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8 new financial sandboxes announced by FSC

Nov 22,2019
Eight more financial services have been approved for exemption from certain rules under the Financial Services Commission (FSC) sandbox program.

This will bring the total to 68 since the initiative was started on April 1.

The list of approvals include an exemption that will allow tenants to pay their rent using credit cards and the use of personal banking data to catch voice phishing scams.

“The eight innovative financial services are those that people can actually feel in their daily lives, including customized consulting services for personal wealth management, monthly rent card payment services, simplified insurance subscription services, reducing credit card commissions for small businesses, improvement in efficiency of value-added networks by using cloud storage and preventing voice phishing by analyzing suspected accounts,” Yoon Chang-ho, director of the FSC’s financial industry bureau, said Thursday.

The rent credit-card payment service proposed by Shinhan Card will allow tenants to pay monthly rents up to 2 million won ($1,700) via credit card. To encourage more landlords to accept payments in this way, the credit card services commission charge will be paid by the tenant.

“We believe that if the commission is charged to the landlord, it would be difficult to expand the service, as many would feel burdened, so we decided to charge the commission on the tenants,” said the FSC director Yoon. The service “will allow landlords to secure stable rent without late or unpaid payments while making the transactions between the landlords and tenants transparent.”

Another service approved by the FSC will allow the Korea Financial Telecommunications and Clearings Institute (KFTC) to use data to analyze bank accounts that are suspected of being used in voice phishing scams. The information analyzed by the KFTC will then be shared among financial companies.

Under existing laws protecting personal data, information of this sort cannot be shared with third parties.

The FSC said because of these restrictions banks had to analyze suspicious accounts on their own, which limited the scope of investigations. The FSC said the sharing of information will likely limit the incidence of phishing.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]


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