FacePhi selfie biometrics software chosen by asset manager Hanwha
FacePhi has announced that it is expanding its presence in the Korean financial industry market with a partnership agreement for the deployment of a new facial recognition software.
The deal will see FacePhi supply its SelphID biometric software which will enable clients of Hanwha Investment and Securities, one of Korea’s leading asset management companies, to open bank accounts from anywhere in the world without any physical contacts with bank officials.
FacePhi says in the announcement it has not had a presence in Korea for a long time, but the company is breaking new ground with the deal weeks after putting in place its digital onboarding system in the country.
According to FacePhi, the SelphID software will be integrated into Hanwha’s ‘SmartM’ and ‘STEPS’ mobile applications, enabling their clients to easily and securely open a new account by means of biometric face recognition.
Only the user’s selfie and a photo of their identity document will be required for authentication processes allowing the user to manage their transactions. This software replaces a former system of verifying the identity of new account holders by the bank via videoconferencing and phone calls.
Javier Mira, FacePhi CEO, said the Korean market has been very receptive to biometric solutions in areas where data security and privacy issues are a major concern. “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,” the CEO said.
Dongpyo Hong, the company’s General Manager for Asia-Pacific said the project is one of the innovative services chosen by the government of Korea 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,” said Hong.
FacePhi also introduced an innovative facial recognition system for hospitals in its first foray into the country’s digital healthcare sector earlier this year.