CityLabs signs MOU with FacePhi... "Actively targeting the simple authentication market"

[Asia Economy Reporter Jang Hyowon] CityLabs, an ICT solution company specializing in 4th industrial revolution technologies, is teaming up with FacePhi, a multi-biometric technology specialist, to actively target the simple authentication market.

On the 24th, CityLabs announced that it signed a strategic business agreement (MOU) with FacePhi's Asia branch, FacePhi APAC, primarily for technology exchange. Through this MOU, the company plans to advance its comprehensive solution business areas, such as the smart city platform and integrated authentication services developed in-house by CityLabs, based on artificial intelligence (AI) and decentralized identity (DID) technologies. Additionally, they intend to actively expand the application scope of simple authentication projects, including national initiatives, centered on FacePhi's contactless authentication technology.

FacePhi APAC, which signed the MOU with CityLabs, is the Asian branch of the global company FacePhi, established in Pangyo to supply biometric solutions domestically. FacePhi, possessing core multi-biometric technologies, has successfully entered the European and Latin American financial markets with its proprietary solutions and is now actively collaborating with major system integrators (SI) in Korea, Japan, and Southeast Asia to enter the Asian market. As of last year, FacePhi's facial recognition technology is reportedly supplied to over 60 financial institutions across 25 countries worldwide.

Cho Youngjoong, CEO of CityLabs, stated, “FacePhi’s biometric technologies, including voice and facial recognition, are well known for their outstanding accuracy and security, widely accepted across global financial markets. We will consider various synergy plans to ensure that this MOU not only enhances the technological advancement of CityLabs’ business sectors, including smart city platforms, AI, and blockchain, where biometric authentication is comprehensively utilized, but also serves as a stepping stone to expand into the simple authentication market.”

The company also mentioned that their digital contract solution ‘TrusTalK,’ developed based on AI and DID technologies and recently launched in beta service, is preparing for its official launch next month. They plan to explore partnership and collaboration opportunities with FacePhi regarding contactless identity verification and simple authentication technologies.

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