TECH5 is hoping to find more customers in the United Kingdom after opening a new subsidiary in the country. TECH5 UK will be selling the entire TECH5 identity portfolio in an effort to meet the growing demand for digital identity solutions in finance and other sectors.
That portfolio includes TECH5’s new Proof of Vaccination credential, which debuted earlier this month. The credential was designed to serve as an immunity passport during the pandemic, giving people a secure way to share COVID-19 test and vaccination results without disclosing any other personal information. The solution utilizes biometric authentication, and can run offline to support public health even in the absence of a network connection.
The Bank of England has argued that people will need digital identities to realize the benefits of the digital economy, while the UK Department for Digital, Culture, Media & Sport has indicated that digital identity tech will boost the national GDP by 3 percent within the next 10 years. TECH5 is hoping to capture a portion of that market with solutions that protect people’s privacy and give users more control over their personal information.
TECH5’s face, fingerprint, and iris recognition algorithms have all been trained using diverse datasets to minimize various forms of bias. The company itself is based in Switzerland, and currently processes 250,000 transactions (for 380 million active accounts) on a daily basis. Its solutions have been marketed in more than 15 countries around the world.
“Our solutions are fully compliant with the latest security and privacy requirements of the UK market, and we are looking forward to proving their efficiency in helping to fight the pandemic, as well as for other use cases,” said TECH5 Strategic Advisor Rob Haslam.
“We believe that the post-pandemic era will become increasingly digital,” added TECH5 Co-founder and CEO Machiel van der Harst. “There will be an increased need for a secure online environment as digital identity credentials incrementally replace physical documents.”
TECH5 is also targeting the Asian market after receiving a $2.5 million investment from Yinda Infocomm. The company added mask detection to its facial recognition platform in December, while its fingerprint solution was the second most accurate in a recent round of NIST testing.
February 19, 2021 – by Eric Weiss