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Korea FSC approves ICONLOOP’s blockchain-based digital identity authentication service codenamed “my-ID” into its Fintech Sandbox
‘my-ID’, a digital ID service that will be utilized for non-face-to-face openings of banking accounts
ICONLOOP has introduced its digital ID service that can be utilized for untact (non-face-to-face verification) openings of banking accounts. The Financial Services Commission (FSC), South Korean government’s top financial regulator, has announced the inclusion of ICONLOOP’s ‘my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox’ created under the Financial Innovation Support Special Law.
Jonghyup Kim, CEO of ICONLOOP, stated, “The designation of my-ID as an Innovative Financial Service will be a monumental turning point in the growth of Korea’s blockchain industry.” He also said, “Although it has been somewhat difficult to find a meaningful use of blockchain technology in everyday life so far, this will be an opportunity to prove and verify the usefulness of blockchain technology. I hope that this marks not only the expansion of blockchain technology but also the creation of an overall digital identity ecosphere.”
As 18 different companies, including manufacturers, banks, stock/securities firms, insurance companies, and e-commerce companies, have expressed their participation in the Innovative Financial Service project, the sandbox inclusion is expected to act as a stimulus towards mass adoption.
my-ID, which was designated as an Innovative Financial Service, is a digital identity authentication service built on blockchain technology. It allows for ID authentication information (ID, monetary transfers, verification through mobile phones, etc.) to be saved to the user’s mobile phone so that users can reuse said information to open further accounts or access other services that requires identification. This drastically simplifies the cumbersome processes such as taking pictures of one’s ID over and over again and will allow consumers to sign up for various financial products in an easier manner.
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Hello ICON World - Medium