MyID's regulatory sandbox designation has been extended by two more years
This past December, MyID's special designation under the financial regulatory sandbox for Innovative Financial Services was extended by another two years. Thank you to everyone who believed in the value and the potential of MyID and cheered us on along the way.
Since MyID was designated an Innovative Financial Service by the Financial Services Commission (FSC) last year, DID has grown into a megatrend for the whole industry over the past twelve months. The trend began with the appearance of several DID alliances alongside the MyID Alliance, then converged with issues such as the Data 3 Acts and the abolition of Korea's accredited digital certificate system. Interest has stayed high ever since, and so have expectations for how much further the technology can be used.
We have also kept pushing to widen where DID can be applied. MyID became the first DID service to be successfully validated as a financial service — through a special exception to the Electronic Financial Transactions Act and a security review by the Financial Security Institute — and went on to commercialize the first DID in Korea's financial sector. During the COVID-19 pandemic we launched Jeju Safe Code together with Jeju Province to make contact tracing safer and more trustworthy.
And as 2021 opened, we received a special exception for a DID-based mobile driver's license through the Ministry of Science and ICT (MSIT) ICT Regulatory Sandbox — our second regulatory sandbox exception after the financial regulatory sandbox in June 2019.
- MyID designated for the Financial Services Commission's Innovative Financial Service financial regulatory sandbox (June 2019)
- MyID Alliance officially launched (November 2019)
- Additional special exception to the Electronic Financial Transactions Act (February 2020)
- Financial Security Institute security review completed (April 2020)
- Financial Services Commission review of the supplementary-condition implementation plan completed (May 2020)
- Financial Supervisory Service review of the consumer protection plan completed (July 2020)
- Zzeung, the MyID-based identity verification app, launched (August 2020)
- Zzeung X Shinhan Bank — first commercial DID deployment in Korea's financial sector (August 2020)
- Zzeung X Jeju Province — Jeju Safe Code, Jeju's tourism quarantine system, officially launched (December 2020)
- MyID's Innovative Financial Service designation extended by two years (December 2020)
- MyID Zzeung "mobile driver's license service" granted temporary authorization under the ICT Regulatory Sandbox (December 2020)
Today Zzeung already handles identity verification for financial services, entry verification and credential verification, and the mobile driver's license is coming next. We will keep refining the service so that people can gather the personal data scattered across all of these different verifications and manage and control it safely on their own — and keep expanding it into a blockchain DID identity ecosystem that is both more trustworthy and more convenient.
We hope you will stay with us this year too, and we would be grateful for your continued interest and support.
