Quest International University (QIU) signed a Memorandum of Agreement (MoA) to collaborate with one of Malaysia’s leading payment solution providers Cardzone Sdn Bhd to develop a revolutionary new Face Comparison and Document Identification Programme for electronic Know Your Customer (eKYC) processes.
eKYC is becoming increasingly important as banks and financial institutions have a responsibility to identify their customers and understand the risks they pose before providing services. This fascinating technology will use facial recognition to automatically verify the identity of individuals applying for payment cards and electronic payment accounts. Developed by students and their lecturers at QIU in Perak, this project is another example of QIU’s hands-on education manifesting in real-world, industry-relevant innovations.
In 2018, QIU and Cardzone began their partnership with a research contract to discover Data Mining and Machine Learning techniques for fraud detection in credit card transactions. With the success of the initial venture, the collaboration has now been expanded to the next level.
Currently, most local Know Your Customers (KYC) verification processes use the ‘traditional’ method – asking customers for their National Registration Identity Card (NRIC) or requesting them to visit bank branches to verify their identity in person. This collaboration between QIU and 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.
The MoA were signed by QIU Chief Operating Officer (COO), Nicholas Goh and Cardzone Sdn Bhd Chief Executive Officer (CEO), Danny Lo and witnessed by QIU Council member, Tan Sri Dato Seri Megat Najmuddin Datuk Seri Dr Hj Megat Khas and Datuk Raymond Yeong, Executive Chairman of Cardzone Sdn Bhd.
At the signing, Mr Nicholas Goh, Chief Operating Officer of QIU pointed out, “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. Nearly 80 percent of our lecturers have industry-experience, and their connections provide our students with the knowledge and skills to make an immediate impact in the real world.”