Fintech displayed at innovation week

Iris identification payment, shopping experience based on virtual reality and blockchain applications shone during an innovation week event held in Shanghai.

Orange Finance displayed the latest iris recognition technology for payment with an error rate below “one of 100 million times”, which is more efficient and secure compared with other technologies like fingerprint or facial recognition, at the  2017 National Mass Innovation and Entrepreneurship Week.

In 2016, total losses stemming from spam messages, online fraud and personal information leakage hit 91.5 billion yuan (US$13.9 billion). Security and risk control became key issues of Fintech, referring to the integration of finance and technology.

Payment firms, like Alipay and Orange, are using data analysis and intelligent tools to fight against fraud, said Orange, a subsidiary of China Telecom, with more than 300 million users nationwide.

The week-long innovation event closed today.