Shinhan Bank Signs Business Agreement on 'Decentralized Identity Verification Service' with SKT and Samsung SDS

At the signing ceremony, Jeon Pil-hwan, Head of Digital Group at Shinhan Bank (left), Oh Se-hyun, Head of SKT Authentication CO, and Seo Jae-il, Head of Security Business Division at Samsung SDS, are posing for a commemorative photo.

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 13th that it has signed a business agreement with SKT and Samsung SDS to jointly promote a blockchain-based decentralized identity verification (DID) service.

DID is a service that encrypts and stores identity information on a smartphone, allowing individuals to selectively submit their personal information when needed. By applying blockchain technology, it ensures that personal information cannot be tampered with or falsified.

Shinhan Bank, SKT, and Samsung SDS are key participants in the Initial DID Consortium, a mobile certificate service centered on large corporations, and have cooperated in building blockchain networks and related infrastructure.

Through this agreement, each company plans to accelerate the spread of DID services by ▲ collaborating on Initial service certificate business ▲ cooperating on new business development based on DID ▲ developing joint business structures.

In particular, Shinhan Bank plans to enhance customer convenience by enabling the online submission of documents required for new loan and deposit products using Initial DID technology. Additionally, by utilizing the Initial university certificate service, automatic verification without document issuance will be possible when using external services that require university graduation (expected), enrollment, or transcript certificates.

A Shinhan Bank official stated, "DID technology is a foundational technology that can implement customer-centric services based on security and convenience," adding, "We will strive to provide innovative future financial services based on DID technology to our customers."

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