“If the limitation on the amount of money received through Bank Wallet Kakao is due to the national regulation, I’ll try my best to lift it.”
“It is expected that the future e-commerce industry is going to be led by non-financial companies. Therefore, the tight regulations on electronic financial transactions must be eased.”
“Security programs such as ActiveX software will not be mandatory any more. Companies operating online payment platforms are expected to choose their own security programs. The Financial Services Commission plans to boost the convenience of electronic financial services as well as strengthen security in private information.”
Shin Je-yoon, Chairman of the Financial Services Commission
Shin Je-yoon, Chairman of the Financial Services Commission (image: The Financial Services Commission)
SEOUL, Oct. 8 (Korea Bizwire) — Daum Kakao gave a public demonstration of its new electronic financial transaction platform Bank Wallet Kakao in the presence of those in the financial industry including the chairman of the Financial Services Commission on October 6 at the company’s headquarters in Pangyo in the southern outskirts of Seoul.
The new payment service to be launched early next month is expected to allow KakaoTalk users to send up to 100,000 won and receive up to 500,000 won a day to and from another KakaoTalk user.
Shin Je-yoon, chairman of the commission, highlighted at the preview event that the regulator would aggressively support future electronic financial transaction services by easing current regulations on them. In order to use an e-commerce service, customers should install cumbersome security software programs on their computer until now, which makes Korean service providers left behind in the global electronic financial service market.
The era of “FinTech” (financial technology) is imminent in Korea. (image credit: Kobizmedia/Korea Bizwire)
By Veronica Huh (veronicah@koreabizwire.com)
