Techsign has secured funding from the Techmine venture capital partnership which the company claims makes it the most successful digital ID company in the EMEA region, with $ 8.5 million.
The investment is the first for Turkey-based Techsign to provide end-to-end identity authentication and digital knowledge of your customer (KYC) services, with a suite of signature biometrics-based solutions and the FIDO protocol, as well as identity documents and biometric selfie checks. The company says it performs more than one million user checks per month, for top clients including ING Bank, Coca Cola and BNP Paribas.
Techsign suggests that the investment demonstrates the growing importance of online authentication, KYC, and anti-money laundering (AML) controls. Record turnover in the first half of 2021 indicates the strength of the company in these areas.
âThe need for identity verification in the digital environment has grown beyond expectations, allowing us to achieve proud results while giving us more ambition and strength to continue to innovate,â comments Abdullah Kip, co-founder and CEO of Techsign. âOur goal is to ensure secure digital access for everyone who works, study, learn, socialize and have fun online with our one-click verification. We have successfully become the dominant service provider in Turkey. Now is the time to repeat this feat in Europe.
Techsign launched its Prove ID KYC platform in April and its team has doubled in size over the past year.
Turkish DPA issues biometric guidelines
The National Authority for the Protection of Personal Data, meanwhile, has published a directive on the processing of biometric data to help companies meet legal requirements for the deployment of biometrics, reports Lexology.
The directive defines biometrics on the basis of judicial precedence in the country and the European GDPR, dividing the technology into physical and behavioral traits. Biometric data is considered sensitive personal data and should therefore be processed in accordance with existing requirements.
These requirements include non-violation of fundamental rights and freedoms, fitness for the specified purpose, necessity and proportionality, and limited retention. Entities processing biometric data have an obligation to inform subjects, although within a specified framework consent is not required. Outside of this framework, consent must be obtained.
The guideline also defines technical requirements, such as the use of encrypted models and cryptographic protections for data stored in the cloud. Employees working with biometrics should receive training and alternative authentication methods should be provided to users.
biometrics | digital identity | signature | financing | identity verification | investment | KYC | integration | Techsign | Turkey