NICE: A credit information inquiry service has been launched that allows foreigners staying in Korea to utilize their credit activity history formed in their home country

Nice Evaluation Information announced on the 9th that it has launched a “cross-border credit information inquiry service” and a dedicated mobile application (app) called “Welco.” This service is a commercialization of technology developed through a blockchain diffusion project organized by the Ministry of Science and ICT and the Korea Internet & Security Agency. Based on blockchain, the key is to combine identity authentication and credit information from major sending countries for employment permit systems such as Vietnam.

Foreigners residing in Korea can receive ID verification such as a passport through Welco and submit it to necessary institutions using digital identity authentication service through facial recognition. The Nice evaluation information will be applied first to foreigners with E-9 (non-professional) visas in Vietnam and then expanded to the Philippines, Indonesia, and Thailand.

Source: mk.co.kr