Bank Account Opening and KYC Made Simple in South Korea with Blockchain App

Owners of smartphones in South Korea can now open a bank account and also verify it with an app supported by ICON.

It will soon be possible for South Koreans to open a bank account and do the necessary KYC verification from their homes with an app that will be provided by ICON.

Yesterday Aug 26, The South Korean blockchain network ICON announced through its technology division, ICONLOOP, that together with Shinhan Bank, it will provide certificates that signify a successful completion of KYC. Shinhan Bank has assets worth $375 billion making it the first runner-up to the biggest bank in the country. The Zzeung mobile app provided by the blockchain firm meets the need of opening a bank account.

With the certificate, there will be no more need to go through the KYC verification process before getting the services of Shinhan Bank. After identifying oneself on the Zzeung app and the bank accepts it, a compliance certificate will be given and with it, the customer can change password.

The Zzeung app is the only officially accepted mobile app for financial transactions in South Korea. According to CEO Jong-hyup Kim of ICONLOOP, “This issuance of KYC compliance certification with Shinhan Bank is of great significance because it is the first commercialization of DID services used in the financial sector in Korea.”

“In the future, we will expand the Zzeung to all industries that require identity verification beyond the financial sector so that more users can experience the convenience of DID technology.”

Although this is the first time the blockchain firm is bringing out this solution to solve financial issues, the health sector first benefited from it when it was used for contact tracing of  COVID-19 patients. Downloading the Zzeung app is also mandatory for tourists going to the Jeju Island. The app and its DID technology are being applied to tourism so that visitors can keep safe distance apart as required by the COVID-19 rules.

Two banks are also looking at using the app to provide KYC compliance certificates; they are NH Nonghyup Bank and IBK Industrial Bank. According to ICONLOOP, more applications for the Zzeung app will come soon and that will include its ability to verify qualifications and identity.

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