“The system is based on FacePhi’s SelphID solution, which uses facial recognition and document reading technology to match a user’s selfie to their official identity documents, allowing for reliable, remote identity verification.”
FacePhi has further expanded its reach in the APAC market with a new deployment of its biometric authentication technology in Korea’s financial services sector.
The company has developed a digital onboarding system for KB Securities, a subsidiary of KB Financial Group, one of the country’s largest banks. The system is based on FacePhi’s SelphID solution, which uses facial recognition and document reading technology to match a user’s selfie to their official identity documents, allowing for reliable, remote identity verification.
In announcing the deployment, FacePhi CEO Javier Mira emphasized the context of a strict regulatory environment and strong domestic competition.
“Korea is the most advanced country in the world in the development and use of technologies such as blockchain, machine learning or identity verification through biometrics,” he said. “If we add to this that its legislation is very demanding in terms of regulating technological aspects in the banking sector, we find that the introduction of our digital onboarding system has constituted a turning point. We are very satisfied with this new project, both because it boosts our expansion in Asia and because it demonstrates that a Spanish company is selected in a country where some of the most powerful technology firms in the world are located.”
Already a major player in the Latin American market, the Spain-based company announced its expansion into the APAC market with the opening of an office in South Korea in the spring of 2019. FacePhi has since shown progress in the country’s healthcare market in particular, thanks in part to a collaborative partnership with the domestic firm NSSMART.
Now, the company’s partnership with a subsidiary of one of the country’s major banks marks an important expansion for FacePhi. And given that KB Securities’ app is used by hundreds of thousands of users, the success of SelphID for onboarding could prove convincing in getting other financial services organizations in the country to embrace FacePhi’s biometric technology.
September 1, 2020 – by Alex Perala