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ICON App provides remote KYC verification for South Korea’s second largest bank

August 27, 2020

South Koreans will soon be able to remotely open bank accounts that require KYC verification using just their smartphones.

According to an announcement by ICONLOOP on August 26th South Korean blockchain network ICON Technology Division is working with Shinhan Bank to issue KYC compliance certificates. The bank is the second largest in South Korea, with assets of $ 375 billion. L.The blockchain company enables customers to use the decentralized blockchain-based identity technology (DID) of its Zzeung mobile app to open bank accounts.

These compliance certificates allow users to bypass redundant KYC compliance processes to request service from Shinan Bank. the second largest in South Korea. Once customers have verified their identity using the Zzeung app, Shinhan verifies their information and issues a certificate of compliance that can be used to request password changes.

ICON App provides remote KYC verification for South Korea’s second largest bankICON App provides remote KYC verification for South Korea’s second largest bank

Zzeung is the only mobile app approved by the Financial Services Commission. “”This issuance of the KYC Certificate of Conformity at Shinhan Bank is of great importance as it is the first commercialization of DID services used in the financial sector in Korea.“said ICONLOOP CEO Jong-hyup Kim.

“Going forward, we will expand Zzeung to all industries that require identity verification beyond the financial sector so that more users can take advantage of the convenience of DID technology.”

While this may be the blockchain company’s first DID launch in the financial sector, it has already been used in South Korea to track coronavirus contacts. In Jeju Island, one of the most popular travel destinations for Koreans, visitors now need to use the Zzeung app with its DID technology to keep a record of the island locations they have visited and to see if they have enough distance between them to keep themselves to reduce the risk of spreading COVID-19.

According to the announcement, NH Nonghyup Bank and IBK Industrial Bank will also use Zzeung for KYC compliance certification in 2020. ICONLOOP plans to extend the service of the app to provide various forms of identity authentication, e.g. B. visitor authentication and qualifying authentication.

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