RaonSecure’s Cloud-based Biometric Service exceeds 1 million MAU in Japan
Key Takeaways
TouchEn OnePass, which is the RaonSecure’s cloud-based biometric authentication platform, exceeds 1 million Monthly Active Users (MAU) in just 9 months since its launch in the Japanese market.
Local customer ‘lock-in’ effect and business model innovation lay the groundwork for expanding market share in Japan.
TouchEn OnePass exceeds 1 million MAU in just 9 months since its launch
RaonSecure (CEO: Soonhyung Lee), a leading ICT integrated security company publicly traded in Korea and a branch of RAON, announced on May 18th that its subscription-based biometric authentication service introduced in the Japanese market surpassed 1 million Monthly Active Users (MAU) within nine months after its launch.
In July 2020, RaonSecure launched a FIDO-based multi-channel private authentication platform “TouchEn OnePass” in the Japanese market in the form of a cloud-based subscription service. Following the launch, RaonSecure became the first Korean security company to introduce a subscription-based biometric authentication service in Japan.
Unlike Korea, where demand for built-in biometric services is high for mobile banking and public services, companies in Japan often seek biometric services for identification and access management of executives and employees due to the increase of non-face-to-face interactions in business environment centered on financial institutions and fintech managers. Considering these market characteristics, RaonSecure quickly introduced a subscription-based biometric service for companies that combines RaonSecure’s biometric technology with Japanese partners’ know-how in building and operating systems. As a result, it was well-received by local financial institutions and large corporations, exceeding 1 million MAU as of the end of April, and successfully settled in the Japanese market, which is 10 times larger than the Korean market.
In particular, such a subscription-based service enables “customer lock-in” effect, increasing the possibility of the company to hold its customers while ensuring recurring revenues generated by monthly billing according to the number of users. Based on this, RaonSecure laid the groundwork enabling the company to expand its business and market share in the Japanese market.
TouchEn OnePass, which is the biometric authentication platform with the highest number of references in South Korea’s financial sector, is now being recognized for its technology and service stability by Japanese financial institutions and large companies. Leveraging the success of TouchEn OnePass, RaonSecure plans to target the Japanese market more actively with OneAccessEX, a management platform for integrated authentication that has been released this year.
“In Japan, the potential of growth of the next-generation authentication market is very high as the government is spurring the deployment of digital infrastructures in the entire society, centering on the digital agency that was established last year” mentioned Junga Lee, COO of RaonSecure, while adding that “ TouchEn One Pass, which is provided as a subscription-based service, exceeded 1 million MAU in a short time, and inquiries about the introduction of subscription-based biometric authentication services are steadily increasing in various industries. We will strengthen our position as a leading ‘K-Security’ company by expanding our global reach. With this aim, we will target overseas markets such as Europe based on our success in the Japanese market.”
