Shinhan Bank Launches Financial Sector's First Electronic Document Wallet Service

Ministry of the Interior and Safety Signs Business Agreement to Promote Use of Electronic Certificate Distribution System
First Implementation of Electronic Document Wallet and Electronic Certificate Receipt Process in Financial Sector

Jin Ok-dong, President of Shinhan Bank

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 4th that it has signed a business agreement with the Ministry of the Interior and Safety to promote the use of the ‘Electronic Certificate Issuance and Distribution System (Electronic Document Wallet)’ and will be the first in the financial sector to implement the ‘Electronic Document Wallet’ service on its mobile application SOL.

The Electronic Certificate Issuance and Distribution System uses electronic certificates throughout the entire process of applying for and submitting civil service documents to minimize the inconvenience and social costs associated with submitting paper certificates, in accordance with the government’s ‘Digital Government Innovation Development Plan.’ Electronic certificates are stored in an encrypted state in a cloud-based self-information repository accessible only by the individual, eliminating concerns about information leakage even if the smartphone is lost, and applying blockchain security technology to prevent forgery and alteration.

When customers apply for the required certificate through the ‘Government24’ app and select ‘Electronic Document Wallet’ as the receipt method, they can check the issued certificate on the SOL ‘Electronic Document Wallet’ platform. On this platform, customers can submit the certificate electronically to Shinhan Bank, other financial institutions, or private companies without printing paper documents, or manage their electronic certificates containing their personal information.

Shinhan Bank has completed the establishment of a digital work environment that connects electronic documents not only to the electronic document wallet platform for distribution and storage but also to the bank’s system for business use. For example, customers can receive a vehicle registration certificate as an electronic certificate without visiting administrative offices and use it for Shinhan My Car loans, or issue a military service certificate to subscribe to the Youth Preferential Housing Subscription Savings at Shinhan Bank.

Currently, 13 types of electronic certificates, including resident registration certificates, are available on SOL, and the number of available electronic certificates is expected to expand to 100 by the end of this year. Additionally, according to the future business agreement with the Ministry of the Interior and Safety, Shinhan SOL plans to add an electronic certificate issuance function.

A Shinhan Bank official said, “Through continuous digital transformation of banking services, we plan to significantly enhance customer convenience in banking operations while pioneering new services that customers have never experienced before.”

This content was produced with the assistance of AI translation services.