FSC Designates Additional Financial Solutions as 'Innovative Financial Services'Nov 06, 2019

The FSC designated seven additional financial solutions as ‘innovativefinancial services’ to be accepted into financial regulatory sandbox. As of November6, the FSC has designated a total of 60 such services.


Overview of Newly Added ‘InnovativeFinancial Solutions’


1. An online-based paperless application solution for business-relatedinsurance products, such as fire or disaster liability insurance (Samsung Fire & MarineInsurance)


2. An online payment service which allows buyers of used goods topre-charge e-points with their credit cards and transfer e-points to sellers asa means of payment when purchasing used goods directly from the seller in onlinee-commerce platform (KBKookmin Card)


3. A monthly wage payment solution which uses mobile location datato log individuals’ work hours and allows workers to receive wages prior to themonthly payday through an escrow account (Emmaus)


4. An automated intellectual property report solution which analyzesthe economic value of intellectual properties using big data and artificialintelligence, and forward the information to financial institutions (Wisdomain)


5&6. An alternative credit evaluation service for individuals,business owners and SMEs, which utilizes non-financial information, such as profitrecords, types of business, number of days in operation and so on, to analyzeand provide alternative credit rating system for small businesses (BC Card, KB Kookmin Card)


7. A small sum investment platform which allows individualinvestors to trade small amounts in foreign stocks and diversify portfolios (Korea Investment &Securities)