Former Goldman Sachs exec joins Hoyos to lead expansion of biometric data security services

Oct 30, 2019 | Chris Burt

Categories Biometrics News | Trade Notes

Former Goldman Sachs exec joins Hoyos to lead expansion of biometric data security services

Former U.S. National Economic Council Director and President and Chief Operating Officer of Goldman Sachs Gary Cohn has joined Hoyos Integrity Corporation as an investor and member of its Board of Directors, the company has announced.

Hoyos also recently launched an innovative insurance solution in partnership with AXA XL, in which the latter, the Property & Casualty and Specialty Risk division of AXA, designed a bespoke contractual liability insurance coverage tailored for Hoyos’ digital ‘Hot’ wallet and its Frictionless Instant Payment System (FIPS). The mobile communications company also has a Mobile Virtual Network Operator (MVNO) license from the FCC, and agreements in place to resell access to major voice and data telecommunications infrastructures. Hoyos is also nearing completion of the development of a secure smartphone to run on the same operating system that protects the U.S. nuclear arsenal, while offering compatibility with off-the-shelf apps, according to the announcement.

“Hoyos is a unique company in the world of secure voice and data communications and the use of biometrics,” Cohn says. “Their ability to substantially modernize the payment system with FIPS and to create secure mobile communications puts them in a singular position. The United States and other highly regulated markets have lagged in the digital payment space. FIPS, while upholding the legal and regulatory safeguards on which our financial system runs, could help the U.S. and other regulated markets catch up. I am excited to work with the Hoyos team to help build a device for highly secure communications and an impenetrable, insured and efficient payment network.”

The online (‘hot’) wallet from Hoyos was developed from military-grade digital secure vault technologies, authenticates user identity with biometrics for every transaction, and holds any digital fiat or cryptocurrency. The wallet was not breached during Hoyos’ hackathon contest, which launched last year.

Deployment of Hoyos’ secure mobile communications services is expected to begin in 2020.

Cohn has been providing guidance based on his experience and relationships in finance and technology to Hoyos for nearly a year, according to the company’s Founder, CEO and CTO Hector Hoyos.

“With Gary’s guidance, Hoyos and its uniquely disruptive and disintermediating technologies and solutions will properly and successfully deploy into the global markets,” Hoyos says. “Gary’s deep understanding of global financial systems and government will be invaluable as we develop and advance the most secure mobile communications platform, as well as the payment instrument of the future.”