The $2 billion unicorn Toss in South Korea chooses Hyperlogy’s Smart eKYC for revolutionary growth

Toss, the only financial technology “unicorn” in Korea and one of the top ten technology “unicorns” worldwide, utilized Smart eKYC in partnership with Hyperlogy

Toss is a South Korea-based mobile financial service platform operated by fintech start-up Viva Republica. Navigating away from the core business in Korea as a peer-to-peer payment service to effectively penetrate the Vietnam market, Toss launched the Step Counter app in September 2019 and has achieved 1 million users since then. The app now has services like no-fee money transfers, debit cards, and a financial dashboard through a partnership with CIMB bank. Toss services are designed to be simple, reasonable, intuitive, but still, guarantee the principle of safety. Toss’s goal is to ‘innovate’ the financial market. To offer innovative and comprehensive high-value personal finance solutions to Vietnamese customers.

Founder and CEO, Lee Seung-gun, told TechCrunch, “The product that we built for Vietnam is actually quite scalable across all Southeast Asia markets, so it’s a matter of time,” Lee said. “But we want to focus on the Vietnam market because it’s scaling increasingly fast and we have to cover the growth.”
With the ambition to enter the Vietnamese market as a “springboard” to expand in other foreign markets, Toss has chosen to jointly sign a contract with Hyperlogy Corporation deploying “Smart eKYC (electronic Know Your Customer) solution”.

The outstanding advantages of the SMART DIGITAL BANK ecosystem developed by Hyperlogy

Currently, customers who want to use online banking and mobile banking services still need to fill out a form at the transaction counter, and then the bank must enter customer data. In the banking system, there are many different forms. Following then, the bank tellers must approve the information forms of all customers who want to use the service. The service takes 15 to 30 minutes.

With the help of Hyperlogy Smart eKYC electronic customer identification technology, multi-factor authentication benefits from modern technologies (biometrics, deep learning, the application of living body detection, etc.) use multiple reference channels (ID card, driver’s license, passports, QR codes, bank cards, biometric technology, video calls) to make identity verification highly accurate and reliable.

Identification Documents OCR: Xác thực, bóc tách thông tin từ giấy tờ tuỳ thânIdentity Document OCR

Identification Documents Face VerificationFace Verification
Liveness Detection: Kiểm tra xác thực sống nhằm tránh giả mạo, gian lậnLiveness Detection

Video Call


Increase worker productivity by 15 times over the previous model

Thanks to Smart eKYC, the tellers/controllers will know: Does the customer already have an account? What service do they use? Commercial activity? Regular visitor or VIP? What is the customer’s trust score? … It can even predict what services the customer may need in the near future. From there, banks can create 360-degree customer profile charts based on identification standards to maximize customer benefits, provide VIP customers with priority faster, and promote cross-selling and up-selling, especially for existing customers. Because the cost of acquiring new customers is higher than the cost of retaining old customers.

Only 1-minute transaction

Smart eKYC is the key to improving the customer experience. There is no need to wait in line, and no need to fill in too many forms and documents when customers are identified and logically transmitted between transaction counters, they can be served faster. Even if combined with Smart Booking, Smart Form, Smart Self Service, and other Smart Digital Bank ecosystem technologies, Smart eKYC will fulfill the transaction demands of millions of consumers in a short period of time.

Rapid market expansion

Performing transactions and opening payment accounts without meeting customers face-to-face will contribute to creating favorable conditions for the bank to expand its customer base.

Especially in the context of the complex development of the Covid19 pandemic, online transactions can help customers quickly, safely, and easily access many services.

With these advantages, Hyperlogy firmly believes that the Smart eKYC solution that we deploy for Toss will be an effective support arm for this fintech unicorn to achieve its growth target in the Vietnamese market and expand its business to other international markets in the near future.

Hyperlogy was established in 2003 and is a well-known unit that has successfully implemented many important projects for Vietnamese banks and large financial institutions. Some typical projects: Military Commercial Joint Stock Bank (MBBank), An Binh Commercial Joint Stock Bank (ABBANK), Bao Viet Joint Stock Commercial Bank (BAOVIET Bank), Saigon – Ha Noi Commercial Joint Stock Bank (SHB), Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), Viet Dragon Securities Corporation (VDS), Phu Hung Securities Corporation (PHS).

About Viva Republica (Toss) 
Viva Republica delivers a full range of consumer finance services within its Toss mobile app launched in 2015, South Korea. From a P2P money transfer service that revolutionized the way people transfer money and created the P2P money transfer market, we now offer a full suite of personal financial platform services through our Toss app. Toss is one of the world’s fastest-growing mobile P2P payment services, valued at 2.4 bil$, and handles more than $4 billion in monthly transactions. We design services that are simple, logical, and intuitive to use without compromising security. For more information, visit