Korean P2P Lending Platform Enhances Onboarding With FacePhi Biometrics

PeopleFund, a Korean startup that offers a peer-to-peer lending platform, has implemented selfie-based identity verification, care of FacePhi.

When registering for the platform and applying for a loan, PeopleFund customers can now verify themselves by uploading a selfie photo, which FacePhi’s technology matches against their official ID using facial recognition technology. All of this can be done using just a mobile device, making the process simple and convenient for PeopleFund users.

The biometric identity verification solution negates the need for an identity verification session through a video call. At the same time, it improves the user experience, guards against fraud, and helps PeopleFund to ensure compliance with Korea’s P2P Financing Act.

“So far, PeopleFund has been striving to secure high-level security systems that can prevent financial fraud while also enhancing the convenience of non-face-to-face finance,” said PeopleFund CTO Minseung Kang. “Through the implementation of this solution, we expect that identity theft or fraud through professional brokers will be prevented.”

In addition to further expanding FacePhi’s client roster, the PeopleFund agreement offers the latest market of FacePhi’s success in its strategy of global expansion. The company first announced the launch of its Korea-based APAC subsidiary in 2019, naming former CrucialTec USA President Dongpyo Hong as its chief executive, and has since delivered a number of agreements in the region.

“After having brought our technology to banks, financial groups, cybersecurity companies, hospitals and smart cities, we continue to strengthen our presence in Asia by protecting people’s digital identity in disruptive Fintech companies such as PeopleFund,” commented Hong.

The PeopleFund announcements comes after FacePhi celebrated its 10th anniversary with the unveiling of a new logo last month, topping off another record-breaking year for the Spain-based biometrics specialist.

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January 13, 2023 – by Alex Perala