Raonsecure $2.5M biometrics deal continues expansion in Japan

South Korea’s Raonsecure has secured a large contract to supply its biometric authentication solution TouchEn OnePass to a major Japanese digital bank.

Raonsecure will provide its cloud subscription service TouchEn OnePass, which is based on biometric authentication technology, to Japan’s Sumishin SBI Net Bank and NeoBank Technologies. The contract is worth 3.57 billion won (US$2.48 million), which corresponds to about seven percent of Raosecure’s total revenue last year.

Sumishin SBI Net Bank is a Japanese online bank that dates to September 2007. It is one of the country’s biggest online banks, alongside leader Rakuten Bank, and both went public in 2023. Raonsecure’s TouchEn OnePass supports identity verification via biometrics such as fingerprints, iris, voice, and facial recognition. The service can be applied to industries such as banking, easy payments, gaming, and portal identity verification.

Monthly active users for Raonsecure’s biometric authentication subscription service reached 5.1 million in Japan, the company reported in July. TouchEn OnePass was certified by the FIDO Alliance as a biometric authenticator in 2018. Last year, Raonsecure signed a deal with NetMove, a subsidiary of Japan-based internet bank Smithin SBI Net Bank.

The company claimed it had 30 million users in Korea at the beginning of 2020, and plans to grow that user base to 700 million people in the Asia-Pacific region. Raonsecure has been conducting proof-of-concepts for its OmniOne Digital ID with large Japanese businesses. The company reached roughly 500 million won ($348,000) in overseas business last year, according to Korea’s Maeil Business Newspaper.

Article Topics

Asia  |  banking  |  biometric authentication  |  biometrics  |  cloud services  |  Raonsecure