Following its recent Series A funding announcement, ICONLOOP has just appointed former Deputy Prime Minister and Minister of Finance and Economy, Hun Jae Lee, as chairman of my-ID Alliance’s advisory committee, according to their Korean press release

The alliance, which aims to build a decentralized ID (DID) ecosystem to solve user inconveniences through my-ID, already comprises of 27 organizations and companies from the fields of banking, securities, e-commerce and manufacturing, including POSCO and Shinhan Bank. ICONLOOP plans to expand the alliance to fintech, e-commerce, sharing economy and healthcare to pioneer the digital identification movement. 

The advisory committee will play a key role in presenting the alliance’s direction, consulting on future activities, supporting public-private cooperation, and providing recommendations to improve the regulatory environment. 

Formerly serving as Deputy Prime Minister and Minister of Finance and Economy, Lee was also head of the Korean Securities and Exchange Commission and the Financial Supervisory Service and is currently leading the private think tank Yeosijae, whose mission is to “advance the advent of a new civilization.”

“Building trust between economic stakeholders will be the most important element when it comes to the growth and operation of the digital economy, and blockchain-based decentralized ID will be the foundation on which such trust will be built,” said Chairman Lee. “Not only does my-ID Alliance have the necessary technical skills and regulatory framework, but also, since many companies from various industries are participating, our decentralized ID will be able to provide practical solutions in many different areas of the digital economy.”

ICONLOOP will be launching the my-ID alliance on November 5th, with the my-ID commercial service slated for release in the first half of 2020.