In the future, food orders and shopping will also be possible through bank applications. It will also be possible to buy non-face-to-face insurance without meeting insurance planners in person.
The Financial Services Commission announced at the 5th Digital Financial Consultative Meeting presided over by Vice Chairman Do Kyu-sang on the 10th that it plans to improve a total of 40 (65 percent) out of 62 issues raised in traditional financial companies, FinTech and big-tech sectors. Fifteen cases will be reviewed in the mid- to long-term.
This is the result of the Financial Services Commission’s discussions over the past two months to resolve regulatory gains and revitalize digital finance between the financial sector and the FinTech and big-tech sectors. The Financial Services Commission reviewed all of the regulatory equity improvements (24 cases) raised by the traditional financial sector and the system improvements (38 cases) proposed by FinTech, Big Tech and financial companies, and accepted 40 cases to come up with measures to improve regulations and systems.
First of all, it is predicted that banks, like Big Tech, will be able to provide various services such as food orders, real estate orders, and shopping through the app. Research services have been underway since August to review ways to improve the scope of banks’ platform business. It is predicted that it will be able to help small business owners with lower fees than public or commercial apps, which account for 2% and 15%, respectively, and provide specialized financial services based on sales data such as prompt settlement of payments and mortgage loans for sales bonds.
It will also set up a system of discipline for big-tech platforms. Big-tech platform companies are currently actively entering financial industries such as loans and insurance through partnerships or in connection with existing financial companies. As a result, concerns such as abuse of market power or damage to users are being raised. The financial authorities agree with this perception and will come up with reasonable regulations. The revised Electronic Financial Transactions Act, currently proposed to the National Assembly, calls for banning 안전놀이터 unreasonable discrimination and punishing those who abuse their superior status. In addition, through the enforcement ordinance of the Financial Consumer Protection Act, the government plans to prepare supplementary measures to prevent agents and relay operators such as Big Tech from violating the Fair Trade Act or imposing excessive fees.
It has also decided to balance the scope of MyData information provision. The move comes after criticism was raised that while banks provide all information related to concurrent operations, such as information on credit cards and pension products, electronic financial institutions are passive in providing “customer order information,” information related to concurrent operations. Currently, financial authorities and related industries are discussing ways to share categorized order details, not individual product names, so that there is no fear of privacy infringement.