How we swiftly provided eKYC for a virtual bank in Hong Kong
Toppan Gravity Hong Kong 6 Jun 2022

Toppan Gravity provided security and convenience to virtual banking customers of Hong Kong-based virtual bank, Fusion Bank. Once the eKYC process is completed, the device binding feature is enabled immediately and turns the mobile banking app and related device into a unique, hard-to-clone authentication factor.

the challenge

Fusion Bank had to cope with complicated passwords, regulatory compliance issues and overly inconvenient authentication processes ending up in a negative user experience. Traditionally, many high-risk bank transactions were required to be conducted at a physical branch, and verified by a bank officer, which is not feasible for a virtual bank like Fusion Bank.

A virtual bank licensed in Hong Kong, Fusion Bank is a joint venture owned by Tencent Holdings Limited, Industrial and Commercial Bank of China (Asia) Limited, Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng (invested via the investment entity – Perfect Ridge Limited).

our solution

Being a virtual bank, Fusion Bank focuses on seamless user experience along with high security. Toppan Gravity’s solution enables Fusion Bank to provide strong authentication to customers in order to achieve optimal security. The need to create complicated passwords is eliminated, making the whole process highly convenient and user-friendly while complying with the security requirements of the Hong Kong Monetary Authority (HKMA).

the results

With the support of Toppan Gravity’s banking security experience and the device binding technology, Fusion Bank was able to deploy the solution within 3 months from the start of the project.