Tencent Palm Recognition Technology Recognized at the 2024 Singapore Fintech Excellence Awards

November 11, 2024 07:04 PM AEDT | By Cision

Tencent Palm Recognition Technology Recognized at the 2024 Singapore Fintech Excellence Awards — Image source: Kalkine Media

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SINGAPORE, Nov. 11, 2024 /PRNewswire/ -- Tencent, a world-leading internet and technology company, has been awarded the Singapore Fintech Festival (SFF) Fintech Excellence Award 2024 in the "Thematic - AI Quantum Champion" category for its groundbreaking palm recognition technology. The award highlights the company's cutting-edge palm recognition technology, which is now available in the international markets under the Tencent Palm brand.

Tencent wins the Thematic – AI, Quantum Award at the SFF FinTech Excellence Awards 2024

Organized by the Monetary Authority of Singapore and Singapore FinTech Association, the prestigious SFF Awards, now in their ninth year, honor outstanding corporate entities and individuals whose initiatives have contributed significantly to the fintech ecosystem.

"This accolade underscores Tencent's commitment to advancing secure, user-friendly innovations in digital payments. Our latest innovations reflect our dedication to enhancing everyday convenience through seamless and reliable solutions, while maintaining the highest standards of privacy and data security. This is a testament to our ongoing efforts to bring transformative technology to consumers and businesses alike," said Xia Kai, Head of Tencent Palm Product Innovation.

Tencent Palm leverages advanced imaging technology, including wider-area view and motion blur-reduction features, and AI algorithms to verify both palm prints and vein patterns accurately within a second. The solution is designed to be robust and adaptable even under challenging conditions involving light, moisture, skin types, user habits, and other factors to make Tencent Palm more inclusive and secure.

To prioritize user privacy, data collection follows the principle of minimization and is encrypted for storage and transmission in an irreversible manner, preventing decryption, theft, reuse by any third party.

Tencent has already obtained over 100 patents related to palm recognition technology, and has taken the lead in establishing both group and industry standards.

Tencent looks forward to collaborating with various businesses to promote its palm recognition technology in applications such as payment, access control, and transportation. Following the partnership with Visa to launch touchless palm recognition payment in Singapore, Tencent Palm is committed to providing the low-cost, high-efficiency, and more user-friendly digital tool to drive innovation and development in more markets.

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