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Home Business

Ant Group bullish on PH

Manila Standard BusinessbyManila Standard Business
November 26, 2022, 9:38 pm
in Business, IT & Telecom
Reading Time: 4 mins read
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Ant Group Digital Technologies, a digital technology provider of Ant Group,  said the digitalization trend of the country’s financial sector and the push towards greater financial inclusion are the reasons why they are very optimistic on the Philippine market.  

“As you can see, many are looking for ways and solutions on how to streamline their operations,” said Zhang Yi, the company’s solutions architect.
The company held a Customer Day and presented new features in its cutting-edge digital solutions before the Bank Marketing Association of the Philippines and the chief technology officers of the country’s leading banks.

From left: Ant Group Digital Technologies solutions architect director Zhang Yi, solutions architect manager JC Liu, ZOLOZ business director Yuan Yuan(Ida) and ZOLOZ chief technology officer William Yao

“Digital banks are getting bigger. They have to find ways on how to apply the technology to the tasks performed by humans in mission-critical applications. Automating the things being done by humans is a big challenge,” Yi said.  “For example, the banking industry’s robustness is very impressive particularly given the rapid growth of the financial technology sector in the Philippines.”

“We want to support our partners in the international market and enable them to provide safer, more convenient and more reliable services to their customers.  The market in the Philippines has significant potentials,” he said.

Potential partners include digital banks, fintechs, insurance companies and others that would like to offer online services which require e-KYC. mPass, the company’s mobile development solution,  helps companies build new superapps or improve the performance of existing ones.  “We look forward to helping partners, including SMEs to operate their businesses online with ease,” Yi said.

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Tech solutions

The company launched four new features in their business security solutions, namely:  e-KYC, mPaas, Authentication and AML.

The main tech security solution that the Ant Group introduced  in the Philippines  was e-KYC with new functions.  Major e-wallet operators and financial institutions including GCash in the Philippines, TnGD and Maybank in Malaysia, Dana in Indonesia, TrueMoney in Thailand and Mandiri Bank in Indonesia have been using ZOLOZs e-KYC (electronic Know-Your-Customer) solutions to serve their customers.

The adoption of e-KYC solutions helps clients reduce end user authentication time from days to around three minutes, while improving the authentication success rate from 65 percent to above 90 percent.

One of the new functions, the e-KYC Blacklist Management,   can conduct real-time risk mining, enabling an organization  to protect itself from illicit use of its products and services.  Other features such as   multiple dimension risk assessment, enable merchants to better manage and mitigate risks.

Other new security solution and features introduced in this event included the Identity Network module that identifies pattern and syndicate  information from the entire e-KYC lifecycle, the NFC Passport Reader which helps verify passport  information within a few seconds and the one-stop risk control product- Mobile Device Security Product.

Another tech solution is mPaaS (Mobile PaaS) which provides a cloud-to-end, one-stop solution for mobile development that  can generate initialization code and offer modular development mode for collaborative development.  

Yi said mPaaS solution is important especially for banks and financial institutions that are gearing up for expansion. “When they grow their mobile applications, the challenges become bigger.   mPaas offers a  programming framework that will change the majority of coding into a mini program which are downloadable from the server side,” he said.  “Just imagine how it will dramatically reduce the processing time in mobile applications. It can jumpstart a superapp.”
The Behavior -Captcha, meanwhile, provides screen reading and other accessibility capabilities  for digital service providers. Moreover, the visually impaired groups  can benefit from this solution.

The Anti Money Laundering-Screen Automation (ZOLOZ Smart AML) taps artificial intelligence to complement manual verification to enable a hassle free verification process.

It is not a new role for Ant Group to introduce top of the line solutions to the market which are being used by major companies to improve their capabilities and competitiveness.

As more industries digitize their operations in the digital era, there is increasing demand for trusted multi-party collaboration that happens entirely online. “We remain focused on the technological breakthroughs that create a trusted digital network to improve industrial collaboration. We look forward to working with more partners in SEA, and using our innovative products and services to better serve the digital economy, ” said Geoff Jiang, president of the Digital Technology Business Group of Ant Group.

Tags: Ant GroupPhilippines
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