Digital Ventures , a fintech-focused venture capital subsidiary of Siam Commercial Bank (SCB) has invested in Hong Kong-based geolocation data startup Pulse iD.
Other fintech venture capitalists who also joined the round include Malaysian Tuas Capital and Robby Hilkowitz from Israel. Financial terms of the deal were undisclosed.
“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,” said Alex Topaloski, the co-founder and CEO of Pulse iD.
This deal will also mark Digital Ventures’ second direct investment after it has participated in the Series B of US-based blockchain company – Ripple in September last year.
Pulse iD is an identity platform that uses geolocation data to unlock security, loyalty and identity services for banks, media centers, and telecommunications company. It is integrated on smartphones through a secure software development kit (SDK) as part of a mobile app update.
At present, Pulse SDK is found on million of smartphones across Thailand, Malaysia, Indonesia, Singapore, Hong Kong, Australia, and South Korea. Some of its customers are big names like McDonald’s, KFC, and Bendigo Bank.
“More and more financial transaction continue to shift to online and, in particular, mobile. However, customer concerns over security and privacy risks persist,” said the executive committee chairman of Digital Ventures, Thana Thienachariya.
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.
“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 Know-Your-Customer (KYC) and customer engagement processes, to help us design products and services that best fit their needs,” he added.
The strategic partnership will allow Siam Commercial Bank and Pulse iD to jointly explore, test, and develop geo-profiling platforms in security, fraud detection, and customer engagement.
By Vivian Foo, VCNewsNetwork