Designation of Four Innovative Financial Services Including Simplified Non-face-to-face Real-name Verification and Identity Authentication

Eun Chairman "Promoting Financial Regulation Sandbox Enhancement Project This Year"

[Asia Economy Reporter Jo Gang-wook] Four new services have been designated as innovative financial services: a digital real-name verification certificate-based non-face-to-face real-name verification service, a simplified identity verification platform based on the Savings Bank Joint Computer Network, a non-face-to-face real-name verification service using facial recognition technology, and an online simple subscription service for corporate insurance. As a result, the total number of innovative financial services has increased to 106 since the system was implemented on April 1 last year.

The Financial Services Commission announced on the 28th that these four services were newly added as innovative financial services through a regular meeting held on the 27th.

First, SK Telecom's digital real-name verification certificate-based non-face-to-face real-name verification service allows customers to easily verify their real name non-face-to-face by presenting a digital real-name verification certificate bundle (identity verification certificate, account verification certificate information) issued and stored in SKT's blockchain-based mobile electronic certification app, 'Initial.'

The Financial Services Commission granted a special exception recognizing that when financial users present the digital real-name verification certificate bundle issued and stored in 'Initial' after completing a one-time non-face-to-face real-name verification, it is considered that the non-face-to-face real-name verification has been performed when verifying real names or issuing access media at financial companies. Starting from June next year, this service is expected to simplify the real-name verification process during non-face-to-face financial transactions or access media issuance, thereby enhancing accessibility and convenience for financial users.

The simplified identity verification platform based on the Savings Bank Joint Computer Network by the Korea Federation of Savings Banks, scheduled to be implemented in December this year, is a service that simplifies the real-name verification process by registering and storing real-name verification information confirmed through a non-face-to-face real-name verification procedure at one savings bank in the joint savings bank mobile app and then using it for non-face-to-face real-name verification at other savings banks.

The Financial Services Commission granted a special exception allowing financial users to simplify the real-name verification process by submitting pre-registered customer real-name verification information when performing non-face-to-face real-name verification at other savings banks after registering and storing the real-name verification information in the joint savings bank mobile app following a one-time non-face-to-face real-name verification.

DGB Daegu Bank's non-face-to-face real-name verification service using facial recognition technology is scheduled to be implemented in May next year. This service simplifies the real-name verification process by comparing the photo on the real-name verification certificate with the customer's face photo taken using facial recognition technology during non-face-to-face financial transactions. The Financial Services Commission granted a special exception allowing the use of facial recognition technology that compares the photo on the real-name verification certificate with the face capture screen as a method of real-name verification during non-face-to-face financial transactions instead of video calls.

KB Insurance's online simple subscription service for corporate insurance, launching in November this year, is an online simple subscription service that allows corporations and individual business owners to easily subscribe by verifying the identity of their employees via mobile, unlike the existing face-to-face contract method. The Financial Services Commission granted a special exception recognizing mobile identity verification of affiliated employees as a handwritten signature for corporate and business insurance contracts, even though it is prohibited to receive handwritten signatures from the policyholder or insured or to have others sign on their behalf during insurance contracts.

Additionally, the designation period for the big data-based automatic real estate price estimation service (BigValue, GonggamLab) as an innovative financial service has been extended by one year, and the remittance frequency limit for the credit card-based remittance service (Shinhan Card) has been lifted, resulting in changes to the designation of innovative financial services.

Financial Services Commission Chairman Eun Sung-soo emphasized, "The sandbox's core role as an experimental ground for digital financial transformation is becoming increasingly important," and added, "We will operate the financial regulatory sandbox more substantively so that it leads to regulatory innovation and further to digital financial innovation."

Chairman Eun also announced plans to enhance the financial regulatory sandbox, including ▲ advancing sandbox reviews through the discovery of old and innovative tasks ▲ proactive responses to enhance the global competitiveness of fintech companies ▲ creating opportunities for domestic and international business exchanges for innovative financial businesses ▲ maximizing sandbox effects through dynamic regulatory innovation ▲ fostering a flexible testing environment such as activating changes to additional conditions ▲ and expanding field-oriented consulting through customized support for fintech companies.

This content was produced with the assistance of AI translation services.