Considered one of Korea’s most outstanding crypto and blockchain companies, Iconloop, introduced a partnership yesterday with Shinhan Bank, the nation’s second-largest business bank, to concern Know-Your-Buyer (KYC) compliance certificates, as per a launch.
It’s one in a protracted record of blockchain and crypto-based tasks to be launched in Korea’s public area this yr. Others embody an Ethereum-powered seashore funds system and the usage of blockchain-based apps for verifying driver’s licenses, with Iconloop’s new growth one of many first situations of a bank-crypto agency partnership.
Via its cellular app Zzeung—which makes use of the agency’s blockchain-based decentralized identification (DID) service—Iconloop will concern a KYC certificates accessible on its native blockchain for any customers, who can then remotely open a Shinhan bank account utilizing simply their cellular app. This eliminates the necessity for paper paperwork and different intensive compliance calls for, the discharge stated.
Shinhan Bank-issued compliance certificates shall be additionally utilized to varied different identification verification companies used to entry Shinhan’s cellular banking companies, together with cellular password issuances, password modifications, and different buyer verification wants.
Customers holding the compliance certificates also can use the KYC facility with Shinhan’s accomplice firms, making it sooner for them to entry monetary companies, akin to brokerage, bank card, and insurance coverage accounts.
Jong-hyup Kim, the founding father of Iconloop, commented on the launch, “This issuance of compliance certification with Shinhan Bank is of nice significance as a result of it’s the first commercialization of DID companies used within the monetary sector in Korea.”
Zzeung is likely one of the essential gamers of the MyID Alliance, a blockchain-focused—and government-recognized—consortium in Korea with over 77 members starting from business banks to native governments and e-commerce firms.
This yr, the nation’s Monetary Companies Fee accepted Zzeung into its monetary sandbox to permit the event of compliance certifications and different identification verification companies utilizing blockchain expertise.
The event comes because the Korean authorities is touting an enormous funding in blockchain and different rising applied sciences akin to AI. It has already put apart $400 million in a particular funding car for the aim and is even pursuing analysis on a possible digital received, Korea’s digital different to its fiat.
