S. Korean Banks to Use Blockchain to Verify Customer IDs

BankSign will offer local banks an option to replace the existing ID verification system that has been in place for decades in South Korea
12 June 2018   742

The Korean Federation of Banks (KFB) announced that it will soon release a blockchain-based identity system for usage in local commercial banks. It will be called BankSign and will be launched in July, after the end of the test period, which had began in April this year. This is reported by CoinDesk.

Samsung developed a private blockchain, based on the Nexledger technology.  According to KFB, thanks to BankSign, local banks will be able to replace the existing identity system, which South Korean banks have been using for several decades.

The KFB Federation was founded in 1984 and represents in South Korea the interests of commercial banks, including Shinhan and Woori - they, in particular, are exploring the possibility of using blockchain for cross-border money transfers.

The new blockchain system, which, according to KFB, will be available for online and mobile banks, is one of the first blockchain initiatives of South Korean commercial banks aimed at interacting with the mass consumer.

According to the Korea JoongAng Daily, in November 2017 KFB, in conjunction with local financial institutions, formed a banking blockchain consortium, after which investigations began to create an alternative authentication system.

The beta test of BankSign began in April after the government of South Korea abolished the mandatory use by banks of the traditional system, which gave the banking industry scope for using more advanced methods.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   335

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.