FacePhi wins S Korea contract
26 October 2020 16:32 GMT

The Spanish company FacePhi, specialized in biometric solutions for identity verification, has concluded a new agreement to implement its digital onboarding system in Hanwha Investment & Securities, one of the most important Korean entities in asset management and brokering services.

In this way, the SelphID software will be integrated into the Hanwha’s ‘SmartM’ and ‘STEPS’ mobile applications, facilitating their clients the easy and secure opening of a new account by means of biometric face recognition. This first access system will only require a selfie of the user and a photo of their identity document, which will be used to carry out the authentication process and reinforce the cybersecurity with which each person manages their stock transactions. Thus, the prerequisite of having to verify the identity of new customers through videoconferences or telephone calls during business hours is suppressed.

The agreement between FacePhi and the Korean company comes just a few weeks after the Spanish technology company implemented the first 100% digital onboarding system for a financial company in this country. In addition, in April this year, the company made the leap into Asia through the eHealth sector, with an innovative facial recognition system for the Kangbuk Samsung Hospital in Seoul, in collaboration with NSSMART.

“The Korean market is being very receptive to biometric solutions in sectors where data security and privacy are essential, such as financial management, healthcare or banking. We are happy with the evolution of our company in these first months in Korea, a country that is at the forefront of technological trends and in which we hope to continue progressing, promoting facial recognition at the service of people among one of the most digitized populations in the world”, explains Javier Mira, CEO of FacePhi.

For his part, Dongpyo Hong, General Manager of FacePhi Asia-Pacific highlights that: “This project together with Hanwha Investment & Securities has become one of the innovative financial services chosen by the Korean government for its sandbox regulatory program in 2020. Also, its implementation will prompt the country's leading financial companies to appreciate FacePhi's biometric solutions, which can also contribute a lot in other sectors such as the Korean cryptocurrency market. We hope to continue growing together with this great company and its affiliated companies in more areas, such as life insurance or banking”.

Founded in 1962, Hanwha Investment & Securities is one of Korea's leading entities in comprehensive asset management services, including brokering, acquisition of stocks, bonds, and derivatives, as well as sales and asset management services for various financial products, both in the Korean market and at international level.

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