FacePhi Expands to Vietnam With Pinetree Securities Partnership

FacePhi is continuing to make inroads in the Asian market. The company has revealed that it will now be providing biometric onboarding services for Pinetree Securities, an online investment specialist that operates out of Vietnam.

Pinetree Securities is FacePhi’s first customer in Vietnam, and speaks to the ongoing success of FacePhi’s international expansion strategy. In 2019, the company established a new APAC subsidiary in South Korea, and it has since gone on to provide digital security and identity solutions for KB Securities, HancomWITH, and the Kangbuk Samsung Hospital in Seoul. The company has also gained access to South Korea’s Innovation Financial Services regulatory sandbox through a partnership with Daegu Bank.

The latest partnership indicates that FacePhi has finally extended its reach beyond South Korea, and is now gaining a foothold in Asia more generally. Pinetree will specifically be implementing FacePhi’s SelphID solution, which uses facial recognition to match a selfie of the user to the image on an official government ID. SelphID offers passive liveness detection, and will allow new customers to open Pinetree accounts remotely with a mobile device.

“The Pinetree Securities project gives us the opportunity to collaborate with a leading company in Vietnam,” said FacePhi APAC CEO Dongpyo Hong. “Vietnam is one of the economies that has evolved the best in 2020, with growth forecasts that many experts place above six percent in 2021. It is a country that is being very proactive in the commercial sphere, and which is managing to attract more and more foreign investment.”

Pinetree is affiliated with South Korea’s Hanwha Group. FacePhi itself is based in Spain, and has already built a strong customer base in Latin America. The company has been able to maintain its upward trajectory throughout the COVID-19 pandemic, and recently received the 2020 National SME Award from the Spanish Chamber of Commerce.

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April 19, 2021 – by Eric Weiss

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