FacePhi has earned a spot on this year’s REGTECH100 list. The annual list is put together by FinTech Global to recognize solutions that make it easier for businesses and other organizations to comply with various international regulations.
FacePhi, of course, is best known for its SelphID biometric onboarding solution, which uses facial recognition to match a selfie to the image on a government ID. The solution has proven to be popular in the heavily regulated financial industry, since it gives organizations a secure way to verify people’s identities remotely and adhere to strict Know-Your-Customer requirements.
“The technology focused on regulatory compliance is experiencing enormous growth, and it will have greater importance in the global financial ecosystem given the increase in information requirements by the authorities,” said FacePhi CEO Javier Mira. “The commitment to RegTech tools allows significant time and cost savings for large companies, but it is also promoting better control by institutions, which can have updated and segmented data on actors almost in real time with a great impact on the economy of a country.”
This year’s REGTECH100 was selected by a panel of international experts. Honorees are chosen based on criteria like company growth, and on the potential cost savings and efficiency gains that can be realized with their solution.
FacePhi is one of three Spanish companies on the 2020 iteration of the list. The company is now providing remote onboarding services for multiple banks in Latin America, and is looking to expand globally after opening a new office in South Korea in 2019. Since then, FacePhi has provided biometric capabilities for multiple South Korean clients, including KB Securities, the Kangbuk Samsung Hospital, and the HancomWITH digital forensics firm.
FacePhi has previously indicated that the demand for digital onboarding solutions has increased during the COVID-19 pandemic. The company’s revenues were up 143 percent in the first six months of 2020.
December 4, 2020 – by Eric Weiss