Korea Federation of Savings Banks and Korea Financial Telecommunications & Clearings Institute Sign Business Agreement: "You Can Use Financial Certificates"

After the business agreement ceremony between the Korea Federation of Savings Banks and the Korea Financial Telecommunications & Clearings Institute, executives from both organizations are taking a commemorative photo. From the left: Shin Yong-chae, Executive Director of the Korea Federation of Savings Banks; Shin Pyung-ho, Executive Director of the Korea Financial Telecommunications & Clearings Institute; Park Jae-sik, Chairman of the Korea Federation of Savings Banks; Kim Hak-soo, President of the Korea Financial Telecommunications & Clearings Institute; Ha Eun-soo, Managing Director of the Korea Federation of Savings Banks; Ko Jae-yeon, Center Director of the Korea Financial Telecommunications & Clearings Institute. Photo by Korea Federation of Savings Banks

[Asia Economy Reporter Song Seung-seop] Savings bank customers can now use financial certificates for mobile and internet banking.

The Korea Federation of Savings Banks announced on the 23rd that it has signed a business agreement with the Korea Financial Telecommunications & Clearings Institute (KFTC) to promote the financial certification service. The signing ceremony held the previous day was attended by key executives from both organizations, including Park Jae-sik, Chairman of the Korea Federation of Savings Banks, and Kim Hak-soo, President of KFTC.

According to the agreement, from this day forward, financial certificates can be used for all tasks requiring certification such as login, transfers, and cancellations on the savings banks' joint platform ‘SB Toktok Plus’ and internet banking services of 67 savings banks.

The Federation and KFTC explained that the complicated process of copying and transferring joint certificates will be eliminated, and customers can use the certification service with just a 6-digit password, enhancing convenience. Another advantage is that certificates are stored in KFTC’s cloud storage, which eliminates concerns about loss and hacking.

The Federation plans to apply financial certificates to document submission and electronic contracts for loan applications in the future. Additionally, to diversify customers' choices for certification services, they are also considering introducing an industry-wide private certificate usable at all 79 savings banks.

KFTC will continue to expand the use of its financial certificates beyond public and financial services to areas requiring certification such as education, healthcare, and fintech.