Financial Services Commission Extends Four Innovative Services Including 'Simplification of Identity Verification Among Savings Banks'

Acceptance of Requests for Regulatory Improvement of Innovative Financial Services

Financial Services Commission Chairman Ko Seung-beom is delivering opening remarks at the Financial Services Commission-Financial Sector meeting on the extension of maturity extension and repayment deferral measures, held on the afternoon of the 23rd at the Korea Federation of Banks in Myeong-dong, Jung-gu, Seoul.

[Asia Economy Reporter Sim Nayoung] The Financial Services Commission has extended the designation period of four innovative financial services, including the simplified identity verification service between savings banks, by two years each. It also announced that it will accept regulatory improvement requests for two innovative financial services.

The simplified identity verification service between savings banks refers to simplifying the real-name verification process by allowing real-name verification information confirmed through a non-face-to-face real-name verification procedure at a specific savings bank to be utilized by other savings banks.

Additionally, the designation period for DGB Daegu Bank's innovative financial service using facial recognition technology for non-face-to-face real-name verification was also extended.

KakaoPay's mobile postpaid transportation card service, which allows the difference between prepaid recharge balance and payment amount within a monthly limit of 150,000 KRW to be repaid later, was also extended.

The service by KB Insurance, which allows corporate or individual business policyholders to easily subscribe to corporate insurance through mobile verification of employees belonging to the corporation, was also extended.

The designation period for these innovative financial services has all been extended until May 2024.

Meanwhile, the Financial Services Commission decided to accept regulatory improvement requests from Gonggam Lab and BigValue, which have been operating real estate price automatic estimation services designated as innovative financial services since June 2019.

The real estate price automatic estimation service is a big data-based service that utilizes public information when banks review mortgage loans. It uses a real estate price automatic evaluation model as the standard for calculating collateral value.

This is the first case where the 'regulatory improvement request system,' which allows innovative financial service providers to continue providing services stably even after the designation period expires, has been applied.

A Financial Services Commission official said, "Going forward, if it is judged that there are no issues with business stability and consumer protection after the demonstration period, we will actively operate the regulatory improvement request system to enable innovative financial service providers to focus on innovation without concerns about business suspension through prompt legal revisions."

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