SEOUL, SOUTH KOREA, June 15, 2022 (GLOBE NEWSWIRE) — SSenStone announced an infusion of 5 billion KRW (about £3.2 million) in new investment from Korea Development Bank (KDB) in recognition of its technological prowess and marketability of its world’s first one-way dynamic authentication technology, One-Time Authentication Code (OTAC). The leading cybersecurity specialist plans to accelerate its business development in global markets targeting the financial, telecommunication, and Internet of Things (IoT) industries, in which next-generation authentication solutions in cyber security are in high demand, by putting the strong security and unparalleled convenience of OTAC technology at the forefront.
This investment is the result of SSenStone’s technology high evaluation and growth potential while the need for proven authentication security solutions is gradually increasing due to the spread of digital transformation around the world. It is expected to be of great help to SSenStone in pioneering the global market opportunity of its pioneering card tapping mobile OTP business.
Recently, the award-winning startup has been making remarkable strides. After supplying card tapping mobile OTP for large remittances to Toss Bank in the second half of last year, financial service firms, public institutions, and enterprises have been showing lots of interest in the first-of-its-kind technology. SSenStone is currently actively discussing supply its card tapping mobile OTP with a number of customers not only in Korea but also in Europe, the U.S and Asia.
SSenStone’s reputation in the global market is gradually increasing, with its global headquarter, swIDch, winning “Startup of the Year” three times in a row at global awards. swIDch was named as the ‘Startup of the Year in Security Service’ for the first time at the 18th Cyber Security Global Excellence Award in March, won ‘Startup of the Year in Security Software’ at the 17th Annual 2022 Information Technology World Awards in April, as well as the 14th Annual 2022 Golden Bridge Business and Innovation Awards in May.
Chang-Hun Yoo, CEO of SSenStone and swIDch, said, “Since its founding, SSenStone has been pioneering ‘a completely new market that no one has been to’, not only in Korea but also overseas, against the prejudice of ‘technology and innovations that are often impossible to realize’. As we have gained a strong supporter through this investment, we will continue to increase innovation cases by actively searching for and discovering industries and markets around the world that had to give up their business models due to the limitations of existing authentication technology.”
SSenStone Inc. (www.ssenstone.com) provides its technological prowess and growth potential by taking first place with the best score in the “Baby Unicorn 200 project” of the Ministry of SMEs and Startups, Republic of Korea. Consisting of cybersecurity experts with over 10 years of experience, SSenStone continues to research and develop technologies that provide safer and more convenient identification and authentication between humans and devices or devices and devices in a rapidly changing ICT environment.
swIDch Ltd. (www.swidch.com) is a cybersecurity start-up based in London with an R&D center in South Korea. The company helps businesses to identify and authenticate its users through its patented algorithm, one-time authentication code (OTAC) that generates in a networkless environment, to tackle problems of identity theft and CNP frauds. Its security features allow for uninterrupted use of devices by combining user identification and authentication steps into one single dynamic code. Since its foundation in 2018, the company has been chosen for leading accelerator programmes in Europe and Asia – LORCA, Global Entrepreneur Programme, and Accenture FinTech Innovation Lab. Furthermore, swIDch gained global recognition for its innovative authentication technology, selected the winner of the “Authentication Solution of the Year” in CyberSecurity Breakthrough Awards, the winner of the hottest Cybertech Company at Europas 2020, and made the annual list of the world’s most innovative Cybertech Company ‘Cybertech100’ three years in a row since 2019.
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