Financial Services Commission Designates Pinotech and BigValue as Two Designated Agents

[Asia Economy Reporter Jo Gang-wook] The Financial Services Commission announced on the 4th that it has designated two fintech companies, Pinotech and BigValue, as designated agents.

A designated agent is a system that allows fintech companies to pilot innovative financial services developed by them together with financial institutions. Since the system was implemented in May 2018, a total of 33 designated agents have been appointed over six rounds, and 14 business consignment contracts have been signed to date.

With this designation, Pinotech will pilot a non-face-to-face refinancing loan service using an online platform in collaboration with Jeju Bank, Gyeongnam Bank, and Gwangju Bank. This is a refinancing loan platform service that enables refinancing loan processing between new and old banks online. Through the non-face-to-face and automation of refinancing loan tasks, it is expected to increase customer convenience, improve banks' operational efficiency, and reduce costs and time.

BigValue will pilot a collateral value assessment service for irregular real estate such as villas using big data in cooperation with Pepper Savings Bank. This service uses big data based on public information and artificial intelligence to estimate market prices and collateral values for irregular real estate such as villas. The introduction of automated market price estimation based on big data for small houses is expected to enhance price transparency and improve financial institutions' operational efficiency.

The Financial Services Commission will accept applications for the 7th designated agent designation from the 9th of this month until January 8th of next year, and plans to hold the designated agent review committee in March next year.

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