Financial Informatization Promotion Council, Standardization of Distributed ID Services for Financial Companies

The Bank of Korea: "Ensuring Decentralized ID Interoperability... Promoting Service Activation"

[Asia Economy Reporter Jang Sehee] The Bank of Korea announced that the Financial Informatization Promotion Council established the standardization of the operation and sharing system for distributed ID services of financial companies on December 24 last year.

On the 5th, the Financial Informatization Promotion Council decided to standardize the functional requirements such as the model, system, and data configuration of the distributed ID service, as well as the procedures for issuing and submitting identity information. Distributed ID is a blockchain-based digital identity verification system where the data subject manages, selects, and submits their own identity information.

Although various services based on distributed ID have been discussed across society, including the financial sector, the standard for services that financial companies can actually utilize was insufficient, which has now been improved.

Users receive identity information from financial companies, store it in an electronic wallet in the form of a smartphone app, and when identity verification is required, users can directly select and submit only the necessary information to the target institution.

The Bank of Korea stated, "Through the establishment of standards, we expect to secure interoperability of distributed ID services in the financial sector and promote the activation of these services."

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