20 New Innovative Financial Services Designated... 16 More 'Deposit Comparison' Services Added

Financial Services Commission Holds Regular Meeting

The financial authorities have newly designated 20 innovative financial services, including adding 16 companies that can handle deposit product comparison and recommendation services.

On the 21st, the Financial Services Commission held a regular meeting at the Government Seoul Office in Jongno-gu, Seoul, and announced this decision. As a result, the total number of accumulated innovative financial services has reached 258. In addition, the designation period for three existing innovative financial services was extended, and the designation details for another three were changed.

On the 9th, officials were busy moving in the corridor of the Financial Services Commission at the Government Seoul Office in Jongno-gu, Seoul, where financial authorities decided to promote a plan to include mortgage loans (Judaemdae) in the 'debt refinancing' infrastructure set to launch in May by the end of the year. Financial authorities explained that the purpose is to reduce the interest burden on mortgage loans by building a debt refinancing platform that allows users to compare financial sector loan interest rates at a glance and switch loans easily. Photo by Yoon Dong-ju doso7@

First, the Financial Services Commission added 16 companies to provide deposit product comparison services through online platforms, including Samsung Card, Shinhan Card, KB Kookmin Card, BC Card, Hyundai Card, Lotte Card, Woori Card, Hana Card, Kakao Pay, Finda, Bestfin, Cucon, Fastforward, TeamWink, BankMall, and Buen Camino. This follows the designation of the same service to nine companies, including Shinhan Bank, in November last year.

However, considering the possibility of financial market instability due to sudden capital movements, the Financial Services Commission required that the contract between the applicant company and the financial institution include provisions on sales proportion limits. For banks, recruitment is limited to within 5% of the previous year's new deposit and installment savings amount, and for savings banks and credit cooperatives, within 3%.

Also, Hyundai Card and Woori Card’s “Family Card Service for Minor Children” was designated as an innovative financial service. This service allows minor children (aged 12 and above, middle and high school students) to be issued and use a credit card (family card) within their parents’ credit card limit. The service is expected to launch in the first half of next year.

Additionally, the Financial Services Commission newly designated the “Financial AI Data Library” by the Korea Credit Information Services and the Financial Security Institute, and the “Mortgage Loan Comparison Platform Utilizing Loan Recruiters” by Fount Finance as innovative financial services.

Meanwhile, the authorities extended the designation period by two years for innovative financial services such as Daegu Bank’s face recognition technology-based in-person real-name verification service, Busan Bank’s face recognition technology-based non-face-to-face real-name verification service, and Siru Information’s offline transaction brokerage service using mobile devices.

Furthermore, Dunamu and Seoul Exchange’s unlisted stock safe trading platform adjusted its designation details by applying to add affiliated securities companies to activate trading. Shinhan Card’s family card service for minor children changed its designation details by abolishing the per-transaction payment limit and adding and expanding youth-related industries to the available usage sectors.