FacePhi targets Asia-Pacific region with subsidiary in South Korea
Alicante, Spain-based FacePhi has launched FacePhi APAC in South Korea in the city of Pangyo, very close to Seoul and home to many major IT firms. The financial sector-focused firm notes that the launch of its first subsidiary is aimed at introducing its facial recognition and mobile biometric technology to the region and establishing new business partnerships.
FacePhi APAC will begin operations in June at its space in Pangyo’s Work&All. The Korean operation will be led by CEO and fintech veteran Dongpyo Hong, who also has experience in biometrics and security consulting services. Dongpyo Hong is founder and CEO of Global PD, has sat on the FIDO Alliance board of directors and has held positions at Samsung R&D Institute Japan, CrucialTec USA, Gerson Lehrman Group and Renault Samsung Motors.
According to the announcement, Hong has set up a team of Korean specialists responsible for marketing and implementing the Spanish biometrics technology from the new offices in Seoul.
“Our subsidiary creation will accelerate the implementation of our technology in the Asia-Pacific region,” explains FacePhi CEO Javier Mira. “So far, we had representatives marketing our technological product in this area, but the incorporation of this branch will allow us to go further and settle strongly in these markets that hide a great potential at company and user level.”
FacePhi closed its 2018 fiscal year with a turnover increase from 2017 of 66 percent for its facial recognition and mobile biometric technologies, netting €4.48 million (US$5.03 million) and increasing its EBITDA by 49.5 percent. The company attributed its best year of performance since being founded in 2012 to the strategic international expansion plan it has developed.