Samsung Pass to be combined with blockchain solution to enable stock trading in Korea
Samsung Electronics and the Korea Financial Investment Association (KOFIA) are partnering to combine financial investment industry blockchain authentication tool Chain ID with Samsung Pass, enabling investors to use biometrics to trade stocks with their smartphones, BusinessKorea reports.
Eleven financial investment companies joined Chain ID last year to enable online stock and funds transactions. The Korean government followed this by banning authorization certificates with a revised electronic signature law, requiring KOFIA to seek a new a platform that can replace Chain ID certificates with another authentication factor.
BusinessKorea reports that the investment banking industry expects the memorandum of understanding (MOU) will increase the accessibility of stock trading via smartphones for investors.
“Chain ID, the world’s first blockchain-based joint authentication system that opened last year, is going to develop into a platform that will replace official certificates by combining with biometric authentication technology,” said Department Head Kim Jung-ah of KOFIA’s Management Innovation Headquarters. “We are going to continue digital innovations that financial consumers can feel.”
KOFIA is also planning to extend the Chain ID platform to desktop computers in the first half of 2018.
Korea’s financial sector has led the rapid adoption of FIDO authentication standards in the country, and FIDO Korea Working Group Vice-Chair Dongpyo Hong said earlier this year that the government’s plan to eliminate digital certificates for financial services indicated the momentum of on-device authentication.