First Joint Information Wallet Service Launched in Financial Sector... The First Certificate is 'BankID'

Conceptual Diagram of the Information Wallet Service. Photo by Korea Financial Telecommunications and Clearings Institute

[Asia Economy Reporter Song Seung-seop] The Financial Decentralized ID Promotion Council announced on the 1st that it will include the ‘BankID’ certificate in MyInfo, the country’s first information wallet.

The Financial Decentralized ID Promotion Council, a council involving the Korea Financial Telecommunications & Clearings Institute and 16 domestic banks, has established the joint information wallet service MyInfo. With MyInfo, financial-related certificates such as loan verification and financial transaction verification can be issued and managed in one place. It is provided through a blockchain platform jointly built and operated by the banking sector, allowing customers to directly manage and submit their own information.

The BankID included in MyInfo is a blockchain-based digital identity certificate issued by banks. It converts the existing BankSign certificate into an information wallet certificate format for convenient use. It supports various authentication methods such as a 6-digit password, fingerprint, and Face ID regardless of online or offline use.

By using the import function of the information wallet, it can be used at other banks with a single issuance. Even if the app is deleted, it can be easily restored. Based on a blockchain distributed ledger, it is also tamper-proof. It started with seven banks on the 27th of last month and plans to expand to all 16 banks within the year.

BankID has digital certificate functions along with certificate login and electronic signature. It contains customer information such as phone number, address, and email, allowing automatic input of personal information that was previously entered every time during membership registration or product subscription. If necessary, it is also possible to selectively submit only the desired information.

Along with the service launch, an event for issued customers will be held. After issuing BankID, customers can apply through the homepage and will be entered into a draw to receive prizes.

A representative from the Korea Financial Telecommunications & Clearings Institute stated, “We will expand the MyInfo information wallet service so that users can conveniently prove their identity using only mobile devices,” and explained, “The council plans to include qualification certificates for easy financial product subscription and loans, as well as identity certificates combined with biometric information, in the information wallet.”

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