CAKE DIGITAL BANK ACHIEVES HIGHEST-LEVEL IBETA FACIAL BIOMETRIC CERTIFICATION

KUALA LUMPUR, May 13 (Bernama) -- Cake Digital Bank has made history as the first digital-only bank in Southeast Asia to secure ISO/IEC 30107-3 Level 2 certification from iBeta for its facial biometric solution, Cake Face Authen.

According to the bank in a statement, this certification represents the highest level of facial spoofing protection recognised by iBeta in this technology category.

Its chief executive officer, Nguyễn Hữu Quang expressed pride in the achievement, noting it underscores the bank’s independence in technology development and its dedication to global security standards.

He emphasised that Cake's innovations not only safeguard users but also contribute to the digital transformation of Vietnam’s financial industry.

Developed entirely by Cake’s Vietnamese engineering team, Cake Face Authen uses Passive Liveness Detection to verify a user's identity without requiring physical movements such as blinking, head movements, or facial gestures.

This approach allows for a seamless and secure experience during sensitive tasks like account openings, transaction approvals and spending limit upgrades.

iBeta’s testing showed Cake’s system successfully detected advanced spoofing attempts using 3D printers and resin masks, achieving a flawless performance with zero per cent error in distinguishing real from fake inputs. This places Cake among the only five banking, financial services, and insurance (BFSI) organisations in Vietnam to hold this top-tier certification.

The solution has been fine-tuned using extensive datasets of Vietnamese users, ensuring both cultural relevance and compliance with security standards set by the State Bank of Vietnam. Its broad integration capabilities allow it to be used beyond banking—for security access, attendance tracking and fraud detection in large-scale applications.

In addition to facial recognition, Cake incorporates the FIDO2 passwordless authentication standard and advanced encryption to protect user accounts. As part of its “Next GenAI Bank” vision, the bank uses over 80 artificial intelligence (AI) models for everything from customer service to credit risk management and meets the highest level of payment security under PCI DSS 4.0 Level 1.

-- BERNAMA

AM BEST AFFIRMS VIETNAM NATIONAL REINSURANCE CORPORATION CREDIT RATINGS

KUALA LUMPUR, May 9 (Bernama) -- AM Best has affirmed the financial strength rating of B++ (Good), the long-term issuer credit rating of “bbb+” (Good), and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Vietnam National Reinsurance Corporation (VINARE), with a stable outlook.

In a statement, the global credit rating agency said these credit ratings (ratings) reflected VINARE’s very strong balance sheet strength, strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

VINARE’s balance sheet strength is supported by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which is expected to remain at the strongest level over the medium term. The reinsurer’s regulatory solvency position also remains well above the minimum requirement.

However, moderating factors include VINARE’s moderate investment risk due to equity holding and a high dividend payout ratio. The company’s moderate reliance on retrocession for underwriting large commercial risks is partly offset by the good credit quality of its retrocession panel.

VINARE’s operating performance is assessed as strong, backed by a five-year average return on equity of 10.6 per cent from 2020 to 2024. In 2024, the company reported a combined ratio of 96.8 per cent, driven by lower expenses but impacted by higher losses from Typhoon Yagi in September.

Investment income remained a key earnings contributor, with a net investment yield of 7.8 per cent in 2024.

AM Best expects VINARE to maintain strong operating performance, supported by favourable underwriting in core commercial lines and robust investment returns.

The company’s business profile is considered neutral, reflecting its position as Vietnam’s national reinsurer with long-standing relationships with local cedants and a well-diversified underwriting portfolio.

VINARE’s ERM is deemed appropriate, underpinned by a developed reporting system and prudent risk management, further supported by technical expertise from its second-largest shareholder, Swiss Reinsurance Company Ltd.

-- BERNAMA

3Degrees Grows Carbon Asset Development Capabilities in Singapore

 

• 3Degrees will be expanding its carbon asset development capabilities in Singapore with plans to build a pipeline of high-integrity Article 6 carbon projects across Southeast Asia and beyond, supporting the region’s growing demand for trusted climate solutions.
• The expansion will be supported by the Singapore Economic Development Board (EDB)’s pilot Carbon Project Development grant that seeks to catalyze a new wave of early-stage carbon projects, aligned with Article 6 of the Paris Agreement.
• The initiative reinforces Singapore’s position as a global hub for high-integrity climate solutions and marks a key milestone in 3Degrees’ continued expansion in Asia Pacific.

