February 14, 2018 -
FIDO authentication standards have swept across Korea’s financial industry, as 21 of the country’s largest 23 banks, and 7 of 8 credit companies have adopted them, according to a blog post by FIDO Korea Working Group Vice-Chair Dongpyo Hong.
In addition to the 91 percent adoption rate of big banks and the 88 percent adoption rate of credit companies, 47 percent of insurance and securities companies (22 out of 47) have applied FIDO solutions to their business practices, says Hong, who is the founder and CEO of Global PD.
Korea’s government proposed in January to reform regulations to eliminate the mandate for public certificates, which Hong says indicates the momentum of on-device biometric authentication in the country.
“With the introduction of FIDO specifications, and support from the FIDO Forum Korea and other organizations that have been sponsored by the Ministry of Science and Technology in Korea, the country has experienced steady adoption of the FIDO standard across multiple markets including: finance, telecommunications, portal/education, enterprise, public and government sectors,” Hong writes. “Previously, South Korea was at heightened risk due to a policy requiring any user of online financial services or payments to obtain a digital certificate tied specifically to the use of Internet Explorer and ActiveX controls.”
Hong expects the rapid pace of adoption to continue in 2018.
The establishment of the FIDO Korea Working Group was announced late last year, with representation from Korean companies including Samsung, BC Card, and Raonsecure.