NICE Credit Information to Develop Blockchain-Based Foreign Identity Verification Service with Ministry of Science and ICT and KISA

[Financial News] NICE Credit Information announced on the 27th that it has signed an agreement with the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) to develop a blockchain-based identity verification service and lifestyle convenience service (tentatively named Welko) for foreigners residing in Korea.
This agreement is led by NICE Credit Information, with Finger Inc. and Infoplus Inc. jointly participating.
Finger, a SaaS platform specialist, is responsible for designing and building the blockchain-based infrastructure, leading the development of core technologies such as the issuance of NFTs in the form of SBT (Soulbound Token). Infoplus provides APIs for identity verification and various qualification proofs for foreigners residing in Korea based on non-face-to-face customer verification (eKYC) technology that reflects overseas identity verification regulations, including Vietnam.
Welko is a cross-border information linkage platform that supports foreigners residing in Korea to utilize qualifications and credit information accumulated in their home countries domestically. It performs identity verification through passport and other ID verification and facial recognition technology, with the verification results stored in an electronic wallet in NFT form. This allows users to safely submit and utilize stored verification information to relevant institutions that require it.
Institutions that have performed verification can also deliver credit reports issued by overseas institutions to domestic lifestyle service providers through the Welko app. This method is expected to significantly alleviate the information shortage problem faced by foreigners residing in Korea when using financial, communication, and other lifestyle services and greatly enhance accessibility.
A NICE Credit Information representative said, "Through this agreement, we will support foreign residents to access daily services such as finance and communication without discrimination, contributing to the realization of a more inclusive digital society," adding, "Based on data reliability and infrastructure operation capabilities, we will lead the identity verification ecosystem that meets global standards in cooperation with domestic and foreign institutions."
Welko will first be applied to Vietnamese residents in Korea. It is expected to expand to Southeast Asian countries with a high proportion of foreign residents in Korea, such as the Philippines, Thailand, and Cambodia. Discussions are also underway with relevant overseas institutions to allow our citizens and companies residing abroad to use the service locally. NICE Credit Information expects that through this project, Welko can develop into a public service that can be utilized globally in the long term.




gogosing@fnnews.com Park So-hyun Reporter