South Korean NH Bank launches blockchain-powered e-wallet

Tuesday 29 September 2020 13:42 CET | News

South Korea-based financial services provider Nonghyup (NH Bank) has begun issuing digital certificates using a blockchain-powered system and an e-wallet offering.Per the Electronic Times, the bank’s e-wallet gained official government approval earlier in September 2020, and has today launched with support for an initial 13 forms of identification, including citizen and resident registration documentation.

The bank said that by 2021, the e-wallet will provide support for “more than 300 types” of documentation. The bank also claimed that its blockchain-powered system will allow customers to do away with paper-based document submission processes – instead allowing users to prove their identity online. The move is in line with Seoul’s recent push toward contact-free digital solutions that leverage industry 4.0 technology.

The wallet has launched as part of the NH smart banking offering, and allows customers to submit the sort of tax payment certificates and health insurance qualification certificates usually required to conduct financial transactions in digital form.

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Keywords: Nonghyup (NH Bank), e-wallet, product launch, South Korea, payment certificates, online banking, mobile banking, Asia, APAC, blockchain, blockchain powered system
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Korea, Republic of
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Banking & Fintech