Silicon Valley-based tech giant HyperVerge has set up shop in the Philippines, as it sees the country as a “new growth center in Southeast Asia.”
Kedar Kulkarni, the company’s CEO, said HyperVerge—one of the world’s largest identity verification firms—sees a huge opportunity in the Philippines, as the country continues to migrate most of its processes and services to digital.
“The Philippines is fast becoming the new growth center in Southeast Asia and we want to be part of that story while also helping accelerate it much faster. We see a huge opportunity to use our technology in a meaningful way, especially in supporting the government’s initiatives for financial inclusion,” he said.
HyperVerge mainly offers artificial intelligence (AI) solutions that help organizations automate their processes, provide better customer experience, and digitally adapt at a quicker pace.
Among its AI solutions include Face Match and Liveliness, ID Quality Checks, Face-Based Deduplication, and ID Forgery Checks. It is one of only three companies in the world that has an ISO certification for single image liveness detection solutions, which ensures a faster and more accurate identity verification process.
HyperVerge Co-Founder Praveen Kumar said the group targets players in the financial services and banking sector as potential partners and clients.
“We are best positioned to support various industries, especially the finance and telecom sectors, with our technology, which simplifies the complex structure of AI, and processes millions of images, videos and documents, to verify and ensure legitimacy,” he said.
Kumar said with HyperVerge, organizations, especially financial institutions, “may reduce risks related to fraud and identity theft while maintaining the efficient processing of documents and services.”
“We want to help Filipinos gain more access to financial services, and our technology creates an information ecosystem that makes it easier for lenders to verify the information and detect fraudsters from the get-go.” Kumar said.
So far, it has helped lenders in different territories in India, Vietnam, Malaysia, Singapore and the United States to save $50 million from fraud annually.
Among its notable clients across the globe are CIMB, Home Credit, SquidPay, State Bank Of India, and Grab.
“We continue to build the necessary infrastructure to enable institutions to collaborate in stopping fraud and strengthening their processes. Currently, we are working with three large financial institutions in the Philippines and we are keen on expanding our footprint moving forward,” Kumar said.