Summary of the CEO interview
How did you get your start?
We started contactless KYC service in 2018. At that time, many startups were having difficulty processing KYC themselves. However, it was challenging for startups with insufficient funding and resources to build internal anti-money laundering division and comply with regulatory requirements. Argos KYC was launched to solve this issue with a highly scalable cloud-based contactless KYC and AML screening service.
Tell us about what Argos KYC offers.
People change their appearance as they get older, but Korean resident registration cards do not have an expiration date and driver’s license is valid for 10 years. You basically use the same ID card for at least 10 years with the same profile photo. Since the profile picture on the ID card is often different from how a person appears today, it is extremely difficult to accurately check the customer’s identity with naked eyes. But it is something an AI can do. Based on more than 30 characteristics of human face, such as the location of the cheekbones and the distance between the eyes, AI can even determine whether old images match to be the same person within a second.
If you need to remotely check a person’s face online, Argos preemptively blocks identity theft attempts by determining whether real-time face images are forged. We train machine learning models to make more accurate data to determine whether the image is forged as soon as the camera recognizes a human face. Contactless KYC is a fight against forgery. You may wonder if anyone would make up a fraudulent identity, but Argos is receiving fake ID data everyday and fighting to screen them.
Who is your target customer?
Banks and FinTech companies are one of the major target customers of Argos’s contactless identity verification service. Under anti-money laundering law, they are obliged to check their customers’ identities as well as the risk of money laundering. Argos’s contactless KYC(Know Your Customer) and AML screening services help financial service providers efficiently comply with the regulations. Keeping compliance standards costs are enormous for startups or small businesses that lack funding and do not have in-house compliance department. Using Argos ‘Money Laundering Risk Analysis’ service can solve this problem at much lower cost.
How do you see the business in the coming years? What is your vision for Argos for the future?
Argos KYC will provide a 100% automated service that recognizes, verifies, and identifies all identification cards around the world. In the near future, it is likely to be illegal to have people check ID documents with naked eyes. Proper identification technology can be used not only in the financial industries but also in various industries such as hospitals, shared economies, and E-commerce markets.
Argos aims to become the No. 1 identity verification service provider in the global financial services market. Last year, we have opened an office in Singapore to get closer to our local and regional clients. We hope the new office serves as a steppingstone for its entry into the Southeast Asian market.
To read the full interview, please visit Money Today.
“Create A World Where Good People Transact Safely and Keep The Bad People Out.”