Shinhan Bank Selected as the First Electronic Signature Certification Provider in the Financial Sector

by Park Sunmi

Published 15 Sep.2021 14:37(KST)

Expanding Life-Finance Connectivity with Reliable, Secure, and Convenient Authentication Services

Shinhan Bank Selected as the First Electronic Signature Certification Provider in the Financial Sector

[Asia Economy Reporter Park Sun-mi] Shinhan Bank announced on the 15th that it has been recognized as an electronic signature certification service provider under the Electronic Signature Act by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA).

The electronic signature certification evaluation and recognition system was introduced to ensure the reliability and stability of electronic signature certification services following the abolition of the public certification system. Recognition as an electronic signature certification service provider is essential to participate in public sector electronic signature projects such as Hometax and integrated authentication projects for MyData.

Since early this year, Shinhan Bank has selected the Financial Security Institute as the evaluation agency and conducted written and on-site evaluations on a total of 189 items. Through this process, it was recognized for service stability and security that meet the operational standards for electronic signature certification tasks. Shinhan Bank became the first financial company and the second overall, following NHN Payco, to obtain the qualification as an electronic signature certification service provider.

Starting from this recognition, Shinhan Bank plans to rapidly expand the usage scope of its authentication service (Shinhan Sign) to private businesses and public institutions. In particular, since certificates that have passed the electronic signature certification evaluation and recognition are required in the integrated authentication process of the MyData service, which will be implemented from January next year, Shinhan Bank can secure a favorable position to target the MyData service market.

A Shinhan Bank official stated, “The electronic signature certification business serves as a gateway that leads customers to financial services. With the opening of the certification market due to the revision of the Electronic Signature Act, it can act as a new channel connecting Shinhan Bank’s services and customers.” He added, “We will continue to play a role in enhancing connectivity between lifestyle services and financial services.”