Financial Services Commission Selects KakaoPay and IndexMine as Designated Agents

[Asia Economy Reporter Jin-ho Kim] The Financial Services Commission announced on the 17th that it held the '8th Designated Agent Review Committee' and designated the fintech companies KakaoPay and IndexMine as designated agents.

KakaoPay provides Samsung Card with alternative credit evaluation information based on big data using customers' non-financial information when customers issue the KakaoPay PLCC Samsung Card. Samsung Card plans to use the alternative credit evaluation information provided by KakaoPay and its own credit evaluation information for card usage limit allocation and card issuance screening.

The Financial Services Commission stated that it expects to be able to evaluate the creditworthiness of students and young adults who lack financial history and thus have difficulty receiving financial services due to insufficient financial transactions.

IndexMine links the securities accounts held by individual investors at Korea Investment & Securities with their own platform, providing stock trading services on the platform using deposited funds or points.

According to the Financial Services Commission, since the system was implemented in May 2018, a total of 36 designated agents have been appointed over eight rounds.

The 9th designated agent application period will be open from the 17th of this month until February 28 of next year, and the designated agent review committee will be held in May.

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