PETALING JAYA, Malaysia, June 14, 2021 (GLOBE NEWSWIRE) — Toga Limited (OTC: TOGL) through its wholly owned subsidiary, TOGL Technology Sdn Bhd, collaborates with a renowned cloud computing company and an electronic Know-Your-Customer (e-KYC) technology provider to expediate the online process of identifying and verifying individuals from five days to 24 hours, for its social media mobile app, Yippi.
The strategic partnership enables the Yippi customer service (CS) team to reduce the turnaround time for the online process of identifying and verifying individuals anytime and anywhere, as the e-KYC system allows new users to open a Yippi account and verify their identities simply by scanning their national identity card and taking a photo.
“With the e-KYC system in place, we are able to reduce identity fraud by means of its comprehensive ID document security check; comprehensive artificial intelligence (AI) model specifically facial recognition, and risk engine that can identify frauds automatically, hence speeding up approval notifications for our CS team with the necessary information to approve or reject applications, as needed,” said TOGL Technology Chief Technology Officer, Mr. Freddy Chia Kah See.
“Additionally, under special circumstances, our team also conducts e-KYC to utilize technology like AI, machine learning and predictive algorithms to manage the process,” he added.
“The introduction of e-KYC is also in line with our efforts to facilitate greater digital offerings of Yippi services, and we expect it will pave the way to greater innovation in the social media app sector, including end-to-end offerings of digital services for our users,” said Mr. Chia.
Yippi applies an e-KYC digital and remote online solution system, which combines biometrics security technology, “spoof detection” and optical character recognition. Biometric security analyzes the unique characteristics of a person, such as one’s voice, iris or fingerprints. Spoof detection, also called “liveness”, entails a user responding to a challenge, such as blinking on cue, which is an action impossible for a static image a fraud might use. Optical character recognition transforms a picture of an ID card into text that can be compared against a database for name and identity verification.
Alexander D. Henderson
TOGA LIMITED, 515 S. Flower Street, 18th Floor, Los Angeles, CA 90071
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact (including, but not limited to, statements to the effect that Toga Limited or its management (the “Company”) “anticipates,” “plans,” “estimates,” “expects,” or “believes,” or the negative of these terms and other similar expressions) should be considered forward-looking statements, including, without limitation, statements regarding the Company’s guidance, outlook, growth, opportunities and long-term strategy. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks and uncertainties include, without limitation, risks associated with the impact of the COVID-19 pandemic; the Company’s ability to execute on its long-term strategy; the Company’s ability to successfully compete in its intensely competitive industry; the Company’s ability to manage its growth; the Company’s ability to maintain or improve its operating margins; the Company’s ability to identify and react to trends in consumer preferences; product supply disruptions; general economic conditions; accounting standard changes; and other factors as set forth from time to time in the Company’s Securities and Exchange Commission filings, including, without limitation, the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company intends these forward-looking statements to speak only as of the time of this Press Release and does not undertake to update or revise them as more information becomes available, except as required by law.