KEB Hana Bank establishes watertight mobile security network with SKT and Trustonic

2015.11.27

- Will become the first financial institution in Korea to introduce TrustZone technology-based secure mobile banking service

On November 26, KEB Hana Bank announced that it has agreed to establish a mobile security system in cooperation with SK Telecom and Trustonic, the UK-based, world-leading mobile security solution developer.

Since 2009, when it became the first financial institution to launch a mobile banking service in Korea, KEB Hana Bank has consistently provided security services for smartphones, and with this MOU, the Bank will become the first to launch “TrustZone Banking,” a new security solution, in January 2016.

The TrustZone is isolated, physical area of a device’s processor that operates independently of the environment in which the Android OS operates. Featuring a separate, secure OS, the TrustZone allows banking transactions to be done in an environment that cannot be accessed by hackers or malware, making it the most secure hardware-based security solution today.

Han Jun-seong, Senior Executive Vice President of the Future Financial Business Division of KEB Hana Bank, said: “The TrustZone increases the security of storage space, enables secure transactions and FIDO-based biometric authentication, and can be applied to mobile OTP (one-time password). Thus, the simple financial transaction environment being pursued by KEB Hana Bank may be realized much sooner than expected.”

Cho Eung-tae, head of the Product Planning Division of SK Telecom, noted: “The project bears great significance as it is the first attempt to use the TrustZone environment to provide a B2C financial service, representing a dramatic turning point in mobile security.” He went on to add, “As the only service provider offering a TrustZone-based platform, we will be reducing the social costs involved in financial services.”