FacePhi adds biometric onboarding client in Vietnam, achieves ISO 27001 certification
FacePhi plans to expand its presence across Asia via a new agreement with Vietnamese digital security company PineTree Securities on biometric software for secure onboarding.
FacePhi will integrate signature facial recognition solution SelphID into the account opening processes for Pinetree Securities’ clients for biometric identity verification, facilitating the process of establishing new investment accounts. Using a passive liveness test, the patterns from the new client’s face are extracted and compared with a current identity document, making the process more efficient and secure.
FacePhi has already developed multiple biometric projects for major financial groups, banks and hospitals. This month, FacePhi also brought SelphID to Argentine invest-tech Inviu, continuing the company’s successful venture into the Latin American fintech market, following two consecutive deals with Peruvian BCP and Argentine Banco del Sol.
“The Pinetree Securities project gives us the opportunity to collaborate with a leading company in Vietnam, which has made customer service and the generation of trust their true hallmarks. It is a great opportunity to be able to contribute our biometric solutions to the digitization process of such a company. Vietnam is one of the economies that has evolved the best in 2020, despite the difficult situation experienced by the pandemic, with growth forecasts that many experts place above 6 percent in 2021. It is a country that is being very proactive in the commercial sphere, which in recent years has opened up a lot abroad by signing international treaties and which is managing to attract more and more foreign investment,” says Dongpyo Hong, CEO of FacePhi APAC.
With a second office in South Korea, FacePhi has become part of the ‘Innovation Financial Services’, launched by the South Korean government. The company was one of the few selected to test banking innovations through AI and other digital technologies in a regulatory sandbox in January.
Data security certification supports regulatory sandbox participation
FacePhi has also been certified to the ISO/IEC 27001 standard, validating the company’s Information Security Management System (ISMS) practices.
The certification provides assurance of FacePhi’s secure processing of information, including biometrics, and supports the company’s efforts to gain entry into regulatory sandboxes to test innovations for improvements to regulated fields such as the financial sector.
“Our projects with financial groups in South Korea have already opened the doors of a regulatory sandbox in this Asian country, where the possibility of extending facial recognition as a safe way to open a bank account is being tested,” explains FacePhi Quality and Systems Manager Jorge Félix. “From this experience we have learned the value that national and international regulators give to technological solutions with a high standard of regulatory compliance, so obtaining ISO 27001 is a new qualitative leap for FacePhi in its relationship with public administrations.”