Financial Passport by IDBlock and B·Pay

International travelers and digital nomads face difficulties using local services due to different identification and payment systems in each country. For example, local apps may not accept foreign IDs or reject foreign card payments, blocking access to services. Previously, they had to rely on cumbersome alternatives such as cash, currency exchange, or opening a local bank account.

This Financial Passport solution performs global common identity verification by scanning international passport information with OCR and performing selfie facial recognition. It ensures trust without exposing personal information by utilizing Self-Sovereign Identity (SSI) and Zero-Knowledge Proof (ZKP) technologies, and provides instant identity verification and payment connection to various local apps with a single authentication. In essence, it integrates global KYC and payments with just one passport.

It is innovative compared to existing solutions in that it bypasses the problem of foreign cards not working in travel destinations and integrates easy access for foreigners to local payment apps with a single API.

Fintech companies, travel platforms, and global payment companies (B2B) adopt this technology and integrate it into their services. The end users are individuals such as travelers (B2C), but the cost is borne by the companies providing the services.

Demand is high due to the increasing trend of travel and mobility, and it can be expanded without national restrictions because it uses a passport authentication method. Currently, PoCs are in progress with Southeast Asian super apps and global payment companies, and it can also be used in regions with low financial inclusion.

However, the speed of expansion may depend on the approval of regulatory authorities in each country (electronic identity verification).

It received attention at CES as a solution that solves practical inconveniences. Regulatory and network effects are key rather than technical difficulty, and it is evaluated as having gained credibility due to the support of the Korean government.

However, there are cautious views on how much partnerships can be drawn from local companies in overseas markets. Evaluations are likely to vary depending on actual implementation rather than overestimation.