Financial Services Authorities Event: Digital Onboarding Solution
An event for a nation-scale project for the implementation of digital onboarding solution and electronic know your customer (eKYC). The RubiLabs team and NEO SPC collaboratively participated in the meeting to present the digital onboarding solution and the customer management system designed and developed by RubiLabs. Throughout this event, we also elaborated on potential schemes and frameworks on the implementation of algorithmic function to prevent data exposure, and cross-border data transfer.
The Digital Onboarding
The digital onboarding solution that was built based on the regulations set by the Japanese Financial Services Agency (FSAJ), was presented demonstrated real-time on a the podium. More than 100 attendees in the event was fascinated by the real-time document verification system, and the biometric real-time face matching system, as it raised enthusiasm from the crowd, being able to complete all of these verifications at an average of 10 seconds.
The Business Opportunity
Our partner, Mr Qais Al-Lamki of NEO SPC, presented and elaborated the business potentials of utilizing RubiLabs solution in regards to digital onboarding and eKYC. Aside from flexible hosting, Mr Qais also elaborated on the benefits of partnering with our entity based in the Sultanate of Oman, being able to promote new landscape within the industry. In this regard, the digital onboarding and eKYC solution proposed was for the nationwide use in health insurance industry, proving the need for digitalization in this industry.
The Networking Event
Post the event, a networking session was held, where the RubiLabs team and NEO SPC was able to make rounds in exchanging business cards, and answering to potential inquiries and questions raised regarding the proposed solution. Aside from the exchange of business cards and thoughts, the RubiLabs team and NEO SPC was also invited to various insurance companies to their office, given the chance to present and elaborate further regarding the solution proposed, for the specific use within their companies. Among these, renowned company such as Liva, to whom the demonstration was given, had a good impression on the technology, and was elaborating for the use of onboarding business entities through RubiLabs eKYB (electronic know your business).
Framework & Security
At the moment, the guidelines and the regulatory compliance in the Sultanate of Oman is an ongoing process. To this point, issues pertaining to inaccuracy of data stored, incomplete personal data, and issues on onboarding infants to insurance were the biggest concerns. On top of data security and exposure, a guideline in regards to data format, and data storage was yet to be defined. Thus, the RubiLabs team proposed a singular data storage, with algorithms to prevent data leakage, and implementation of hashing and encryption to prevent data leakage being transparent and readable by potential attackers.
The Future of Banking
The RubiLabs team and NEO SPC strongly believes in the potential of the Sultanate of Oman, in remarks to their effort in digitalizing their data storage and structure. Through the correct implementation of technology, and with the right guidelines, the Sultanate of Oman may set a new example and be a benchmark of how digital data should be stored, and retrieved across industries.