Element will be providing biometric authentication services for Bank Central Asia (BCA) in Indonesia. Through the partnership, BCA will deploy Element’s facial recognition technology for customer onboarding and authentication, leveraging mobile technology to increase people’s access to secure financial services.
“By 2025, a projected 284 million Indonesians are estimated to have 410 million smartphone connections, enabling mobile banking to unlock the next breakthrough in digital financial services,” said Rizki Suluh Adi, Element’s Head of Indonesia. “We’re proud to partner with BCA to advance its digital initiatives and to move one step closer to building a frictionless future.”
The move is part of an ongoing effort to increase financial inclusion in Indonesia, which has already seen bank account penetration skyrocket from 20 percent to 49 percent between 2011 and 2017. Those numbers are expected to grow with the help of mobile technology, with facial recognition offering a better user experience and reliable security.
Element received $12 million in series-A funding in 2018, and is one of several companies using biometric technology to bring financial services to unbanked populations. IDEX has repeatedly highlighted the benefits of biometric payment cards, while the Women’s Micro Bank has introduced biometric banking kiosks in rural Papua New Guinea.
June 13, 2019 – by Eric Weiss