Innovative Card Technologies, Inc., developers of the breakthrough ICT
DisplayCard security device for e-banking, e-commerce and data access,
has announced that Solomon Financial Group of Korea will initially
distribute 10,000 ICT DisplayCards to customers to authenticate online
bank account management. Solomon Financial Group is the second
financial institution to distribute the ICT DisplayCard to consumers.
Innovative Card Technologies’ reseller Innet received approval from the
Korean government’s Financial Security Agency (FSA) to distribute the
“We have evaluated the ICT DisplayCard against other authentication
options, and have concluded that this breakthrough product provides
strong security in the most convenient form possible for our customers,”
said Byung-Rak Han, President of Solomon Savings Bank. “Korean consumers
are among the strongest online-banking adopters in the world,
representing 67% of our country’s total population. We are proud to
offer our sophisticated customers the latest technology to ensure the
most secure, convenient and efficient online banking experience possible.”
Solomon Financial Group will distribute the ICT DisplayCard to its
10,000 most valuable online banking customers beginning in early
November, followed by a more widespread roll-out. Solomon Financial
Group has total assets of $4.74 billion USD, and includes three savings
banks, a credit information corp., and an asset management corp.
Korean government initiatives to encourage dual-factor authentication
security for all 33 million of Korea’s Internet banking customers by
year-end 2008 are a key factor in Solomon Financial Group’s customer
roll-out. By the end of 2007, 55 Korean institutions are expected to
implement dual-factor authentication systems, with the remaining 100 in
compliance by the end of 2008. Solomon Financial Group is receiving the
cards through InCard reseller Innet, which has successfully gained
approval from the Korean government’s Financial Security Agency (FSA) to
distribute the ICT DisplayCard. This government approval is expected to
fast-track the product’s adoption by additional Korean firms.
“We are very pleased with Solomon’s substantial first-stage commitment
to deploying the ICT DisplayCard to authenticate online banking,” said
John A. Ward, III, InCard Technologies Chairman and CEO. “We believe
that our product’s unparalleled user-convenience and its strength in
securing online transactions will be clearly demonstrated in this
real-world application, and we anticipate additional deployments in the
About Solomon Financial Group
Founded in 1972, Solomon Financial Group has grown to encompass five
affiliates totaling $4.74 billion USD (KRW 4.5 trillion) in assets.
Affiliated companies include Solomon Savings Bank, Busan Solomon Savings
Bank, Honam Solomon Savings Bank, Solomon Credit Information Corp.
(regarded as an expert financial firm in Korea’s representative bond
management and financial services); and Solomon Asset Management Corp.
Solomon Savings Bank is the leading Savings Bank in South Korea;
achieving the number one stock increase rate of all Korean financial
institutions in 2005. Solomon Financial Group is covered by analysts at
JP Morgan, among others.
About Innet Co., Ltd.
Innet is a Seoul-based firm focusing on Internet infrastructure, network
training, and new multimedia technologies. Since its establishment in
1996, Innet has become the leading provider of Internet networks in the
Korean market. Innet’s partners include Cisco Systems.
About Innovative Card Technologies
Innovative Card Technologies (NASDAQ: INVC) was founded in 1993 to add
functionalities to payment cards. InCard’s suite of ICT DisplayCards
enable dual-factor authentication in a convenient card form. The cards
can be configured to offer RFID physical access or payment capabilities,
and feature a screen powered by an integrated battery, circuit, and
switch. This screen displays a one-time password to verify the presence
of the card during online and voice transactions or data systems login.