South Koreans will quickly be capable to remotely open financial institution accounts requiring KYC verification utilizing solely their smartphones
South Koreans will quickly be capable to remotely open financial institution accounts requiring KYC verification utilizing solely their smartphones.
Based on an Aug. 26 announcement from ICONLOOP, the know-how arm of South Korean blockchain community ICON, is partnering with Shinhan Financial institution to concern KYC compliance certificates. The financial institution is South Korea’s second-largest, with $375 billion in property. The blockchain agency will enable clients to make use of its Zzeung cellular app’s blockchain-based decentralized id (DID) know-how to open financial institution accounts.
Such compliance certificates enable customers to bypass redundant KYC compliance processes to request service at Shinan Financial institution, the second largest in South Korea. As soon as clients confirm their id utilizing the Zzeung app, Shinhan will confirm their data and concern a compliance certificates, which can be utilized to request password adjustments.
Zzeung is the one cellular app accredited by the Monetary Providers Fee. “This issuance of KYC compliance certification with Shinhan Financial institution is of nice significance as a result of it’s the first commercialization of DID providers used within the monetary sector in Korea,” mentioned ICONLOOP CEO Jong-hyup Kim.
“Sooner or later, we are going to develop the Zzeung to all industries that require id verification past the monetary sector in order that extra customers can expertise the comfort of DID know-how.”
Although this can be the blockchain agency’s first DID rollout within the monetary sector, it has already been utilized in South Korea for contact tracing of the coronavirus. Jeju Island, some of the fashionable vacationer locations for Koreans, now requires guests to make use of the Zzeung app with its DID know-how to maintain information of the place they go to on the island, and in the event that they keep sufficient distance between one another to cut back the danger of spreading COVID-19.
Based on the announcement, NH Nonghyup Financial institution and IBK Industrial Financial institution will even use Zzeung for KYC compliance certification in 2020. ICONLOOP mentioned it plans to develop the app’s service to offer numerous types of id authentication resembling customer authentication and qualification authentication.