Compare Parking Account Interest Rates Too... Official Launch of Online Deposit Brokerage Service

Promotion of Institutionalization of the Pilot 'Deposit Brokerage Service'
Legal Amendment to Be Prepared Within the Year
Interest Rate Comparison for Parking Accounts Also Available
Demand Deposit Products to Be Designated for Regulatory Sandbox in May

The Financial Services Commission (FSC) has officially introduced an online deposit brokerage service that allows users to compare interest rates at once and subscribe to deposit products, and plans to expand the service to include demand deposit products such as parking accounts.

The FSC announced on the 16th that it will prepare a related legal amendment in the first half of this year to institutionalize the deposit brokerage service. Along with this, it plans to prioritize allowing brokerage of demand deposit products by changing the designation of innovative financial services in May.

The deposit product brokerage service has been a pilot program under innovative financial services since November 2022. During the pilot phase, only interest rates for savings products such as fixed deposits and installment savings could be compared. This is because products like CMA and issued promissory notes, which are not protected under the Financial Consumer Protection Act, were excluded.

After institutionalization, brokerage services will be allowed for demand deposit products such as parking accounts, where demand for product comparison has increased. Before the legal amendment, it is planned to allow interest rate comparison for demand deposit products through innovative financial services.

The FSC explained, "Once the online deposit brokerage service is officially introduced, it is expected to expand financial consumers' choices and enhance various benefits. If the service activation leads to increased participation by financial companies, it could result in competition to launch deposit products favorable to consumers."

Additionally, platform companies such as Naver Pay, Kakao Pay, and Toss are expected not only to see an influx of new customers wanting to use the service but also to provide various innovative services by utilizing data related to the service.

Furthermore, the FSC plans to improve financial accessibility by linking with the bank agency system. If bank agents provide deposit and loan brokerage services using platforms to customers who visit them in person, financial consumers in areas where bank branches have been reduced will be able to use financial services at the same level as existing branches.