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Ant Financial Sets Up Tech Platform ZOLOZ to Open Up Financial Biometric Identification

Ant Financial Services Group, the finance arm of Alibaba Group Holding Ltd. [NYSE:BABA], has decided to open up its biometric identification technologies by setting up an independent platform named ZOLOZ.

ZOLOZ will be Ant Financial’s first independent technology platform and the first independent brand to launch biometric services, Chinese media outlet 36kr reported on Oct. 11.

The platform identifies who’s who using biometric technology, sources say. Facial, voice and fingerprint recognition are examples of relatively mature biometric technologies.

ZOLOZ focuses on facial recognition for finance, meaning it will need to have an error rate of less than one in a million, like Apple Inc.’s [NASDAQ:AAPL] Apple Pay, insiders said. The new platform will adopt a range of technologies to prevent people from making ‘fake’ faces, using photos, videos or software.

When Ant Financial’s third-party payment provider Alipay set up facial scanning payments in KFC stores in September, ZOLOZ’s financial facial recognition technology was used, one source said.

The platform also hopes to expand overseas to support mobile payment identification in India and Indonesia.

Source: yicaiglobal.com

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