announce “Shinhan Bank” which is the largest bank in South Korea and one of the four largest banks in South Korea, which is a financial institution owned by “Shinhan Financial Group” announced the integration of the ICONLOOP solution for the ICON crypto project.

The integration of one of ICON’s technology, MyID technology into the “Shinhan” banking application, came at a time when the Korean bank headquartered in Seoul, is setting up an open laboratory to promote more cooperation with digital economy companies around the world in order to innovate and come up with ideas New technical finance.

ICON CEO Kim Jong-yeop stated that Shinhan Bank will integrate ICONLOOP’s MyID solution into SOL, a banking application operated by Shinhan Bank.

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It is worth noting that the SOL application is one of the popular applications in South Korea, as it has received more than 10 million downloads so far, and the SOL application uses ICON’s technology to record logins and enter passwords.

Earlier in July, ICONLOPP announced that it had raised $5 million to fund the MyID decentralized identity implementation project in a funding round led by TS Investment and Korea Asset Investment Securities.

Other companies that participated in the financing round include:

“K-Clavis Investment”, “Pathfinder H Danal Holdings”, “Korea Growth Investment Corporation”, “Kiwoom Investment” and “Pathfinder H”.

The funding, as we mentioned, aims to develop the identity recognition feature in a decentralized manner, which is scheduled to be operational in the third quarter of this year.

ICONLOOP has teamed up with 68 institutions to form a group known as the “MyID Alliance”.

ICONLOOP has been granted approval by the Financial Services Commission of Korea (FSC) to certify users coming into financial transactions.

How big is Shinhan Financial Group and Shinhan Bank?

The main commercial bank in South Korea is owned and operated by South Korea-based Shinhan Financial Group, a group focused on banking.

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Shinhan Group has total assets of $482 billion and more than 21,000 employees.

Besides Shinhan Bank, the group owns a number of subsidiary companies which include:

Shinhan Life Insurance, Shinhan Card, Shinhan Investment Corp., Jeju Bank, Shinhan Capital, among 25 other financially oriented companies.

Shinhan also has more than 850 branches worldwide in countries such as Canada, UK, Germany, USA, Australia and more, with more than 6000 ATMs in operation.

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The open laboratory, operated by Shinhan Bank, according to the latest update, has been designated for the redesign and development of the “Myeongdong” branch in downtown Seoul.

The bank has set a November 2020 date for the official opening of the Expace open fintech research and development lab.

Through the lab, Shinhan Bank intends to sign a memorandum of agreement with Microsoft, promising start-ups and major domestic telecoms companies for research and development in the field of financial technology.

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