Combination of Chain ID and Samsung Pass

May 14, 2018

Chain ID, which is a joint blockchain authentication of financial investment industry, will be applied to Samsung Electronics’ Smartphones as a basic function.
Korea Financial Investment Association (KOFIA) exchanged a MOU (Memorandum of Understanding) with Samsung Electronics to combine Samsung Pass with Chain ID.
Chain ID is the world’s first blockchain-based joint authentication system that had 11 financial investment companies join last year for online stock trading and funds transfer.

Representatives from Korea Financial Investment Association (KOFIA) and Samsung Electronics are showing their MOUs after exchanging them for combination of Samsung Pass and Chain ID.  Starting from the left: Department Head Kim Tae-ryong of KOFIA, Park Seon-moo who is an advisor to KOFIA’s IT Committee, Director Kim Dae-jong of Korea Investment & Securities, Director Kim Jung-ah of KOFIA, Director Kim Jung-sik of Samsung Electronics, CEO Kim Jong-hyup of Theloop, and Director Kim Geun-jae of Daily Intelligence <Representatives from Korea Financial Investment Association (KOFIA) and Samsung Electronics are showing their MOUs after exchanging them for combination of Samsung Pass and Chain ID. Starting from the left: Department Head Kim Tae-ryong of KOFIA, Park Seon-moo who is an advisor to KOFIA’s IT Committee, Director Kim Dae-jong of Korea Investment & Securities, Director Kim Jung-ah of KOFIA, Director Kim Jung-sik of Samsung Electronics, CEO Kim Jong-hyup of Theloop, and Director Kim Geun-jae of Daily Intelligence>

Financial investment industry is expecting that combination of Chain ID and Samsung Pass will greatly increase accessibility of stock trading through Smartphones for investors. Samsung Electronics’ Smartphone users can use Chain ID without installing a separate application. Samsung Pass is an authentication technology that utilizes biometrics such as fingerprint or iris.
“Chain ID is expected to increase its level of convenience even more for financial consumers after it is linked to bank industry’s blockchain joint authentication system sometime during this year.” said Kim Tae-ryong who is the head of KOFIA’s Information System Department. “We are going to focus on having Chain ID become a digital ID that can be used in every area where authentication is needed.”
“Chain ID is going to develop into a platform that will replace official certificates.” said Department Head Kim Jung-ah of KOFIA’s Management Innovation Headquarters. “We are going to continue digital innovations that financial consumers can feel.”
Staff Reporter Ryu, Geunyeol | ryuryu@etnews.com

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