SINGAPORE, May 5 (Bernama-BUSINESS WIRE) -- 3Degrees, a leading global climate solutions provider, announced today that it will be expanding its carbon asset development capabilities in Singapore. The move will see the company developing a pipeline of projects that are aligned with Article 6 of the Paris Agreement across Southeast Asia and beyond, supporting the region’s growing demand for credible, science-based climate action. The company brings nearly two decades of market experience and technical expertise to the region and is well-positioned to help operationalize Article 6 through high-integrity, scalable project development—enabling both environmental impact and market confidence.

This expansion will be supported by the Singapore Economic Development Board (EDB)’s Carbon Project Development grant. The grant aims to support early-stage carbon project development and financing activities for Article 6 carbon credit projects. The initiative reinforces Singapore’s position as a global hub for high-integrity climate solutions and marks a key milestone in 3Degrees’ continued expansion in Asia Pacific.

This collaboration represents a key pillar in 3Degrees’ broader Asia Pacific strategy. As regional buyers await greater clarity around compliance schemes, many remain cautious in the voluntary carbon market. By proactively developing high-quality, compliance-aligned credits, 3Degrees is helping to unlock market participation while cultivating local talent and delivering tailored solutions to new and existing clients.

The company’s strong track record in carbon project development—including methane management programs with significant untapped potential in Asia—is supported by in-house policy experts, deep origination and trading experience, and an established network of on-the-ground partners. This end-to-end value chain expertise enables 3Degrees to meet the evolving needs of its global clientele of corporate buyers and multinationals in Asia, project developers, and policymakers alike.

“As countries move to operationalize Article 6, trust and technical rigor will be essential,” said Philippe Vedrenne, CEO, 3Degrees. “Singapore has emerged as a leader in building a transparent, high-integrity carbon ecosystem—and we are honored to support that vision. With EDB’s partnership, 3Degrees is committed to building a pipeline of transformative carbon projects across Southeast Asia that deliver real impact, both for the climate and local communities.”

Mr Lim Wey-Len, Executive Vice President, EDB, said, “3Degrees’ investment in Singapore reinforces our position as an attractive carbon services and trading centre in the heart of Asia. 3Degrees’ experience in carbon project development will also support the development of such skillsets in Singapore and create good jobs for Singaporeans. We welcome more leading project developers and corporates to tap on growth opportunities in Singapore and the region.”

Singapore’s status as a base for multinational corporations and its leadership in carbon policy and innovation make it an ideal platform for regional market enablement. Through this initiative, 3Degrees will deepen engagement with local stakeholders to scale both nature-based and technology-driven carbon solutions across Southeast Asia.

The partnership was formally recognized at a signing ceremony held on 5 May 2025 at Marina Bay Sands, Singapore, where 3Degrees’ Board Chair and Co-Founder Dan Kalafatas joined Mr Jermaine Loy, Managing Director of EDB, and Mr Lim Wey-Len, Executive Vice President at EDB, to commemorate the collaboration.

About 3Degrees

3Degrees is a leading global climate solutions provider, pioneer of environmental markets, and Certified B Corporation with offices across Asia, North America, and Europe. Our work is driven by the need for urgent climate action and has been for nearly 20 years. We deliver a full suite of clean energy and decarbonization solutions to help global Fortune 500 companies, utilities, and other organizations achieve their climate goals and address emissions in the fight against climate change. The 3Degrees team brings a commitment to integrity and deep expertise in climate strategy and implementation across scopes 1, 2, and 3 emissions, including global environmental commodities, renewable energy and carbon project development, and supply chain decarbonization. We help develop and deploy impactful climate solutions that make good business sense and advance an equitable transition to a low-carbon future. Learn more at 3Degrees.com or follow us on LinkedIn.

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Contact

Joscelin Tay
Marketing Manager, APAC
jtay@3degrees.com
+65 9848 271

Source : 3Degrees