'Face Recognition Allows Bank Transactions Without ID' 10 Innovative Financial Services Designated

Starting as early as next year, it is expected that bank transactions will be possible without submitting an ID card, using only facial recognition and location authentication.

On the 9th, officials were busy moving in the corridor of the Financial Services Commission at the Government Seoul Office in Jongno-gu, Seoul, where the financial authorities decided to include mortgage loans (Judaemae) in the 'debt refinancing' infrastructure scheduled to be launched in May by the end of the year. The financial authorities explained that they aim to reduce the interest burden on mortgage loans by establishing a debt refinancing platform that allows users to compare financial sector loan interest rates at a glance and switch loans easily. Photo by Dongju Yoon doso7@

On the afternoon of the 13th, the Financial Services Commission held a regular meeting and announced the designation of 10 new innovative financial services, including this content. The total number of services designated as innovative financial services to date is 283.

First, Industrial Bank of Korea's 'Real-name verification service for in-branch customers using facial recognition technology and location verification technology' was designated as an innovative financial service. This service verifies the identity of the transaction party by using facial recognition technology and an additional authentication method (location authentication or PIN number authentication) instead of the traditional real-name verification documents such as ID cards.

The authorities explained that this is expected to enhance consumer convenience by enabling financial transactions without an ID card. Industrial Bank of Korea plans to complete the system construction early next year and launch the service.

In addition, services such as 'Seller Wallet Integrated Financial Support Service' applied for by Coupang Pay and Hana Bank, and 'QR-based Mobile Simple Payment Service for Golf Course Caddies' by Green Jacket were also newly designated.

Furthermore, the Financial Services Commission extended the designation period for 25 existing innovative financial services and accepted one regulatory improvement request related to an innovative financial service.

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