The Financial Services Commission said on the 28th that it designated 34 new innovative finance services through a regular meeting.
The Financial Services Commission (FSC) on this day newly designated a total of 30 cases of the "online investment-linked finance business (hereinafter ontu-eop) linked investment service" applied for by Aequon Savings Bank and 19 other companies and by Goyang Livestock Industry Cooperative and nine other entities. This service allows savings banks and mutual finance institutions to participate as investors in personal credit loan products recruited and reviewed by ontu-eop operators. Through the service, mid- and low-credit borrowers are expected to be able to use loans at lower interest rates than before or secure new loan opportunities.
Hyundai Capital's "one-stop add-on services related to automobiles" was also newly designated. The service features comprehensive analysis of the financial data (income, spending habits, insurance history, etc.) of Hyundai Capital finance members and app users and automobile connected data (mileage, driving habits, etc.) to recommend customized add-on services to customers. Through this, consumers can handle many procedures related to add-on services at once with a single app, without installing multiple apps or visiting offline stores.
One case of Viva Republica's "prepaid electronic payment instrument service exclusively for foreign visitors to Korea" was also newly designated. The main content of the service is to raise the issuance limit of anonymous prepaid electronic payment instruments from the current 500,000 won to 1 million won for foreigners for whom identity verification through domestic identity verification institutions is difficult.
Through this measure, it is expected that some user inconveniences for foreign visitors to Korea—such as the hassle of carrying cash due to fragmented use of financial instruments, the risk of losing cash, and fee burdens from paying with credit cards issued in their home countries—will be alleviated.
Hecto Financial and Standard Chartered Bank Korea's jointly applied "service linking partner bank accounts to prepaid top-up funds for app users (1 case)" and Korea Exchange (KRX)'s "service using SaaS (Software-as-a-Service) on internal terminals at financial institutions (1 case)" were also newly designated.