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Hancom acquires exclusive business rights for FacePhi in APAC region
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Hancom sells under the Hancom brand (white label) and establishes a beachhead for entering overseas AI markets
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FacePhi has facial recognition technology with world-class security
Barcelona and Seoul, South Korea, March 25, 2024 /PRNewswire/ — Hancom (CEOs Byun Sung-joon and Kim Young-soo) plans to make a strategic investment in FacePhi, a Spanish artificial intelligence (AI) biometrics company.
Hancom announced on the 25th that it has signed an investment agreement. spain, barcelonaHancom CEO Kim Young-soo and FacePhi CEO Javier Mira Attending. This investment agreement will enable Hancom to make an equity investment in FacePhi and secure exclusive operating rights for FacePhi in the APAC region.
FacePhi, which is simultaneously listed on the stock exchanges of Spain and France, has a variety of biometric authentication technologies that utilize AI, including facial, fingerprint, pupil, and voice recognition technologies necessary for biometric authentication. The company primarily operates in the following regions: Europe and latin america. Our superior technological capabilities have been recognized both domestically and internationally, and we have acquired many financial companies as customers in Korea.
In particular, regarding the anti-spoofing (identity authentication) function, which is the most distinctive feature of facial recognition technology, FacePhi has technology that uses a passive method (identity authentication using a single frontal facial image), which is emerging as a next-generation technology. Masu. It uses generational technology rather than the widely used active method (which requires you to move your face to prove your identity). In 2022, FacePhi received i-Beta Level 2 certification from the National Institute of Standards and Technology (NIST), which guarantees the anti-spoofing performance of facial recognition technology. The fact that there are only 9 passive i-Beta Level 2 companies in the world shows that FacePhi’s technology is world class.
With this investment, Hancom will become FacePhi’s second largest shareholder, and the company will use this as a beachhead to strengthen its position in the global AI market through white labeling by selling FacePhi’s solutions under the Hancom brand. . Asia Pacific (APAC) region.
Hancom expects synergies from this agreement, and by combining FacePhi’s multi-recognition biometric authentication technology, Hancom’s AI, HancomWITH’s security technology, Clipsoft’s reporting tools, and Hancom CareLink’s healthcare services, we will be able to create new We plan to discover improved services and businesses.
“With this investment, we will be able to expand Hancom’s AI business area, and we hope to expand overseas sales by providing Hancom brand FacePhi solutions to the entire company.” Asia Pacific Kim Young-soo, CEO of Hancom, said, “We will continue to lead the AI market by actively promoting partnerships, investments, and acquisitions with talented AI businesses.”
On the other hand, the global digital authentication solution market is growing at an average annual growth rate of 12%, and as security levels are strengthened, there is a trend of shifting from conventional biometric authentication technology centered on fingerprint authentication to facial recognition. In response to technological developments such as deepfakes, the adoption of passive methods to prevent counterfeiting is expected to increase.
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