FacePhi biometric recognition technology selected by Banco General de Panamá

Spanish biometrics company FacePhi announced today that Banco General de Panamá will deploy its SelphID facial recognition solution to enable clients to open accounts through the bank’s IOS or Android mobile app with just a selfie. Banco General is the first financial institution in Panama to deploy FacePhi technology, opening up a new market for the fintech focused firm.

“The Latin American market is still one of our main business hubs, where we enjoy a strong implementation of our technology that we hope to increase with new contracts,” says FacePhi CEO Javier Mira. “Having the support of an important and representative bank as Banco General is a fundamental step in our corporate expansion.”

So far this year FacePhi has announced partnerships with HSBC Uruguay and Banco Supervielle in Argentina and participated as a technology partner in a project to deploy biometrics technology in CaixaBank ATMs.

This new agreement increases the number of FacePhi customers to more than 30 financial institutions worldwide. The company reports more than 6 million users and more than 500 million authentications through its biometrics recognition technology over the last year.

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. Last week the company launched its first subsidiary in South Korea.

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