Hancom Targets Japanese Financial Market with AI Biometric Recognition Solution

Korea's Innoffin and Japan's Alcos Sign Tripartite Agreement

Hancom announced on the 6th that it has signed a tripartite agreement with InnoFin, a leading financial artificial intelligence (AI) company, and Alcos, a Japanese AI fintech startup, to target the Japanese financial market.

Hancom CI [Image=Hancom]

Through this partnership, Hancom and InnoFin plan to supply FacePhi's AI biometric authentication solutions to Japanese financial institutions. Hancom is the second-largest shareholder of FacePhi. FacePhi is a Spanish AI biometric company listed on the stock exchanges of Spain and France. It possesses various AI-based identity verification technologies including facial recognition, fingerprint, iris, and voice recognition. The company operates mainly in Europe and Latin America and has secured numerous financial institutions as clients in Korea as well.

Alcos is a Japanese company founded mainly by former professionals from global investment banks (IB). It primarily supports the development of investment management algorithms based on AI data analysis and provides big data consulting and solutions to financial institutions. InnoFin currently supplies financial AI algorithms to securities firms and other financial institutions in Japan.

Hancom plans to strategically utilize Alcos's network of Japanese financial institutions and InnoFin's market entry capabilities in Japan. As Japan enters an aging society, demand for strong yet convenient security measures is increasing. The company expects FacePhi's latest security technologies to demonstrate competitiveness in this market.

The three companies aim to maximize business synergy through this agreement. They plan to expand the pioneering of the Japanese financial market with FacePhi's excellent technology and broaden the application scope of facial recognition technology through continuous research, development, and marketing.

Kim Yeon-su, CEO of Hancom, said, "As the security standards demanded by the market are gradually increasing, FacePhi's advanced facial recognition technology is sufficiently competitive in the global environment," adding, "We hope this agreement will be a meaningful opportunity to enhance the AI industry and market value in both Korea and Japan."

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