Takeaways
- Another major South Korean bank has launched a MyID-based ID verification system.
- Nonghyup Bank’s new ID service allows for simple, non-contact ID verification for use in financial transactions.
- Don’t be surprised if we start seeing more and more DID use cases in the near future.
- This is really good news for ICONLOOP and ICON, though real investor rewards may come in the long term rather than short.
ICONLOOP announced Monday the launch of a DID-based identification system for Nonghyup Bank, one of South Korea’s largest banks.
The Nonghyup ID service is based on ICONLOOP’s MyID, a DID solution designated an “innovative financial service” by South Korea’s Financial Services Commission.
MyID currently has 86 partner companies and institutions, including Nonghyup and Shinhan banks, Samsung Electronics and the provincial government of Jeju Special Self-Governing Province.
Account holders at Nonghyup Bank can use the MyID-based mobile app Zzeung to get an ID verification certificate that enables simplified, non-face-to-face ID verification for financial transactions — no more bothersome mobile phone verifications, ID photographs or proof of account needed.
In particular, Nonghyup Bank’s ID verification certificates can be used to issue or reissue an OTP (one time password) for the bank’s mobile integrated financial platform, All One Bank, as well as adjust transfer limits.
ICONLOOP chief JH Kim said he expected the launch of Nonghyup’s service to “further activate DID services in the financial sector.”
He said ICONLOOP planned to expand MyID services “to all sectors that require ID verification” through cooperation with different partners “to allow more people to experience the convenience and security of DID technology.”
Nonghyup Bank said the new service “to give All One Bank customers the new customer experience of simplified, non face-to-face ID verification,” and that the bank would always work to turn All One Bank into a financial platform “that anyone could use with ease.”
In August of last year, Shinhan Bank launched a MyID-based ID service, the first commercial application of a DID service in South Korea’s financial sector.
