KANAK has signed an MOU to develop cutting-edge bio-authentication and payment solutions for expansion into the Vietnamese market! 🌟📈

Signing of MOU to develop bio-authentication and payment solutions for expansion into the Vietnamese market

KANAK Co., Ltd. announced on the 31st that it signed an MOU with Infoplus, a Vietnamese digital financial solution provider, for the purpose of expanding into the Vietnamese market through cooperation in developing authentication and payment solutions utilizing biometric information.

Under this agreement, the two companies plan to expand their market share by providing differentiated financial services, including: △developing authentication and payment solutions using biometric information, △establishing a practical financial cooperation model specialized for Vietnam, and △conducting research and system linkage using local financial IT in Vietnam.

KANAK's Handit is an authentication and payment solution utilizing biometric information. Authentication using biometric information is widely used, but Handit is the only solution in Korea that can do both authentication and payment. It was the first PG company to pass the Financial Supervisory Service's biometric authentication service terms and conditions review, and has also signed a security solution contract with a quantum security company to ensure payment security and stability.

Among biometric authentication methods, vein authentication is less affected by external factors than other methods, so anyone over the age of 14 can use it permanently. It is a method that has been proven to be secure and reliable, as it has a low misrecognition and rejection rate and is already used in facilities where security is important, such as banks.

Infoplus is a digital financial solution company that digitizes the work of branches and collection agencies that used to receive cash directly in Vietnam. It integrates and provides all banking services that companies need, such as interbank transfers, overseas remittances, and automatic transfer registration linked to virtual account issuance by linking with the bank's system in real time. It was selected as a baby unicorn and TIPS by the Ministry of SMEs and Startups last year, and is evaluated as a successful case of Southeast Asia advancement in Korea, and is strategically expanding its business model to neighboring countries such as Vietnam, Cambodia, and Laos.

“Handit has a great opportunity to expand beyond its domestic service and into overseas markets,” said Wonil Lee, CEO of Connect. “Through this MOU, we will accelerate the expansion of our business areas by combining KANAK’s various solutions with Infoplus’ local financial IT data in Vietnam.” He expressed his anticipation for the signing of this agreement.

Kim Min-ho, CEO of Infoplus, said, “Vietnam is rapidly growing its digital economy to become a cashless society,” and added, “We will continue to share local trends and industries in Vietnam that are difficult to grasp in Korea and help you efficiently advance into Vietnam.”