbk. one of Indonesia’s largest private banks with more than 216 offices and branch offices across Indonesia, to enable digitisation of banking services through a comprehensive suite of technological solutions developed by OneConnect. Through this partnership, Bank Mayapada aims to digitalize its customer onboarding process and achieves both cost saving from reducing manual intervention as well as quicker time to revenue from speeding up the onboarding process.
OneConnect has been chosen for this partnership amongst a host of other platform providers due to its strong domain expertise and reputation for providing and implementing world-class digital solutions within the Southeast Asian region. The solutions provided by OneConnect through this partnership will ensure that Bank Mayapada’s digitization of its banking processes as well as maintain compliance with Indonesia’s digital banking regulations passed in 2018, and at the same time ensuring a seamless yet secure banking experience for the bank’s customers.
This partnership will see OneConnect provide Bank Mayapada with electronic know-your-customer (eKYC) technology, augmented with artificial intelligence (AI) technology to validate the authenticity of customers’ indentities. In addition, OneConnect’s Face Liveness Detection (FLD) technology will be implemented to prevent spoof attacks. This will also ensure that Bank Mayapada delivers a superb customer experience while meeting regulatory requirements.
According to research conducted in 2021 by Macquarie, a significant portion of the Indonesian population currently does not have sufficient access to formal financial institutions, with 51% being unbanked and 26% having insufficient access to financial institutions[1]. This represents an opportunity for Bank Mayapada to utilize solutions provided by OneConnect to resolve current gaps, and ultimately accelerate financial inclusion in Indonesia by providing easy access to financial institutions for the unbanked and the insufficient access population.
Mr Hadiyanto, Head of IT Strategic Planning, PT. Bank Mayapada Internasional, Tbk., said “We are pleased to strengthen Bank Mayapada’s digital journey with next gen technologies together with OneConnect.”
Mr Yao Jing, CEO and President Director, PT OneConnect Financial Technology Indonesia, said, “We are honored and excited to be able to bring our strong domain expertise and cutting-edge technological solutions to empower Bank Mayapada in their efforts to digitize their services. It has been apparent that digitalization of bank processes is imperative for financial institutions to thrive, made even more apparent with the ongoing Covid-19 pandemic, and we are glad to be able to play our part in assisting Bank Mayapada in their digital transformation.”
About PT Bank Mayapada Internasional Tbk
PT. Bank Mayapada Internasional, Tbk. (IDX: MAYA) established in 1989, currently operating 216 offices network spreading throughout Indonesia. As one of the most fast growing banks in Indonesia, Bank Mayapada has entered BUKU III Bank Group in 2017 with total aset Rp111,7 Trilion per June 2021. The Bank is confident in moving forward together with stakeholders to become one of the largest bank to provide the best quality banking services in Indonesia. Bank Mayapada is registered and overseen by Otoritas Jasa Keuangan.
About OneConnect Financial Technology
OneConnect Financial Technology Co. Ltd. (“The Company”) is a leading technology-as-a-service platform for financial institutions. The globally-recognised Company is a high-tech enterprise that was listed on the New York Stock Exchange in 2019 (NYSE: OCFT). The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable our customers’ digital transformations, which seek to increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
OneConnect is an associate of Ping An Group. By leveraging on Ping An Group’s extensive experience of over 30 years in financial services, OneConnect has established long-term relationships with financial institutions to serve and accurately address their digital transformation needs. Above its expertise and experience as a leading digital banking solutions provider, OneConnect also actively promotes digital transformation for financial institutions and provides trade, credit, supply chain, data security, risk management and other related scientific and technological services for government, regulatory and enterprise users. As of 30 June 2021, the company has served over 100 customers across more than 20 countries and regions, largely in Southeast Asia.
OneConnect has world-leading technology capabilities for financial services in AI, Big Data Analytics, Blockchain and Financial Cloud. As of 30 June 2021, the Company had submitted 5,075 global patent applications, including 1199 overseas patent applications. The Company has also won 51 technology awards in international competitions, including four consecutive IDC Awards, BAI Global Insurance Certification Award, the first prize in the OMG Micro-expression Competition, the first prize in Machine Learning in DROP Leaderboard and the CMMI5 international certification, among many others.
[1]https://www.macquarie.com/au/en/perspectives/delivering-digital-financial-inclusion-in-southeast-asia.html
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