Sri Lanka’s NDB Financial institution deploys video KYC with OneConnect and Axion

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Sri Lanka-based Nationwide Growth Financial institution (NDB Financial institution) has chosen Axion to deploy video-based know your buyer (KYC) from OneConnect.

NDB Bank

NDB Financial institution is OneConnect’s second collaboration in Sri Lanka

NDB Financial institution claims to be the primary in Sri Lanka to roll out AI-based KYC expertise to adjust to the nation’s new laws.

The financial institution will permit prospects to open accounts, apply for loans and request bank cards remotely. NDB Financial institution says its new expertise “goes past conventional video conferencing”.

The system makes use of facial recognition to confirm a buyer in real-time in opposition to an ID card, contains built-in audit workflows and makes use of a web-based interface so prospects don’t must obtain a separate app.

The deployment marks OneConnect’s second collaboration in Sri Lanka. Tan Bin Ru, CEO for Southeast Asia on the agency, says the deal “is actually a mark of confidence […] for our applied sciences and capabilities”.

NDB Financial institution is aiming to adjust to new guidelines concerning the provision of digital funds mandated by the Sri Lankan Nationwide Fee Council.

In April, the financial institution signed a take care of the nation’s Division for Registration of Individuals for verification of nationwide identification playing cards.

“With this engagement, we’re taking steps to align with the Nationwide Roadmap for Digitalisation of Fee Providers,” says Dimantha Seneviratne, the financial institution’s group CEO.

“[We] are concerned in exploring, investing in and creating the digital area in banking.”

Sharada Kirinde, co-founder and CEO of Axion, provides: “Expertise is borderless, and we’re delighted to have efficiently bridged the wants of native companies in Sri Lanka with world-class answer suppliers like OneConnect.

“We sit up for extra collaborations with NDB Financial institution and OneConnect the place we introduce extra modern options for the higher good of the individuals.”

Associated: Central Bank of Sri Lanka picks SimCorp Dimension for reserve management

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