1/ Late Tweetstorm. Been busy.
Congrats to ICONLOOP w the launch of ‘Shinhan KYC Authentication’ on Zzeung app. Many of you don’t know much about banking + ID system in Korea so I’ll explain in here. Then you’ll know why this news has caught the entire country’s attention.
Congrats to ICONLOOP w the launch of ‘Shinhan KYC Authentication’ on Zzeung app. Many of you don’t know much about banking + ID system in Korea so I’ll explain in here. Then you’ll know why this news has caught the entire country’s attention.
2/ @markusjayvc is not wrong here, but only partially right. Many of you see this launch impacting 1 bank + customers using SOL app. This is MUCH MUCH MORE than that. This directly impacts the way EVERY KOREAN CITIZEN interacts w the digital world.
3/ In simplest terms, ICONLOOP + Shinhan just launched a DIGITAL ID card. Shinhan verifies if the user is a real person (performs KYC) and issues this ID. This ID is stored in the user’s mobile phone inside Zzeung app. There’s just 1 real copy like your passport or DL.
4/ What’s so special about this new ID? Need some history here. For decades, Koreans were forced to use gov’t issued digital ID certificate for financial services (e.g. online banking). And it’s been extremely painful. If you want to know why, read:
forbes.com/sites/elainera…
forbes.com/sites/elainera…
5/ Earlier this year, Korea finally ended its old gov’t digital ID system. @markusjayvc also broke this news to our community. What wasn't clear back then was that banks were indirectly granted this new power to create a NATIONAL digital ID system.
6/ There was confusion in the media(like below) on how to replace gov't digital ID. Retail banks have the most credible ID system other than the gov’t due to strict KYC laws. No bank involvement means low credibility(think Student ID or Facebook Connect).
pulsenews.co.kr/view.php?year=…
pulsenews.co.kr/view.php?year=…
7/ So I hope you know where I’m going w this. ICONLOOP + Shinhan’s Digital ID is now the most CREDIBLE digital ID in Korea. And w 2 other banks(NH and IBK) launching soon, Zzeung will get better as the country’s only digital ID aggregator platform.
8/ Almost everything today is digital. Our communication is digital. Our money is digital. Now our ID is TRULY digital w Zzeung. Not all internet services will need Zzeung. But those that need to check ID w high certainty(e.g. financial services) will use Zzeung.
9/ For example, Zzeung significantly lowers total customer acquisition cost for fintech companies. KYC has always been a huge bottleneck. Also impeding innovation b/c customers don't switch. Now customer registration and onboarding process are much faster and cheaper.
10/ So this ICONLOOP + Shinhan Digital ID is just like your passport or DL in a digital form. There can be only one copy b/c of ICONLOOP’s Decentralized ID tech.
Summary: Quality + Convenience + Security+ Privacy
There has never been anything like this EVER.
Summary: Quality + Convenience + Security+ Privacy
There has never been anything like this EVER.
BONUS/ Above are the reasons why ICONLOOP was able to raise KRW 16 billion in the past year from incredible investors like K-Growth Innovation Fund, Kiwoon Investment, and Danal Holdings. Zzeung is the future.
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crowdfundinsider.com/2020/07/163670…
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crowdfundinsider.com/2020/07/163670…
