Keypasco: Providing Multi-Factor Authentication from their home in The Hague
Using the traditional security mechanic of a username and password is outdated and most people are aware of two-factor authentication. However, as Cheng-I Lin of Keypasco B.V. put it, this type of authentication “is not safe enough, anymore.” That’s why Keypasco, one of the newest members at HSD Campus, has positioned themselves as a key player in the future of security and authentication.
The story of Keypasco goes all the way back to 1987 when Cheng-I’s uncle in law founded a hardware token security company. This involved receiving a one time password from a small hardware device or using a device installed with a private key. That company, based out of Gothenburg, Sweden, was eventually sold in 2010. However, the R&D team remained and went on to soon found Keypasco to provide multi-factor authentication serving the European and US markets. Cheng-I founded a sister company in Taiwan, working to sell Keypasco’s solutions to the Asian market. The two companies eventually merged in 2019 and quickly expanded by establishing branches in The Hague, the US, and Tokyo.
Their solution is an advanced and user friendly software that has already been used for individual and corporate banking solutions. Unlike traditional multi-factor authentication such as Google or Microsoft authenticators, Keypasco bundles end-user’s devices as unique authenticators using a two-channel structure. Keypasco take’s the user’s device location into account and does not rely on distributed credentials. Thus for an authentication check to pass, the device’s unique authentication together with its geographical location is used. Their patented solution requires you to not only have the right device but be in the right place, making it as Cheng-I put it “the most advanced technology in authentication.”
Keypasco has chosen The Hague to be their second base in order to expand to the Netherlands and other European markets. Although they started in Sweden, Cheng-I and Keypasco saw the Netherlands as a more cost effective choice and after a survey of potential locations, Cheng-I concluded that “the Netherlands is I think the most welcoming country for foreign companies.” As Keypasco’s Taiwan based company is currently trying to IPO next year, they hope for similar levels of success within their European endeavours.
HSD Campus has been a great resource as it has allowed Keypasco to meet and network with other security companies and to collectively leverage the resources available to them. Cheng-I hopes to not only introduce Taiwanese based security solutions to the Netherlands but also Dutch solutions to Taiwan. He was blown away by the facilities and support offered to him by HSD Campus as a newcomer to the country and the ecosystem. Keypasco has additionally received support as part of Dutch Base Camp’s Globaliser Program and from the regional economic development agency, InnovationQuarter. InnovationQuarter played a pivotal role in facilitating Keypasco's establishment in The Hague area and wrote about it in one of their latest articles here. Keypasco is currently looking for partnerships to help sell and promote their solutions as well as talented business developers to join their team.