ICONLOOP-Led 'MyID Alliance' Appoints Former Deputy Prime Minister Hun-jai Lee as Advisory Committee Chair Ahead of Official Launch
The MyID Alliance is a partnership formed to build a decentralized ID ecosystem that offers practical solutions to the inconveniences users face, centered on MyID (my-ID), a blockchain-based mobile identification service built on ICONLOOP's proprietary decentralized ID technology.
Since MyID was designated for the Financial Services Commission's Innovative Financial Service regulatory sandbox in June, the MyID Alliance has been preparing for its official launch. A total of 27 institutions and companies across a range of fields — including POSCO and Shinhan Bank as well as commercial banks, securities firms, e-commerce companies, and manufacturers — have already confirmed their participation. Notably, many of them will be putting MyID to practical use, which is expected to enable rapid expansion as soon as the service opens.
While working with partners across many fields, the MyID Alliance has also formed an advisory committee to play a central role in setting the alliance's direction, advising on its future activities, supporting public–private cooperation, and recommending directions for improving the regulatory environment. It appointed Hun-jai Lee, Chairman of Yeosijae, as chair of the committee. An economic expert who served as Deputy Prime Minister and Minister of Finance and Economy and previously headed the Securities Supervisory Board, the Office of Bank Supervision, and the Financial Supervisory Service, Chairman Lee is expected to lend considerable momentum to the growth of the MyID Alliance. He currently serves as the founding chairman of Yeosijae, a private think tank exploring a future vision for the country, where he continues to work on resolving structural problems in the social economy.
"Building trust among economic actors will be the single most important factor in the growth and functioning of the digital economy, and blockchain-based decentralized ID will be the cornerstone of that trust," said Hun-jai Lee, chair of the MyID Alliance advisory committee. "In the case of the MyID Alliance, I judged that it has both the technology and the regulatory foundation in place, and that with companies from many fields already participating, it will be able to provide the practical solutions that diverse economic actors need across the digital economy and society by making use of decentralized ID."
Ahead of its official launch on November 5, the MyID Alliance intends to expand its partnerships from the financial sector at large into other industries such as fintech, e-commerce, the sharing economy, and healthcare, creating pioneering use cases for blockchain. MyID, the core of the alliance, is scheduled to launch as a commercial consumer service in the first half of next year.
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