The FSC has designated three new Innovative Financial Services and extended existing ones.
The Financial Services Commission (FSC) announced three newly designated Innovative Financial Services at its regular meeting. It also decided to change the supplementary conditions and extend the designation period for services already designated, among them ICONLOOP's non-face-to-face identity verification service based on digital identity credentials. Here are the details, and you can read the full article through the link at the bottom of this post.
FSC Designates Three New Innovative Financial Services, Including Face-Recognition Account Opening
The Financial Services Commission held its regular meeting on the 14th and announced the designation of three new Innovative Financial Services. That brings the total number of designated Innovative Financial Services to 142.
The three newly designated services are △a non-face-to-face account opening service using facial recognition technology (Hana Bank), △a digital identity verification service for customers visiting bank branches (Busan Bank), and △a blockchain-based real estate beneficiary certificate trading platform (Lucent Block and six trust companies). The companies plan to launch these services in the second half of this year.
To allow smooth testing of previously designated Innovative Financial Services, the FSC also decided on four changes to supplementary conditions, one change to designated content along with an extension of the designation period, and 10 extensions of designation periods.
First, the MVNO service combining finance and telecom (KB Kookmin Bank) had its designation period extended by two years, with supplementary conditions attached, including that the company put measures in place to prevent excessive sales competition and that labor and management cooperate with each other.
For the non-face-to-face identity verification service based on digital identity credentials (ICONLOOP, Fount, SK Telecom, Coinplug), the renewal cycle was extended from three months to six, and the number of account holders for whom financial companies can open accounts using the service was raised to a maximum of 25,000 per year.
- Source: Newstomato
- Original: http://www.newstomato.com/ReadNews.aspx?no=1037919&inflow=N
FSC Designates Three New Innovative Financial Services, Including Face-Recognition Account Opening
The Financial Services Commission held its regular meeting on the 14th and announced the designation of three new Innovative Financial Services. That brings the total number of designated Innovative Financial Services to 142. The three newly designated services are △a non-face-to-face account opening service using facial recognition technology (Hana Bank), △a digital identity verification service for customers visiting bank branches (Busan Bank), and △a blockchain-based real estate beneficiary certificate trading platform (Lucent Block and six trust companies). The companies plan to launch these services in the second half of this year. To allow smooth testing of previously designated Innovative Financial Services, the FSC also decided on four changes to supplementary conditions, one change to designated content along with an extension of the designation period, and 10 extensions of designation...
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