ASTRI and US-based credit protection company TransUnion have teamed up to develop digital identity solutions designed to help financial institutions streamline their know-your-customer compliance processes.
As part of the agreement, the parters have launched the TU-ASTRI FinTech Innovation Center at the ASTRI building.
The new center is designed to be a neutral ground for the FinTech industry to collaborate with both parties on innovations in the sector.
TransUnion and ASTRI will also conduct joint R&D into the development of a digital identity management platform that can take the place of current paper-based identity checking processes.
With the initiative the partners also aim to help financial services companies reduce the cost and time needed for customer onboarding while minimizing risks and consumer privacy concerns.
“To cope with constantly changing regulatory challenges and to boost financial industry competitiveness, there is a need in Hong Kong for insight-driven technological solutions, with early adopters likely to reap the biggest benefits,” TransUnion Asia-Pacific president Lawrence Tsong said.
“As a leading information solutions provider, TransUnion maintains in-depth dialogues with banks in Hong Kong on the feasibility and applicability of innovative FinTech solutions, such as identity authentication. As a result of this partnership and our new platform, banks may be able to accelerate growth, power new models and identify expansion opportunities in real time”