Ministry of Science and ICT Designates KB Credit Information as New Authorized Electronic Document Center

The Ministry of Science and ICT announced on the 2nd that KB Credit Information was designated as a new Certified Electronic Document Center on the 31st of last month.

A 'Certified Electronic Document Center' refers to an entity that, pursuant to Article 31-2 of the 「Framework Act on Electronic Documents and Electronic Transactions」 (Electronic Documents Act), is designated by the Minister of Science and ICT to perform the storage and certification of electronic documents on behalf of others (such as companies or institutions). When electronic documents are stored at a Certified Electronic Document Center, it is presumed that the contents of the documents have not been altered or tampered with during the storage period. Additionally, if electronic documents (documents converted into electronic form by scanning paper documents, etc.) are stored at the center, the original paper documents may be disposed of unless there are special provisions in other laws.

Number of Documents Stored and Number of Companies Using the Certified Electronic Document Center [Graphic by Ministry of Science and ICT]

Recently, in the financial sector, the use of electronic documents has been increasing due to the reduction of face-to-face sales caused by COVID-19, the operation of unmanned branches providing non-face-to-face financial services, and the elimination of paper documents at service counters.

KB Credit Information, newly designated this time, plans to provide Certified Electronic Document Center services with enhanced security and reliability by applying document security using blockchain and quantum-resistant cryptography technologies for electronic document storage. Meanwhile, KB Kookmin Bank also holds certification as a Certified Electronic Document Intermediary (a corporation certified by the Minister of Science and ICT to distribute electronic documents on behalf of others and manage distribution records).

Song Sang-hoon, Director of Information and Communication Policy at the Ministry of Science and ICT, stated, “The designation of KB Credit Information as a Certified Electronic Document Center is expected to contribute to the activation of digital transformation across the entire document lifecycle?from creation, distribution, to storage of electronic documents in the financial sector?following Hana Financial TI, the market leader in electronic document storage.”