About Face: Chinese Insurer Ping An Introduces Face Recognition Tech

ping anChina’s Ping An group has its eye on becoming the fasting lending platform in China, planning to incorporate face recognition technology into its wealth management and other services which would require only six minutes to complete a loan application, according to a statement.

The inhouse-developed technology is based on a complex neural network which allows computers to act like the human brain, commented the company in the release, with a 99% pass rate compared to a comparative score of 97.5% for the human eye.ping anPing An claims the technology also compensates for the natural aging process and is even able to differentiate between twins. The application was developed by the insurance group’s science and technology artificial intelligence laboratory for implementation via the group’s mobile social finance portal Tianxiatong.Ping An was also in the news today as Autohome CEO and private-equity backers made and took a private bid which topped Ping An’s offer;  Telstra Corp. and a Ping An Insurance Group Co. unit said their agreement over the sale of a $1.6 billion stake in China’s Autohome Inc. is binding, according to Bloomberg, “indicating the transaction will go ahead despite the emergence of a higher management buyout proposal.”

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