QUEST International University Perak (QIU) inked a Memorandum of Agreement (MoA) with Cardzone Sdn Bhd to develop a revolutionary “Face comparison and document identification programme” for “Electronic Know Your Customer” (eKYC) process.
The programme uses “facial recognition systems” to automatically verify the identity of individuals applying for payment cards and electronic payment accounts.
This collaboration between QIU and payment solution provider Cardzone will focus on developing an automatic and secured verification process using a “selfie” video face recognition and document authentication system, applying “Computer Vision and Machine Learning Techniques”.
The system is expected to significantly increase productivity and efficiency while improving customer experience.
Developed by QIU’s students and lectures, the project is an example of QIU’s hands-on education focusing on real-world, industry-relevant innovations.
The MoA was signed by QIU’s COO Nicholas Goh and Cardzone Sdn Bhd CEO
Danny Lo, witnessed by QIU’s council member Tan Sri Megat Najmuddin Megat Khas and Cardzone’s executive chairman’s Datuk Raymond Yeong.
“This innovation is a prime example of our hands-on education at work. Guided by our experienced academics, our students are already creating cutting-edge technology that redefines new boundaries, in their respective fields,” Goh said in his speech.
Meanwhile, Lo said the era of digital transformation has radically impacted the way businesses use technology.
“Most of our financial institution customers have also embarked on their digital transformation journey with the aim of providing friction-less and excellent digital experience to their end customers. For these financial institutions, our collaboration addresses these issues head-on,” said Lo.
In 2018, QIU and Cardzone began their partnership after signing a research contract to discover data mining and machine learning techniques for fraud detection in credit card transactions.
Cardzone is a provider of card management systems, payment solutions and consulting services. It utilises innovative mobile application technology to aid the identity verification process.