Extension of Terms for 8 Members of the Innovation Finance Review Committee and Appointment of 7 New Members 진행
[Asia Economy Reporter Park Sun-mi] The Financial Services Commission has designated three services as innovative financial services: ▲a blockchain-based real estate revenue securities trading platform ▲an integrated authentication service for MyData in the financial sector ▲a mobile postpaid transportation card service.
On the 26th, the Financial Services Commission, during its regular meeting, newly designated three innovative financial services and decided on changes to the designation details and additional conditions for one existing service, changes to the designation details for another, and extensions of the designation periods for four services to facilitate smooth testing.
First, FundBlock Global and four trust companies’ blockchain-based real estate revenue securities trading platform was designated as an innovative financial service. This service issues real estate management and disposition trust revenue securities electronically and uses blockchain’s distributed ledger technology for trading. Once launched in the second half of the year, it is expected to expand indirect investment opportunities in small and medium-sized commercial real estate for general investors.
The Financial Services Commission also designated the integrated authentication service for MyData in the financial sector for NICE Information Service, Korea Credit Bureau, SCI Evaluation Information, and 28 MyData operators as an innovative financial service. This integrated authentication service enables credit information subjects (individuals) to request the transmission of their personal credit information held by information providers and users (financial companies, fintech firms, etc.) to MyData operators with just one authentication.
The service is expected to launch around August, facilitating smooth exercise of personal credit information transmission rights by information subjects through the integrated authentication process and revitalizing the MyData industry.
Additionally, KakaoPay’s mobile postpaid transportation card service was designated as an innovative financial service. This postpaid transportation card can be used for boarding buses, subways, etc., and provides postpaid payment within a maximum monthly limit of 150,000 KRW after alternative credit evaluation when prepaid funds (prepaid electronic payment means) are insufficient.
Through this designation, the Financial Services Commission granted a special exemption allowing prepaid operators to provide postpaid payment services within a maximum monthly limit of 150,000 KRW per individual, process resident registration numbers during service provision, and operate postpaid payment services without obtaining a credit card business license under the Credit Finance Act.
Furthermore, the designation details and additional conditions for Shinhan Card’s “facial recognition payment service using only the face” were changed, and DGB Daegu Bank’s “non-face-to-face real-name verification service using facial recognition technology” also underwent designation detail changes. Extensions of designation periods were decided for four services: ▲AI-based non-financial credit information provision service for SMEs ▲payment service for O2O transactions at credit card merchants ▲CM insurance e-coupons using an online shopping platform ▲personal group savings operation platform via mobile app.
Moreover, the terms of eight members of the Innovative Financial Review Committee, whose terms had expired, were extended, and seven new members were appointed. The 15 members of the Innovative Financial Review Committee will review innovative financial services twice quarterly going forward.
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