Bank Mayapada, a leading Indonesia-based private bank, poised to digitize its KYC onboarding and verification processes through solutions provided by OneConnect
PT OneConnect Financial Technology Indonesia (OneConnect), the leading technology-as-a-service provider and an associate of Ping An Group, 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.
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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.”
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