RaonSecure Wins $2.7M Biometric Authentication Contract with Japanese Digital Bank

South Korean cybersecurity firm RaonSecure has secured a contract worth 3.57 billion won (approximately $2.7 million USD) with Japan’s Sumishin SBI Net Bank to provide its biometric authentication solution, TouchEn OnePass. The deal marks a significant expansion of RaonSecure’s presence in Japan, following the company’s established track record in blockchain-based biometric solutions.

The agreement, which encompasses service provision to both Sumishin SBI Net Bank and NeoBank Technologies in Japan, represents approximately seven percent of RaonSecure’s previous year’s total revenue. This expansion into the Japanese financial technology sector builds upon RaonSecure’s expertise demonstrated through its previous implementation of blockchain-supported biometric authentication for the South Korean military.

Sumishin SBI Net Bank, a joint venture between SBI Group and Sumitomo Mitsui Trust Bank, has established itself as a significant player in Japan’s digital banking landscape. The bank serves 7.7 million customers and has implemented various fintech initiatives, including security token offerings in partnership with Mitsui & Co Digital Asset Management, blockchain-based supply chain financing, and specialized financial services for foreign technical interns in Japan.

The implementation of RaonSecure’s biometric authentication technology fits well with Sumishin SBI Net Bank’s digital banking strategy and follows a broader trend in Japanese banking, where major institutions are increasingly adopting biometric solutions for customer authentication. This mirrors developments seen at other Japanese financial institutions, such as MUFG Bank’s implementation of biometric authentication for mobile services.

The TouchEn OnePass solution will enhance the bank’s security infrastructure for digital banking services, incorporating FIDO (Fast Identity Online) standards for secure, passwordless authentication. The implementation represents a significant step in the growing technological collaboration between South Korean and Japanese financial institutions, particularly in the realm of digital identity and security solutions.

Sources: Chosun Biz

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December 16, 2024 – by Ji-seo Kim