Senstone has been selected for an OTAC-based smart card business targeting the UK's elderly population, recognizing its technological prowess, commercial viability, and growth potential.

swIDch, the global headquarters of domestic authentication security technology startup Senstone (CEO Changhoon Yoo), announced on the 10th that it has been selected for the 'SMART Grant' program, one of the science and technology programs supported by the UK government, and will proceed with the 'Senior Fingerprint Recognition Payment Card Project', a financial innovation project for the UK's elderly.

SMART Grant is an open grant funding program that UK Research and Innovation (UKRI), a non-departmental public organization of the UK government, selects innovative and commercially viable ideas twice a year and invests up to 25 million pounds (approximately 40 billion won). It is sponsored by the Department for Business, Energy and Industrial Strategy (BEIS). In particular, since it is operated for the purpose of contributing to job creation, discovering innovative technologies, and fostering small and medium-sized enterprises, not only technological prowess but also feasibility and commercial viability are evaluated very deeply.

The 'Senior Fingerprint Recognition Payment Card Project' selected by swIDch this time is a smart card business that combines Sensestone's own original technology, the OTAC (One-Time Authentication Code) algorithm, with a fingerprint recognition function. It is a socially friendly digital financial service that increases the convenience of payment cards for the elderly and reduces the damage from financial crimes.

In the UK, IC chip-based payment cards are widely used to prevent fraud. However, older adults are more prone to card fraud, as they frequently write down their card passwords or share them with relatives. In fact, one research study found that approximately 70% of financial crimes targeting older adults in the UK are due to card information theft by relatives or caregivers, highlighting the serious security risks associated with password entry methods for older adults.

swIDch's fingerprint-enabled payment card combines fingerprint recognition with an OTAC algorithm, similar to a standard payment card. This unique card information, such as the card number, expiration date, and CVC, is generated only when the user's fingerprint is recognized, completely preventing card-not-present fraud. Furthermore, because card information changes with each transaction, even if card information is maliciously stolen from an elderly user, it cannot be used in actual transactions.

The project, which will run for the next 18 months, is worth approximately 435,000 pounds (approximately 700 million won), and 60% of the total cost will be supported by the UK government. In particular, we are considering conducting mock tests for older people with organizations such as the British Red Cross and the UK charity Age UK.

One of the judges who participated in the 'Smart Grant' evaluation this year said, "swIDch's proposed model is a timely project in that it provides financial security to elderly card users." He also said, "Considering the innovative idea, the team of excellent talents with experience and capabilities in related fields, a deep understanding of the market, and a clear development plan, it has high business potential and added value, making it worth investing in."

Yoo Chang-hoon, CEO of Senstone and swIDch, said, “The maximum amount of SMART Grant supported by the UK government is 500,000 pounds for a single company, but this time, swIDch passed the project with a budget close to the maximum based on scores that exceeded the standard in almost all evaluation items.” He added, “It is a very meaningful result in itself as a Korean company to have been selected for a UK government project, but the fact that Senstone’s technological prowess and commercial viability, which were recognized in Korea as Baby Unicorn, have been recognized once again by the UK government is very significant.”