The Financial Services Commission of Korea’s 110 Exchange has announced the designation of 10 new innovative financial services. This brings the total number of designated services to 283, allowing these services to be tested in the market. Additionally, 25 previously designated innovative financial services have had their designation period extended, and one application for regulatory improvement in relation to innovative financial services has been received.
Among the newly designated services are a real name verification service that utilizes facial recognition and location verification technology. This service allows existing customers to verify their identities through facial recognition technology and additional verification methods when conducting face-to-face financial transactions.
Another innovative service is the integrated financial support service provided by Seller Wallet. This service facilitates the opening of Hana Bank accounts for store-based companies and displays balance and transaction details on the app, allowing store owners to easily verify their accounts. Coupang Pay, in partnership with Hana Card, also supports the issuance of check cards linked to store accounts, streamlining payment processes for merchants.
Furthermore, a simple QR-based mobile payment service for golf course caddies has been introduced. This service enables caddy fees to be paid via credit card using a QR code through the Green Jacket app.
Lastly, the designation includes a cloud-based software service (SaaS) for internal network use. This service enhances work productivity within financial companies by utilizing cloud software tools for data analysis and business collaboration solutions.
Among the previously designated services, some have had their designation periods extended. These include a non-face-to-face real name verification service using facial recognition technology, an improved service for analyzing card usage patterns, faceless card issuing services utilizing facial recognition technology, a prepaid card service for foreign tourists using unmanned currency exchange machines, a quick settlement service for distribution sales, and a foreign stock transaction support service for small units.
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The Korea 110 Exchange Financial Services Commission announced on the 13th that it has 10 newly designated innovative financial services through a regular meeting. As a result, a total of 283 services have been designated as innovative financial services to date and can be tested in the market.
In addition, the designation period was extended for 25 of the previously designated innovative financial services, and one application for regulatory improvement relating to innovative financial services was also received.
The newly designated innovative financial services include △ a real name verification service for customers using facial recognition and location verification technology △ an integrated financial support service merchant wallet △ a simple QR-based mobile payment service for golf course caddies △ cloud-based software service (SaaS) ) internal network use, etc.
The real name verification service for customers using facial recognition technology and location verification technology allows existing customers to restore their existing real name verification certificate by using facial recognition technology and additional verification methods (location verification or number verification PIN) when making face-to-face financial transactions This is a service that verifies the real name by means of a method.
Seller Wallet’s integrated financial support service mediates the opening of a Hana Bank account by a store-based company through a web view operated by Coupang Pay, and receives balances, transaction details, etc. from Hana Bank and displays them on the app so that the shop-shop company can verify the account. In addition, Coupang Pay, in partnership with Hana Card, supports the issuance of check cards linked to store accounts, and provides a service to quickly settle sales proceeds when stores make payments using the check card.
The QR-based mobile simple payment service for golf course caddies refers to a service that allows caddy fees to be paid by credit card using a QR code via the Green Jacket app on a golf course.
The internal network use of cloud software services (SaaS) improves work productivity by using cloud software (SaaS) based data analysis tools (MS Power BI) and business collaboration solutions (M365) on internal business terminals Improve collaboration within financial companies.
Among the previously designated innovative financial services, the services for which the designated period has been extended include △ non-face-to-face real name verification service using facial recognition technology △ expansion service card usage information to improve my data service by analyzing card usage patterns △ use of facial recognition technology There are faceless card issuing services, △ prepaid card service for foreign tourists using unmanned currency exchange machines, △ quick settlement service where yesterday’s distribution sale is deposited today, △ foreign stock transaction support service in small units, etc.
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