Telecom 3 Companies Collaborate with NongHyup on Authentication and MyData Business Using 'PASS'

Stepwise Introduction of PASS Certificate in NongHyup Major Financial Apps to Enhance Customer Convenience
Improvement of Identity Verification Process through PASS-Based MyData Business Collaboration for Easy and Simple Authentication

[Asia Economy Reporter Eunmo Koo] The three major mobile carriers announced on the 7th that they will sign a business agreement with NongHyup to promote non-face-to-face authentication services based on the authentication platform ‘PASS’ and to activate the MyData business. SK Telecom will represent the three carriers at the signing ceremony held on the same day.

Through this business agreement, the three carriers and NongHyup will first introduce the ‘PASS certificate’ to ‘NH Kok Bank,’ NongHyup’s mobile financial platform for mutual finance, and plan to expand its application to NongHyup’s overall electronic financial services in the future.

Additionally, cooperation in the MyData business through the PASS platform will also be promoted. For MyData services, identity verification is essential in the process of gathering personal information scattered across various financial institutions. The PASS certificate provides a service that handles MyData authentication smoothly during the identity verification process, and NongHyup plans to promote its MyData financial products and secure subscribing customers through the PASS platform during the authentication process.

Moreover, SK Telecom is promoting the ‘PASS Integrated Authentication’ service to strengthen its competitiveness in non-face-to-face authentication. PASS Integrated Authentication is a service that simplifies the authentication process by combining various authentication services operated by the carriers, such as ▲identity verification ▲electronic signature ▲ID verification. SK Telecom and NongHyup expect that through the PASS Integrated Authentication service, they can improve customer usability by enhancing security while simplifying procedures in the authentication process for subscribing to NongHyup’s non-face-to-face financial products.

The number of PASS certificate issuances by the three carriers exceeded 28 million as of the end of last month, showing an increasing trend. Since the amendment of the Electronic Signature Act and the abolition of the public certificate, the PASS certificate has been continuously expanding partnerships in the authentication market and is currently used as a simple authentication method by about 200 institutions, including the Korea Post, Employment Insurance, Samsung Securities, and Hyundai Card.

Lee Jae-sik, Head of Mutual Finance at NongHyup Central Association, said, “We hope this agreement will serve as a foundation for financial services that all customers, including farmers, can easily use,” adding, “We will actively respond to new market changes such as MyData while improving customer convenience and continue to provide innovative services that offer practical support to agriculture and rural areas.”

Oh Se-hyun, Head of Authentication CO at SK Telecom, stated, “The fact that the PASS authentication platform has been recognized in the private authentication market carries symbolic meaning,” and added, “SK Telecom will continue to strive to enable customers to use financial services conveniently and safely by utilizing authentication technology.”

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