FacePhi continues to grow its footprint in Asia, focusing on South Korea as a key market and the location of its regional subsidiary. Alicante-based FacePhi announced a collaboration with PeopleFund, a Korean fintech platform. The deal centers on FacePhi’s facial recognition technology, aimed at streamlining the online lending process and enabling faster customer onboarding.
The partnership allows Korean entrepreneurs, startups, and investors to open accounts and request loans using only a mobile device. No video calls with bank representatives are required. A simple selfie becomes the user’s unique biometric credential, letting individuals verify their identity securely while reducing the risk of identity theft—one of the most persistent threats in finance. This approach supports a smoother, remote lending experience and minimizes friction for borrowers.
FacePhi’s biometric solution also aligns with PeopleFund’s regulatory framework. Korea has approved this identification method under its P2P Funding Act, which governs non-bank lending for businesses and financial users. This legislation marks a landmark moment and recognizes FacePhi as a valid method for verifying identities in digital lending contexts. The move demonstrates how fintechs can work within government safeguards to deliver rapid, secure financial services.
Dongpyo Hong, head of FacePhi APAC, highlighted the strategic expansion. The company is broadening its presence across Asia by helping protect digital identities for banks, fintechs, cybersecurity firms, hospitals, and smart city initiatives. The collaboration with PeopleFund underscores a shared objective: safeguarding customers in digital finance while maintaining convenience and speed for lending processes. The outcome is a stronger, more resilient identity verification ecosystem across regional fintech ecosystems.
Minseung Kang, PeopleFund’s chief technical officer, noted that the company has focused on high-end security systems to prevent financial fraud and enhance the convenience of remote financing. The new solution aims to further reduce identity theft risk and fraud through professional brokers, signaling a commitment to robust security alongside user-friendly interfaces.
FacePhi appoints a Vice President to grow sales across Europe, the Middle East and Africa
A global reach of 300 million users
Alicante-based technology company Facephi specializes in verifying digital identities to create safer, more accessible, and fraud-resistant digital processes. The firm pursues innovation by leveraging artificial intelligence and machine learning, exploring blockchain-based identity, and advocating for decentralized digital identity concepts. Today, Facephi serves 300 million users and more than 150 customers worldwide, maintaining a high customer retention rate exceeding 95%.
The company is recognized as a major innovator in its province and has been an early advocate for a four-day work week for its employees, reflecting a broader commitment to progressive workplace practices alongside its technological advancements.
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