45 new innovative financial services have been designated – 45 new designated services including ‘Simple prepaid electronic payment method use and refund service for foreigners visiting Korea’ 

Purpose:
The Financial Services Commission has recently made a significant decision to newly designate 45 innovative financial services, including a convenient electronic payment method for foreign visitors. This update aims to provide a concise overview of this development.

Effects on Industry:
The designation of these 45 innovative financial services is expected to have a profound impact on the industry. The introduction of a convenient electronic payment method for foreign visitors will likely increase tourism and trade, benefiting businesses and consumers alike. Furthermore, the expansion of services such as SaaS (Software-as-a-Service) and creation-type AI usage in internal work terminals will enhance operational efficiency and customer experience.

Relevant Stakeholders:
The following stakeholders are directly affected by this update:

• Businesses: Banks, insurance companies, securities firms, and credit card companies will need to adapt their services and systems to comply with the new regulations.
• Consumers: Foreign visitors and domestic customers will benefit from the increased convenience and efficiency of financial services.
• Industries: The tourism and trade industries are expected to experience significant growth due to the introduction of a convenient electronic payment method for foreign visitors.

Next Steps:
To comply with this update, businesses and organizations will need to:

• Review and adapt their existing systems and services to incorporate the newly designated innovative financial services.
• Ensure compliance with regulations and guidelines set by the Financial Services Commission.
• Implement changes to internal work terminals to enable SaaS and creation-type AI usage.

Any Other Relevant Information:
The Financial Services Commission’s decision to newly designate 45 innovative financial services is part of a broader effort to promote innovation and efficiency in the financial sector. This update reflects a commitment to supporting businesses and consumers through the introduction of new technologies and services. The designation of these services will also facilitate further development and testing of innovative financial products, ultimately benefiting the industry as a whole.