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Search results for Financial Telecommunications and Clearings Institute

Finance

FSC to formalise online deposit comparison and recommendation, allowing platform broker registration

South Korea\'s Financial Services Commission will move online deposit comparison and recommendation services into the regulatory system by revising supervisory rules under the Financial Consumer Protection Act. Platforms will need to compare and recommend deposit products from at least three financial companies and list them in consumer-friendly order. The rules limit incentives per contract, cap brokering volumes by financial company and expand algorithm verification bodies. The revision will take effect three months after notice, with a six-month grace period for current pilot operators.

Finance

Korea Post to offer services for all commercial and regional banks at nationwide post offices

From October, customers of Gwangju Bank and Busan Bank will be able to use deposit and withdrawal services and ATM services without fees at about 2,400 post offices nationwide. Korea Post signed a partnership agreement with the two banks and the Korea Financial Telecommunications and Clearings Institute at Gwanghwamun Post Office on Aug. 28. The deal completes Korea Post’s shared financial counter network agreements with 14 domestic commercial and regional banks.

Finance

Toss Payments joins pilot for deposit token payment infrastructure

Toss Payments, the payment gateway unit of Viva Republica, is taking part in a private pilot to connect deposit tokens to existing payment networks. The company plans to build infrastructure that supports deposit token payments without merchants replacing terminals or developing separate systems. Toss Payments said it was selected as the preferred bidder for a project under the Blockchain Innovation Leading Project led by the Ministry of Science and ICT and the Korea Internet & Security Agency.