Shinhan Financial Group Signs Strategic Partnership in Authentication Field with Korea Financial Telecommunications & Clearings Institute

Lee Sung-yong, Chief Digital Officer (CDO) of Shinhan Financial Group (right), and Son Hee-seong, Executive Director of the Korea Financial Telecommunications & Clearings Institute, are posing for a commemorative photo after signing a strategic partnership agreement.

[Asia Economy Reporter Kwangho Lee] Shinhan Financial Group announced on the 27th that it has signed a strategic partnership with the Korea Financial Telecommunications & Clearings Institute to develop innovative authentication services and provide safe and convenient authentication services.

The two organizations will promote the expansion of financial certificates, collaborate on building biometric authentication systems within digital innovation branches, and pursue joint bank sector identity verification through financial decentralized ID.

Shinhan Financial plans to combine its digital capabilities with the Korea Financial Telecommunications & Clearings Institute's expertise in authentication fields for authentication businesses such as biometric authentication and blockchain-based decentralized ID to offer differentiated financial services to customers.

Innovative services applying biometric authentication technologies such as facial recognition will also be developed within the year at future-oriented innovation branches like Shinhan Bank's Digitect Branch.

A Shinhan Financial Group official stated, "We plan to prioritize customer convenience and security by applying the Korea Financial Telecommunications & Clearings Institute's certificates, which are most widely used in domestic public and private institutions, across the group including cards, securities, and life insurance." He added, "We will continue to cooperate to provide customers with innovative digital services by linking Shinhan Financial Group, which possesses the top digital platforms in each financial sector, with the Korea Financial Telecommunications & Clearings Institute's authentication service strengths, which have the best domestic versatility."

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