Hong Leong Bank Launches eToken with Biometric Recognition for Businessesby Fintech News Malaysia October 9, 2019
Hong Leong Bank unveiled a new, secure and seamless eToken for their Corporate and Small-to-Medium Enterprises (SME) customers. The eToken has authentication technology built-in, with additional biometric facial recoginition technology for mobile devices which meets strict regulatory security requirements.
This latest feature uses facial recognition capabilities to authenticate log-ins and approve payments on Hong Leong ConnectFirst (“HL ConnectFirst”), Hong Leong Banks’s business online banking platform.
With HL ConnectFirst eToken, Corporates and SMEs are now able to perform banking activities without the need to carry a physical token
The eToken will also be integrated with the upcoming HL ConnectFirst mobile banking application on the smartphone, further reducing friction in the process of online transactions and general banking. Corporate and SMEs only need to confirm transactions on a registered mobile device by a “single tap”.
“Guided by our digital at the core strategy, we are committed in developing innovative solutions that are built around the needs and preferences of our customers, making sure that our products and services deliver secure, simple, seamless and straight-through customer experiences. Facial recognition technology has evolved to levels that can provide high accuracy, agility and above all safety to be used in a wide variety of applications. The new HL ConnectFirst eToken exemplifies just that and embodies our pledge to remain steadfast in becoming a valuable partner to our corporate and SMEs customers, “
said Domenic Fuda, Group Managing Director and Chief Executive Officer of Hong Leong Bank.
The HL ConnectFirst eToken will be available to all corporate customers in Malaysia starting October 2019. Current users of physical security token will be contacted and offered the option to convert to the eToken over the coming weeks.
In the last financial year, Hong Leong Bank processed more than 27 million transactions through its business internet banking platform, with more than eight in ten corporate and SME transactions are done online. The updated eToken will make this entire process much more seamless.