MiBank teams up with Finnish firm

MIBANK has partnered with Finnish company Digizen to facilitate the opening of new bank accounts using a digital identification tool which captures biometric data.
MiBank chief executive officer Tony Westaway signed the commercial agreement with Digizen country director Frank van der Poll, saying data gathered through the use of this tool would enable MiBank customers to meet the know-your-customer identification as required by banking industry regulators.
He said MiBank trialled the digital identification tool through a pilot project conducted in the Sepik region, in collaboration with Digizen and the Asian Development Bank.
“The pilot was supported by the Bank of PNG and was the first project facilitated via the regulatory sandbox hosted by BPNG,” Westaway said.
“The digital identification tool is based on biometrics and smart cards. The process allows establishing verified identity and instantly issuing ID cards in villages; a fully digital process which removes barriers for identification, while providing banking grade security.”
He said the cards could be used by people in rural areas to open accounts with MiBank and facilitate transactions.