Video calls for identification are no longer necessary thanks to Facephi’s easy and secure biometric technology.
PeopleFund, the leading non-bank financing platform in Korea, has launched a new form of digital identification with biometric technology. Thanks to this, its new customers can register more quickly and securely when applying for a loan.
As a result, Korean entrepreneurs, start-ups and investors can now open an account and apply for a loan with their mobile device anytime and anywhere without having to make a video call to a bank agent. This digital identification solution has been implemented through Facephi, which has allowed Korean Fintech to make the process of opening new accounts more flexible.
Thanks to the unique and non-transferable biometric pattern obtained from users’ faces through a selfie, PeopleFund identifies and registers them in a totally secure way, which means a significant improvement in terms of the user experience for both parties. In this way, PeopleFund minimises dreaded phishing scams, the main threat to the financial sector, to a minimum.
Another benefit of using Facephi’s biometric facial recognition is that PeopleFund complies with the security requirements of the P2P Financing Act passed by the Korean government. This is the world’s first law regulating non-bank lending for business and financial users and recognises Facephi onboarding as a valid identification method.
Dongpyo Hong, CEO of Facephi APAC, said, “After having brought our technology to banks, financial groups, cybersecurity companies, hospitals and smart cities, we continue to strengthen our presence in Asia by protecting people’s digital identity in disruptive Fintech companies such as PeopleFund”.
Minseung Kang, CTO of PeopleFund commented: “So far, PeopleFund has been striving to secure high-level security systems that can prevent financial fraud while also enhancing the convenience of non-face-to-face finance. Through the implementation of this solution, we expect that identity theft or fraud through professional brokers will be prevented.”
Facephi provides secure, fast, and easy to use technology. Experts in users’ digital identity verification, it specialises in digital onboarding and biometric authentication solutions. It was established with the aim of creating more secure, accessible and fraud-free digital processes; to achieve this, Facephi is committed to innovation with artificial intelligence and machine learning, applying blockchain technology and introducing decentralised digital identity.
FacePhi already boasts 300 million users worldwide and more than 120 clients, with a retention rate of over 95%.
FacePhi is a Gold sponsor at Identity Week Europe 2023.