ICON app offers remote KYC for South Korea’s second-largest bank

According to an Aug. 26 announcement from ICONLOOP, the technology arm of South Korean blockchain network ICON, is partnering with Shinhan Bank to issue KYC compliance certificates. The blockchain firm will allow customers to use its Zzeung mobile app’s blockchain-based decentralized identity (DID) technology to open bank accounts.

Such compliance certificates allow users to bypass redundant KYC compliance processes to request service at Shinan Bank, the second largest in South Korea. "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,” said ICONLOOP CEO Jong-hyup Kim.

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