[Asia Economy Reporter Kum Boryeong] From the second half of the year, Hanwha Investment & Securities will enable non-face-to-face account opening with just an ID card and facial photo.
Hanwha Investment & Securities announced on the 20th that its non-face-to-face account opening service using facial recognition technology has been designated as an Innovative Financial Service by the Financial Services Commission.
The Innovative Financial Service designation system applies regulatory exemptions and special measures to allow fintech companies or financial institutions to test innovative financial services in the market. Accordingly, Hanwha Investment & Securities was able to develop and introduce the service while being exempted from the non-face-to-face real-name verification guideline regulations.
A Hanwha Investment & Securities official explained, "If the existing non-face-to-face real-name verification method of 'video call' is replaced by 'facial recognition technology,' real-name verification can be handled more easily and simply." The existing video call method was only available during financial institution business hours and had inconveniences such as the burden of facing employees via video.
When facial recognition technology is applied to the real-name verification method of the non-face-to-face account opening service, customers can complete real-name verification simply by verifying their identity through mobile phone authentication and taking photos of their ID card and face. Additionally, AI-based facial recognition technology analyzes facial feature points to compare and verify the ID photo and the face, reducing verification errors compared to visual comparison by financial institution staff.
Hanwha Investment & Securities plans to apply this service to the non-face-to-face account opening of the STEPS financial investment service starting in the second half of the year.
Yoo Changmin, Executive Director of the Global Digital Product Office at Hanwha Investment & Securities, said, "This Innovative Financial Service designation is the first in Korea to utilize facial recognition technology for non-face-to-face account opening services, providing an innovatively convenient account opening service to financially vulnerable customers and those who find existing real-name verification methods inconvenient. We will continue to provide services that enhance customer convenience by actively utilizing advanced technologies with a customer-centric management goal and strive to lead financial digitalization."
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