Designation of 9 Innovative Financial Services Including CBDC Deposit Token Issuance and Transfer

On the 30th, the Financial Services Commission announced at its regular meeting that it had newly designated nine innovative financial services. With this, a total of 384 services have been designated as innovative financial services to date, allowing them to be tested in the market.

First, the FSC newly designated the "Deposit Token-Based Payment and Transfer Service within the CBDC System," jointly provided by seven banks including KB Kookmin Bank, Shinhan Bank, and Woori Bank, as an innovative financial service. This service allows banks to open electronic wallets in the real names of users and issue tokenized payment instruments based on bank deposits, enabling users to purchase goods and services at points of use with deposit tokens.

Additionally, Hanwha Investment & Securities' "MyData-Based Stock Collateral Loan Refinancing Service" was also designated as an innovative financial service. This service allows investors currently using stock collateral loans at other securities firms to refinance their stock collateral loans with Hanwha Investment & Securities if its interest rate conditions are more favorable.

NH Nonghyup Bank's "Family Card Service for Minor Children" was also selected as an innovative financial service. This service enables minor children who are middle and high school students aged 12 or older to be issued and use family cards that can be used within their parents' credit card limits.

The FSC stated that through this designation, it expects effects such as innovation in payment and settlement based on distributed ledger technology, enhancement of consumer benefits, and improved convenience of financial transactions for youth.

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