Designation of Six Innovative Financial Services Including 'Interest-Earning Prepaid Linked Accounts'

On the 5th, the Financial Services Commission announced at its regular meeting that it had newly designated six innovative financial services. As a result, a total of 361 services have been designated as innovative financial services to date, allowing them to be tested in the market.

First, the FSC newly designated the "Prepaid Electronic Payment Means - Bank Account Linkage Service," jointly provided by four prepaid service providers including Danggeun Pay and three banks, as an innovative financial service. These include the Danggeun Money Hana Account service by Danggeun Pay and Hana Bank, the Naver Pay Money Account service by Naver Financial and Woori Bank, the CJ Pay Woori Account service by CJ OliveNetworks and Woori Bank, and the Monimo-KB Easy Finance Account service by Samsung Card and KB Kookmin Bank.

The FSC enabled financial consumers to store unused prepaid funds in the affiliated bank accounts when using these prepaid payment means, receive interest on the stored amount from the bank, and have prepaid top-ups automatically made from the affiliated accounts at the time of payment.

Additionally, the FSC newly designated the "Naver Pay MyBiz Account Service" by Naver Financial and Shinhan Bank as an innovative financial service. This service allows individual business owners operating on Naver Smart Store and Smart Place to manage their business information (sales, settlements, business-related expenses) in an integrated manner.

Through this designation, individual business owners using the Naver Pay business-exclusive platform can easily open a Shinhan Bank account to receive sales settlement funds within the platform and can access transaction history inquiries and transfers for the account.

Furthermore, special exceptions such as registration for deposit-type financial product sales agency and brokerage were granted to What’s Up Co., Ltd., enabling the "Subscription Economy User Deposit and Savings Product Comparison and Recommendation Service" to be provided to users of the currently operating subscription integrated management platform (What’s Up).