South Korea’s largest bank and one of the top four biggest banks in Korea, Shinhan Bank, a financial organization owned by Shinhan Financial Group, has announced the integration of ICONLOOP solution MyID, ICON founder, and CEO Kim Jonghyup has said in an update.
The integration of MyID, a decentralized blockchain-based identity platform, into Shinhan’s banking application, came at a time the historical first bank of Korea with headquarter in Seoul, is creating an open lab to enhance further collaboration with fintech companies across the world for innovative financial ideas.
The ICON CEO said, following the announcement, Shinhan bank will be integrating ICONLOOP’s DID solution named MyID into SOL, a banking application by Shinhan bank.
SOL, with a record over 10 million downloads so far, will be using ICONLOOP DID solution for logins and OTPs.
Earlier in July, ICONLOPP announced it raised a sum of $5 million for its decentralized identity application MyID in a round led by TS Investment and Korea Asset Investment Securities.
Other companies that participated in the round include; K-Clavis Investment, Pathfinder H Danal Holdings, Korea Growth Investment Corporation (K-Growth), Kiwoom Investment, and Pathfinder H.
Towards the development of MyID which is scheduled to go live in the third quarter of the year, ICONLOOP collaborated 68 institutions to form a group known as MyID Alliance.
The ICONLOOP decentralized identity application has been granted approval by the Korea Financial Services Commission (FSC) for authentication of users for financial transactions.
How Big is Shinhan Financial Group and Shinhan Bank?
The South Korea’s major commercial bank is owned and managed by South Korea-based Shinhan Financial Group, a group that focuses on banking business. Shinhan Financial Group has a total asset of US$482 billion and more than 21 thousand employees.
Aside Shinhan Bank, the group has a number of subsidiary companies which include; Shinhan Life Insurance, Shinhan Card, Shinhan Investment Corp., Jeju Bank, Shinhan Capital, among some other 25 finance-oriented companies.
It also has over 850 branches across the world in countries like Canada, UK, Germany, the United States, Australia, among others, with over 6,000 ATMs in operation.
The open lab, run by Shinhan bank, according to the latest update, is dedicated to the remodeling and development of its Myeongdong branch in central Seoul. The bank has slated November 2020 for the official opening of the fintech R&D open lab christened Expace.
Through the lab, Shinhan bank intends to sign a memorandum of agreement with Microsoft, promising startups, and major local telecom companies.