ICONLOOP Runs Event to Mark the Launch of Korea's First Financial-Sector DID Service
- Simpler, safer identity verification with Zzeung, Korea's first financial-sector DID service
October 5, 2020, Seoul — ICONLOOP (CEO JH Kim), a leading Korean blockchain company, announced on the 5th that it is running a user event to mark the issuance of Shinhan Bank real-name verification through Zzeung (www.zzeung.id), Korea's first financial-sector DID service.
The event, which begins today, celebrates the issuance of Shinhan Bank real-name verification through Zzeung, ICONLOOP's DID identity verification service. Zzeung real-name verification will be applied across a range of non-face-to-face identity verification tasks in Shinhan SOL — starting with identity confirmation when changing login credentials, and extending to mobile OTP issuance, password changes, and know-your-customer (KYC) checks — and its scope and uses will gradually expand beyond Shinhan Bank to every affiliate of Shinhan Financial Group. As a result, users who obtain Shinhan Bank real-name verification in Zzeung will be able to verify their identity easily not only for banking in the Shinhan SOL app but also in financial apps spanning securities, cards, and insurance, as well as in the everyday-convenience apps partnered with them.
Entering the event requires nothing more than obtaining Shinhan Bank real-name verification through the Zzeung app. Users photograph their ID card and verify a Shinhan Bank account in their own name to have their Zzeung Shinhan Bank real-name verification issued, and a single fingerprint authentication completes their entry. The first 10,000 users who obtain Zzeung real-name verification and enter the event, on a first-come, first-served basis while supplies last, automatically receive a Starbucks Americano coupon.
The Starbucks Americano coupon awarded as the event prize can be found on the home screen of the Zzeung app, and users can redeem it by showing the barcode at a Starbucks store. Anyone with a Shinhan Bank account can take part in the event; those without one can open a new account and then enter.
Zzeung, which ICONLOOP launched recently, is a DID identity verification service built on the MyID platform designated an Innovative Financial Service by the Financial Services Commission (FSC). Under the special exception granted for simplifying non-face-to-face identity verification procedures, it is the only service in Korea to have issued a financial-sector DID. DID (Decentralized Identity), the blockchain-based identity verification applied in Zzeung, is a new kind of authentication in which personal identity information is not stored by a company or institution but kept by the individual on their own phone and submitted directly when needed; its defining characteristic is that individuals can manage and control their personal information themselves.
"Korea's first financial-sector DID issuance carries important significance as a first step toward returning data sovereignty to users," said ICONLOOP CEO JH Kim. "After Shinhan Bank, the Zzeung service is scheduled to be applied to NH NongHyup Bank and IBK Industrial Bank of Korea in turn, and we plan to expand it beyond the financial sector as a whole to every field that requires identity verification."
* How to take part: go to the event page
###