Banks in South Korea will be able to add a wide range of non-financial services to their mobile apps, including food ordering and delivery, following changes to the country’s financial regulatory system due to be introduced by the Financial Services Commission (FSC) in July 2021.
The FSC also plans to allow more commercial banks, local savings banks, credit card networks and other financial entities to offer open banking services and enable customers to manage multiple accounts from a single mobile app.
“We should continue to move forward with digital innovation in our financial industry while looking for sustainable ways to maintain soundness and generate profit,” FSC vice-chairman Doh Kyu-sang told a teleconference meeting to discuss innovation in the financial industry.
“On the regulatory front, there have been remarkable progress and improvements for digital finance in the areas of contactless, platform and big data services.
“This year, the government will continue to work on improving rules and regulations in our administrative capacity to make financial rules and regulations more predictable and reasonable.”