TrueMoney showcases top-level e-wallet security technology at Bangkok Fintech Fair 2019 and pilots the fast and highly-accurate #e-KYC system at 9 selective branches of 7-Eleven

Information Technology Press Releases Tuesday July 23, 2019 08:43
Bangkok--23 Jul--FAQ
Deploy world class biometrics and facial recognition technology to verify and authenticate real user identity of TrueMoney Wallet users
Set a high-level security standard benchmark for Thailand's e-financial industry

TrueMoney recently showcased top-level e-wallet security technology at Bangkok Fintech Fair 2019 and is now piloting its e-KYC system at the 9 selective branches of 7-Eleven. Users are now invited to experience top-level e-wallet security technology which the company has co-developed with ZOLOZ, the world's leading biometrics-based real identity verification and authentication technology provider. With ZOLOZ's technology, TrueMoney has set the new benchmark of e-wallet security and allowed more secure and easy-accessible digital security experience for all.

TrueMoney is one of Thailand's e-wallet providers who joined the Bank of Thailand's regulatory sandbox project to deploy biometric facial recognition technology for e-KYC to verify user's identity since March 2019. Biometric facial recognition is one of the five crucial technologies being implemented under the Bank of Thailand's regulatory sandbox. The biometric facial e-KYC will offer more convenience and reduce complexity in biometrics-based identity verification and authentication processes, eliminating the problem of forgetting the password as well as mitigating risk & fraud from grey business and money laundering. Furthermore, TrueMoney's new e-KYC technology has set a high-level security standard benchmark for Thailand's e-financial industry while offering convenience and accessibility as users can verify and authenticate their identity in e-wallet account through only few easy steps at any 7-Eleven stores nationwide.

Ms. Monsinee Nakapanant Co-President, Ascend Money Co., Ltd said that "Besides our mission to enable everyone to access innovative financial services and leading them to better lives, TrueMoney is committed to explore, invest and deploy the world's best available security technology on our platform as we believe that user confidence and system credibility is the heart of e-financial business. We've therefore collaborated with the world's leading biometrics-based real identity verification and authentication technology provider like ZOLOZ to bring this state-of-the-art technology to Thai e-wallet users and apply it at easy-accessible venue for all like 7-Eleven. TrueMoney has worked closely with BOT on this project and we're proud to help setting the new benchmark for Thailand's e-wallet security and enhancing the national e-KYC standard. Our biometric facial recognition e-KYC is expected to be out of BOT's regulatory sandbox and available at all 7-Eleven branches very soon."

"Many world's leading tech companies nowadays utilize facial recognition technology to verify their staff identity to minimize threats and protect them from intruders. Similar to TrueMoney, we deploy this technology and simplify it for our users through an easy smartphone function like selfie. Together with the top biometric technology which offers up to 99.99% accuracy and fast ID card database verification of less than 3 seconds, users can now ensure that they're well-protected with top-level security following this easy and convenient e-KYC processes. added by Ms. Monsinee

"TrueMoney understands that today there are as many of consumers who are well aware of latest technology and its application as the ones who are described as novices but want to apply technology to enhance their daily lives, as well as cyber criminals and fraudsters who adapt to new technology for their malicious intent. With our new biometric facial recognition e-KYC system, we help mitigate risks associated with crimes like harassment, money laundry and grey business, while increasing confidence among e-wallet users and setting a new security standard for Thailand's e-financial industry," concluded by Ms. Monsinee

6-steps for identity verification by 'Selfie'
(*Please make sure to download the latest version of TrueMoney Wallet application in both iOS and Android before conducting following e-KYC processes)
1. Request to do e-KYC in TrueMoney Wallet application with 7-Eleven staff at the branches that participating in the campaign
2. Open TrueMoney Wallet App and go to 'Me' menu
a. Tab 'Identity at 7-Eleven'
b. Tab 'Start to identity verification'
c. Present your barcode to 7-Eleven staff for scanning
3. Insert your ID card at Smart Card reader machine and give it to 7-Eleven staff
4. Take a receipt then tab 'receive a receipt' in TrueMoney Wallet app and scan barcode from receipt
5. System will automatic open phone camera and scan your face (by front camera)
6. When 'ID verification complete', you will see green circle around your profile picture
9 branches of 7-Eleven that supports new identity verification process include;
  • 7-Eleven at AIA Capital Center Building (Ratchada Road)
  • 7-Eleven at Ground floor, True Digital Park (Punnawithi)
  • 7-Eleven at Baron (Ratchada Soi 3, opposite of chicken rice restaurant)
  • 7-Eleven at Ratchada Soi 1 (Soi Yu-Charoen)
  • 7-Eleven at Ratchada Soi 4 (Nearby Coffee Muan Chon)
  • 7-Eleven at Tara Sathorn Building (CP All)
  • 7-Eleven at Dhevej 3 (Bank of Thailand)
  • 7-Eleven at Sathorn Square Building (BTS Chong Nonthi)
  • 7-Eleven at United Center (Silom)
More information about Identity Verification of TrueMoney Wallet please visit https://www.truemoney.com/biometrickyc/
More information please contact TrueMoney Customer Care via Call Center 1240 at 24/7 or visit https://www.truemoney.com/contact/
About TrueMoney
TrueMoney is Southeast Asia's leading fintech company providing financial services for the digital and unbanked consumers across 6 countries in Thailand, Cambodia, Myanmar, Vietnam, Philippines, and Indonesia.

Established in 2003, became a part of Ascend Group in 2014. TrueMoney has 2 shareholders, Charoen Pokphand Group (C.P. Group), a global conglomerate operating agri-food, retail and telecommunications businesses and Ant Financial Services Group, a tech company dedicated to using technology to bring the world equal opportunities.

TrueMoney provides extensive e-Wallet services, agent networks, offline payment, that enable millions of Southeast Asians with access to innovative financial services, leading to better lives.

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