Jeju-si, 63083,
South Korea
Jeju Bank Technographics
Discover the latest software purchases and digital transformation initiatives being undertaken by Jeju Bank and its business and technology executives. Each quarter our research team identifies on-prem and cloud applications that are being used by the 389 Jeju Bank employees from the public (Press Releases, Customer References, Testimonials, Case Studies and Success Stories) and proprietary sources.
During our research, we have identified that Jeju Bank has purchased the following applications: OmniOne Blockchain for Blockchain Platform in 2021 and the related IT decision-makers and key stakeholders.
Our database provides customer insight and contextual information on which enterprise applications and software systems Jeju Bank is running and its propensity to invest more and deepen its relationship with RaonSecure or identify new suppliers as part of their overall Digital and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.
We have been analyzing Jeju Bank revenues, which have grown to $128.0 million in 2024, plus its IT budget and roadmap, cloud software purchases, aggregating massive amounts of data points that form the basis of our forecast assumptions for Jeju Bank intention to invest in emerging technologies such as AI, Machine Learning, IoT, Blockchain, Autonomous Database or in cloud-based ERP, HCM, CRM, EPM, Procurement or Treasury applications.
Blockchain
Vendor |
Previous System |
Application |
Category |
Market |
VAR/SI |
When |
Live |
Insight |
|---|---|---|---|---|---|---|---|---|
| RaonSecure | Legacy | OmniOne Blockchain | Blockchain Platform | Blockchain | n/a | 2021 | 2021 |
In 2021 Jeju Bank implemented OmniOne Blockchain as part of Korea's BankID decentralized identity rollout, and the bank was listed among institutions set to join the consortium by the end of 2021. The OmniOne Blockchain Blockchain Platform is provided by RaonSecure and was used to provision user-controlled digital identity wallets for retail customers and bank authentication functions.
The implementation focused on decentralized identity capabilities, including issuance of decentralized identifiers and verifiable credentials, a consumer smartphone wallet storing attributes such as mobile phone number, address, and e-mail, and a bio identity element that may include facial recognition. Users create a digital identity by submitting standard identity documents once, and the resulting MyInfo credential can be reused for bank logins and to share selected details with other participating banks. The deployment is described as compliant with W3C decentralized identity standards, and reporting indicates verifiable credential issuance information and the DID itself are believed to be recorded on the blockchain at a minimum.
Operationally the rollout was coordinated with the Korea Financial Telecommunications and Clearings Institute KFTC and Raon White Hat, a RaonSecure subsidiary, as part of a multi-bank consortium called the Financial Distributed ID Promotion Council. Initial go live activity on August 27, 2021 covered seven banks, with Jeju Bank included in the group of additional banks scheduled to join to expand coverage to 16 banks in 2021. Raon and OmniOne were also noted as participants in parallel projects such as the LG CNS initiative for a blockchain based driver’s license credential, indicating cross sector credential ambitions beyond banking.
Governance of the implementation sits with the consortium model, enabling bank issued verifiable credentials to be broadened into non-bank use cases, and supporting reuse across onboarding flows such as robo adviser applications to reduce repeated identity checks. A material privacy consideration reported in the rollout is the potential to create an extensive digital trail if DIDs and issuance records are stored on chain, given that financial data is associated with a DID that could be traced back to personal identifiers. The implementation narrative centers on identity orchestration, credential issuance, wallet storage, and consortium governance rather than changes to core banking systems.
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