MyID Alliance, a Partnership for Building a Trust-Based Digital ID Ecosystem, Officially Launches on the 5th
MyID is a blockchain-based digital identity platform built on the proprietary decentralized ID (DID) technology of ICONLOOP (CEO JH Kim), a leading Korean blockchain company. In June it was designated an Innovative Financial Service by the Financial Services Commission (FSC), securing a regulatory foothold for building trust in the financial sector. With that designation, MyID became the only identity platform in Korea that can be applied across financial operations as a whole — and, with its technical edge and collaboration with the many partners ready to adopt it immediately, a platform positioned to spread quickly into a wide range of fields.
MyID Alliance Partners Day, the event marking the launch of the MyID Alliance, was held today at the ICONLOOP Lounge in Jung-gu, Seoul. Alongside representatives of the partner institutions and companies taking part in the alliance, the event was attended by the advisory committee, which will play a central role in advising on the alliance's future activities, supporting public–private cooperation, and recommending directions for improving the regulatory environment. The chair of the MyID Alliance advisory committee is Hun-jai Lee, Chairman of the Yeosijae (Future Consensus Institute) foundation and former Deputy Prime Minister and Minister of Finance and Economy. Advisory committee members include Je-yoon Shin, Senior Advisor at Bae, Kim & Lee LLC and former Chairman of the Financial Services Commission (minister-level); Gunhee Lee, Professor at the Sogang Business School and Graduate School of Business, Sogang University; Jong-koo Lee, Senior U.S. Attorney at Kim & Chang and current Chair of the Self-Regulation Committee of the Korea Blockchain Association; and Jungwook Lim, Head of Startup Alliance.
The event opened with congratulatory remarks from advisory committee chair Hun-jai Lee, followed by an introduction to the MyID Alliance and presentations from representatives of the partners that have joined it. The partner presenters — Hyunki Jang, Head of the Digital R&D Center at Shinhan Bank; Daeho Shin, Head of the Venture Planning Group at POSCO; Thom White, Future Technologies Team Lead at YOTI; Jongyoon Kim, Division CEO at Yanolja; and ICONLOOP CEO JH Kim — shared their expectations and ambitions for business collaboration through MyID and for the alliance's activities.
A total of 38 institutions and companies have now joined the MyID Alliance. Financial partners include Shinhan Bank, Samsung Securities, KB Securities, Mirae Asset Daewoo, Hanwha Investment & Securities, Eugene Investment & Securities, eBEST Investment & Securities, Hi Investment & Securities, Yuanta Securities Korea, DB Financial Investment, Busan Bank, the Korea Financial Investment Association, Samsung Fire & Marine Insurance, Kyobo Life Insurance, DB Insurance, KB Life Insurance, and BNK Capital. Many non-financial, NGO, and global partners across a variety of fields are also taking part, among them POSCO, STX, Yanolja, Cafe24, Buzzni (Homeshopping Moa), the Korea Productivity Center, Good Neighbors, the Blockchain Business Association, Sogang University, ICONLOOP, Modusign, Korea NFC, Triple, Carplat, The Bom S, Planit, KongTech, Korea Gold Exchange Digital Assets (KorDA), iCert, YOTI, and Kim & Chang. In short, on the strength of technology and trust already proven in the financial sector, the alliance is ready to move quickly into any field at home or abroad and build a rich set of real-world use cases.
"Every time the world has changed since the Age of Exploration, Korea has always been a step behind, and the resulting gap of centuries brought hardship for both the country and its people. As one of the world's blockchain powers, it is now our turn to be a step ahead," said Hun-jai Lee, chair of the MyID Alliance advisory committee. "Blockchain-based digital ID platforms like MyID reinterpret existing systems and present a new paradigm, and they will serve as an essential gateway for us as we prepare for the digital economy and society to come."
Meanwhile, the consumer-facing MyID service is scheduled for release in the first quarter of next year. Beginning with the financial sector at large, the MyID Alliance plans to expand its partnerships rapidly into other industries such as fintech, e-commerce, the sharing economy, and education, creating pioneering use cases for blockchain-based mobile identification.
###