5 Additional Innovative Financial Services Designated Including Easy Real-Name Verification Using Apps

[Asia Economy Reporter Kangwook Cho] The Financial Services Commission announced on the 19th that it has designated five additional innovative financial services through its regular meeting held the previous day. A total of 120 innovative financial services have been designated so far.

One of the newly designated services this time is a simple real-name verification service using a bank app (Shinhan Bank). When a bank employee visits a customer to provide banking services, customers who have the bank app can verify their real identity without submitting the original ID by logging into the app or using a scanned image.

Also, the safe driving campaign using T-map and D-Tag (Carrot Insurance-SK Telecom) is a service where users of the navigation app (T-map) subscribe to Carrot Insurance’s per-mile automobile insurance, install the driving information collection device* (D-Tag), and if they meet safe driving criteria, SK Telecom provides the insured with a monthly 10,000 KRW gift certificate (for fuel, convenience stores, etc.).

The insurance payment service through a point platform (Hanwha Life) pays mid-term and maturity insurance benefits from savings insurance products in points, allowing consumers to purchase goods or services at discounted prices on the point platform.

The service that intermediates small business owners’ credit card merchant registration non-face-to-face via a mobile app (Payhere) proceeds with the card merchant registration process by uploading necessary supporting documents to the mobile app without directly visiting the business site when recruiting credit card merchants.

The service that uses a smartphone as a card terminal capable of domestic and international credit card payments through a payment mobile app (ANB Korea) allows merchants who want card payments to use a mobile app installed on a smartphone as a credit card terminal without separate hardware terminals or equipment, enabling payments with domestic and international cards.

The Financial Services Commission plans to hold the Innovative Financial Services Review Committee twice more within the year to additionally review innovative financial services in the banking, insurance, and card sectors.

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