The Korea Federation of Banks Transfers BankSign Operations to the Korea Financial Telecommunications and Clearings Institute

[Asia Economy Reporter Minyoung Kim] The Korea Federation of Banks and the Korea Financial Telecommunications and Clearings Institute (KFTC) announced on the 13th that they have signed a Memorandum of Understanding (MOU) to transfer the management of the joint bank authentication service 'BankSign'.

BankSign is a blockchain-based joint authentication service for banks, jointly launched by the Federation and 16 member banks in August 2018.

In response to recent changes in the environment such as the revision of the Electronic Signature Act and the increase in non-face-to-face (untact) financial transactions, the Federation decided to consider transferring BankSign operations to the KFTC, a specialized certification institution. The KFTC is a non-profit corporation under the Financial Services Commission that developed and operated the public certification system.

According to the MOU, the two organizations will cooperate to ensure the stable transfer of the BankSign service, and after practical discussions, will prepare detailed plans to be finalized at the Federation's board meeting in the second half of the year.