South Koreans will soon be able to remotely open bank accounts requiring KYC verification using only their smartphones.
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 bank is South Korea’s second-largest, with $375 billion in assets. The blockchain firm will allow customers to use its Zzeung mobile app’s blockchain-based decentralized identity (DID) technology to open bank accounts.