Shinhan Bank said on Thursday the number of subscribers to its electronic signature authentication service, Shinhan Certificate, has exceeded 13 million. The service can be used for identity verification and electronic signatures when conducting financial transactions and using partner services. Subscribers rose by about 3 million in around a year after surpassing 10 million in May last year. The bank has expanded issuance via non-face-to-face channels and increased participating institutions.

Internal controls for fintech financial platforms are being tightened as concerns grow that system failures in payments, transfers and top-ups could quickly harm consumers and erode trust. Financial authorities have urged big tech e-finance operators to build IT stability and internal control systems comparable to traditional financial firms, while also revising support tools such as the financial regulatory sandbox. Banks are also stepping up competition for young customers as a youth savings product draws strong early demand.