Shinhan Bank launches the first electronic document wallet service in the financial sector

On Septermber 4, Shinhan Bank announced that it signed a business agreement with the Ministry of Public Administration and Security to ‘activate the use of electronic certificate issuance and distribution system (electronic document wallet)’, which is the first financial sector to implement an “electronic document wallet” service through Shinhan SOL(App). The electronic certificate issuance/distribution system uses an electronic certificate in the entire process of application and submission of civil petition documents to minimize inconvenience and social costs associated with submitting paper certificates according to the government’s “Digital Government Innovation Development Plan”. The electronic certificate is stored in an encrypted state in a cloud-based magnetic information storage that only the person can access. Thus there will be no fear of information leakage even when a smartphone is lost and it is impossible to forgery by applying blockchain security technology. Customers can check the certificate issued by Shinhan SOL’s’Electronic Document Wallet’ platform by applying for the required certificate in the’Government 24′ app and selecting’Electronic Document Wallet’ as the receiving method. Through the platform, users can submit the certificate to Shinhan Bank, other financial institutions, and private companies in the form of electronic documents without printing paper documents, or manage electronic certificates containing your information. Shinhan Bank has completed the developing a digital work environment that can be used for business by connecting electronic documents to the banking system as well as a “electronic document wallet” platform for distribution and storage of electronic documents. Without visiting an administrative agency, the vehicle registration book can be issued as an electronic certificate and used for a Shinhan mica loan, or a medical registration certificate can be issued to sign up for comprehensive housing subscription savings for young people at Shinhan Bank. At Shinhan SOL, 13 types of electronic certificates are currently available, including a copy of resident registration, and the types of electronic certificates that can be used will be expanded to 100 by the end of this year. An official at Shinhan Bank said, “Through digital transformation of continuous banking business, we plan to dramatically increase the convenience of banking operations for our customers, and at the same time lead the implementation of new services that customers have not experienced before.” ※This article is published with the permission of Blockmedia.

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