ICONLOOP Strategic Partnership

Widus Partners has entered into a strategic partnership with ICONLOOP, Inc., and has concurrently acquired a minority stake in the Company. Spearheaded by the regulatory sandbox under the purview of the Financial Supervisory Service (South Korea’s integrated financial regulator), ICONLOOP’s flagship ID product ‘MyID’ allows for reusable digital identification proofs, including name/identity, qualifications, access data and registration verification. It has been widely reported that Shinhan Bank, one of South Korea’s largest financial institutions, has adopted a real name authentication process through its mobile banking app, which is being powered by ICONLOOP’s MyID. Jeju Island had also recently announced its selection of ICONLOOP’s technology for contact tracing. Building on this momentum, MyID is scheduling additional launch programs with major financial institutions in Korea that implements state-of-the-art biometric verification technology solutions, and is also on track to provide online and offline digital ID solutions for nonfinancial sectors.

As ICONLOOP is also backed by a powerful alliance of over 80 leading institutional partners in finance, public services, IT, industrials and fintech, the company has positioned itself as the first mover in the nascent decentralized ID industry. As illustrated above, ICONLOOP has indeed built an extensive and diverse ecosystem which it will leverage for the mass adoption of its products and services.

In its collaboration with ICONLOOP, Widus Partners will work closely with its management team to help the company attract overseas partners as well as growth capital. The parties believe that the synergy from the partnership will accelerate ICONLOOP’s business expansion efforts throughout the Asia Pacific region, achieving mass adoption of its digital services.