Preloaded foreign currency will be allowed for use in overseas stock investments. The Financial Services Commission said on the 5th that it newly designated three innovative financial services at a regular meeting. With this, a total of 901 innovative financial services can now be tested in the market.
First, NH Investment & Securities and Travel Wallet will be allowed to provide a service that refunds a consumer's preloaded and held foreign-currency prepaid funds to the consumer's brokerage consignment account for use in overseas securities investments. They will also introduce a service that transfers investment proceeds, such as funds from the sale of overseas securities, from the same account back to Travel Wallet for use as travel funds.
Travel Wallet provides a rechargeable prepaid card service that allows foreign-currency payments and cash withdrawals overseas. Previously, after traveling abroad, consumers could receive refunds of remaining foreign-currency prepaid funds only in won. With this designation as an innovative financial service, a virtuous cycle is expected to be established in which consumers use idle assets to meet goals such as preparing travel funds.
Lotte Members and Shinhan Bank will provide a service through the L.POINT Plus Shinhan Account that holds L.POINT application users' prepaid balances in a Shinhan Bank partner account and pays interest. They will also be able to introduce linked financial services such as enabling automatic prepaid top-ups from the account when users make payments at affiliated merchants.
Aikuka has been cleared to offer a tailored savings and installment savings recommendation service for financial education for the next generation. Aikuka provides a pocket money management platform for minors using prepaid balances. With this designation, parents using the platform can compare savings and installment savings products by interest rate and preferential conditions and open an account on behalf of their child in the child's name.