The Federation of Korean Industries (FKI) said on the 23rd it had proposed to the Office for Government Policy Coordination the idea of introducing a "stock e-gift card service."
A "stock e-gift card" is a new financial investment service that issues certain domestic listed stocks such as Samsung Electronics and SK hynix in the form of a mobile e-gift card. It said the service offers better consumer convenience and accessibility than similar existing services, such as financial investment gift certificates that cannot designate a specific stock to gift or stock gifting services that allow transfers only within the same securities firm.
FKI explained that, as individual investors' overseas stock investments have surged recently, introducing this service is expected to invigorate the domestic stock market.
According to a survey (500 responses) FKI commissioned Monoresearch to conduct nationwide of adults in their 40s and younger on the 10th–15th, more than 4 out of 10 people (44.8%) said they would be willing to use the stock e-gift card service if it is introduced.
Among those with stock investing experience, willingness to use was higher at 54.7%.
When 224 respondents who expressed willingness to use were asked in what situations they would like to send a stock e-gift card, the answers were birthdays (29.6%); seasonal holidays such as Lunar New Year, Chuseok, Christmas, and the year-end and New Year (19.1%); investment education for children or acquaintances (18%); and academic or career-related occasions (17.4%), in that order.
Half of respondents (47.8%) expected that stock e-gift cards would help revitalize the domestic stock market by expanding the inflow of individual investors, including young people.
FKI presented four policy tasks to establish the stock e-gift card service. ▲ Enable distribution and sales of stock e-gift cards on online shopping platforms by designating them as an innovative financial service by the Financial Services Commission ▲ Set the gift tax exemption limit at the annual 2.5 million won level, the same as the current basic deduction for capital gains on stock transfers ▲ Build a public platform to lower distribution fees and increase participation by securities firms ▲ Diversify payment methods. It also proposed a supplementary measure to set a monthly usage limit (100,000 won or less) to prevent side effects such as leveraged investing and converting credit cards to cash.
Lee Sang-ho, head of the Economic and Industrial Headquarters at FKI, said, "If a stock e-gift card service that can be gifted on special occasions is introduced, it will not only broaden the base of individual investors in the domestic stock market but also help the development of K-finance as a leading financial service," and added, "A positive review of the related service is needed to help the public steadily accumulate financial assets and to foster an atmosphere of love for corporations."