Shinhan Card Demonstrates 'FacePay' as a Leading Example of Innovative Finance

Expansion Planned to Large Discount Stores and Smart Cities

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 3rd that it participated as a representative company of the Financial Services Commission's innovative financial services and demonstrated 'Shinhan FacePay' at the performance report meeting held to mark the 2nd anniversary of the regulatory sandbox.

The 2nd anniversary performance report meeting of the regulatory sandbox was held at the Korea Chamber of Commerce and Industry with the Prime Minister, the Chairman of the Korea Chamber of Commerce and Industry, and vice ministers from the five regulatory sandbox supervising ministries attending, and was broadcast live both in-person and online. Five representative companies from different sectors presented innovative cases, and Shinhan Card demonstrated Shinhan FacePay, Korea's first facial recognition payment service designated as an innovative financial service by the Financial Services Commission, at Hanyang University.

At the demonstration, it showed how customers could enter an unmanned store and make payments easily using only the core facial recognition technology of Shinhan FacePay, without a mobile phone or wallet.

Shinhan FacePay is recognized as an innovative service that integrates advanced 4th industrial revolution technologies such as artificial intelligence (AI) algorithms and various encryption and decryption technologies for biometric information security. It was designated as an innovative financial service by the Financial Services Commission in October 2019. It was first commercialized in April last year at Hanyang University's cafeteria and convenience store.

Shinhan Card plans to continuously enhance infrastructure such as mobile registration and payment, and actively lead changes in the new payment environment by continuously expanding its usage to large discount stores and smart cities.

Yoo Tae-hyun, Head of Digital First Division at Shinhan Card, said, "Shinhan FacePay is the payment innovation model that best fits the recent mega trends of unmanned and untact, and will lead the payment market where the face becomes the wallet. We will continue to promote Shinhan FacePay to provide new value to customers and become the future payment standard."

This content was produced with the assistance of AI translation services.