Financial Services Commission, Promoting Bank-Centered 'Decentralized Identity Verification' Service with Domestic Banks

August Information Wallet Service 'MyInfo' Launch

MyInfo Certificate List Screen. Photo by Korea Financial Telecommunications and Clearings Institute

[Asia Economy Reporter Song Seung-seop] The Korea Financial Telecommunications & Clearings Institute (KFTC) is partnering with 16 domestic banks to promote a bank-centered decentralized identity verification service.

According to KFTC on the 12th, the "Financial Decentralized ID Promotion Council" was recently launched, centered around 16 domestic banks. The council serves as the representative body of banks in advancing decentralized identity verification services within the banking sector. Its purpose is to discover and commercialize bank-centered business models. It also plays a role in voicing the collective opinions of banks to policy authorities.

Decentralized identity verification is a blockchain-based service that allows users to receive and utilize identity information such as name and date of birth, as well as various qualification information, issued to an information wallet within a smartphone application (app).

Through the council, the banking sector plans to issue certificates such as account verification documents as decentralized identity verifications, providing paperless financial services. Identity and qualification information issued by public or private institutions can also be included in decentralized identity verification. In the future, they plan to review simplified online identity verification methods that align with the direction of policy authorities.

To this end, the joint bank information wallet service called "MyInfo" will be launched next month. This is the first case of commercializing a bank-sector decentralized identity verification service.

"MyInfo" is a smartphone information wallet that can hold decentralized identity verifications issued by banks and public institutions. Initially, it will be used for easy login and transfers at the 16 banks. Later, the range of issued certificates will be expanded, and it will be linked with the Ministry of the Interior and Safety’s mobile ID card.

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