Siam Commercial Bank (SCB), through its financial technology subsidiary Digital Ventures, announced an investment in PulseiD, a geolocation data startup incorporated in Hong Kong. The company specializes in developing identity solutions used in banking, telco and media industries. The investment is part of SCB’s ambition to expand its fintech portfolio to enhance security and identification, as well as customer engagement.
Mr. Thana Thienachariya, Chairman of the Executive Committee, Digital Ventures, said: “More and more financial transactions continue to shift to online and, in particular, mobile. However, customer concerns over security and privacy risks persist. With Digital Ventures’ commitment to explore new technology that enhances customer experience, trust and confidence, technology and solutions that we offer play a key role. We believe that geo-location technology will greatly improve security for transactions made by our customers, regardless of channel or payment method. Our investment in Pulse iD is a significant move not only to safeguard customers’ security, but also to improve our KYC (Know-Your-Customer) and customer engagement processes, to help us design products and services that best fit their needs.”
Through the strategic partnership, SCB and Pulse iD will jointly explore, test, and develop geo-profiling platforms in security, fraud detection, and customer engagement. Pulse iD’s platform uses cognitive self-learning algorithms that profile customers based on their usage behaviors and ensure their protection against both offline and online fraud.
Mr. Alex Topaloski, Co-Founder and CEO, Pulse iD, added that, “We are delighted to partner with Siam Commercial Bank and Digital Ventures. The partnership will see us invest in, explore and develop the next generation of cyber-security and fraud detection systems. SCB is investing alongside other experienced fintech venture capitalists including Tuas Capital from Malaysia and Robby Hilkowitz from Israel. The partnership is our first with a Thai company and an important move for us. Deep collaboration with leading financial institutions allows us to find new ways to fight identity theft and fraud.”
SCB, Digital Ventures and PulseiD will co-develop and test the future technology to ensure it’s appropriate and effective in preventing identity theft and fraud in real life usage.
About Digital Ventures
Founded in early 2016, Digital Ventures, a subsidiary of Siam Commercial Bank, is a company that promotes innovation in financial technology. Following the bank’s strategy to enter digital transformation, Digital Ventures aims to be a part in driving changes in the banking industry through investment, innovation and supporting Thai businesses to grow with SCB. At its inception, Digital Ventures had 1.75 billion baht (or equivalent US$50 million) in capital for investment in financial technology. For more information, visit www.dv.co.th
About Pulse iD
Pulse Global Limited (“Pulse iD”) is a data startup incorporated in Hong Kong. The platform analyses a person’s geolocation trail to build a unique & dynamic customer identifier. Much like a fingerprint, this identifier is used for fraud detection, loyalty, contextual engagement and seamless customer recognition. The Pulse iD platform integrates in mobile apps through a secure SDK. This gives banks, telcos & media organizations access to a range of powerful technologies. The company has a growing presence across Asia Pacific. Priority markets include Thailand, Malaysia, Indonesia, Singapore, Hong Kong, Australia & South Korea. For more information visit www.pulseiD.com