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  • 9 entries added to gov't list of 'innovative' financial services

  • The Financial Services Commission on May 2 added nine entries to its list of “innovative” financial services. (iClickart)

    The Financial Services Commission on May 2 added nine entries to its list of "innovative" financial services. (iClickart)


    By Jung Joo-ri and Lee Jihae 

    The finance sector will soon offer drive-thru service to allow the convenient exchange and withdrawal of currencies similar to how people can order and pick up food from fast-food restaurants without getting out of their vehicles. 

    The Financial Services Commission (FSC) announced on May 2 that it added nine financial technology (fintech) entries to its list of "innovative" financial services as part of the government's regulatory sandbox. The services will be based in mobile phone apps, internet platforms and blockchain technology to enhance client convenience. 

    Woori Bank will introduce a drive-thru money exchange and withdrawal service called "Without Visiting the Bank." As its name suggests, the service allows customers to withdraw or exchange up to KRW 1 million at drive-thru establishments of cafes, fast-food restaurants or parking lots near airports. 

    Fintech companies such as Finda, Viva Republica and NHN Payco will also launch apps that compare the loan services and interest rates of financial companies. Finda and Viva Republica will roll out their respective apps in June and NHN Payco in September. 

    In addition, Fintech Inc. will initiate a service through an internet platform providing information on car loan products that automatically reflects the user's vehicle-related documents by typing in his or her license plate number.

    Koscom Corp. will provide a blockchain-based financial service that updates the shareholder lists of non-listed small to medium companies. 

    An FSC source said, "We hope that the designated innovative financial services will not merely be a temporary exemption of regulations or a trial period. We will press ahead with relevant laws and policies."

    etoilejr@korea.kr




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