South Koreans will soon be able to order food via bank apps

This new initiative is expected to be rolled out this year

South Korea bank apps

South Koreans will soon be able to order food via bank apps. Source: pexels.com

According to The Korean Herald, Financial Services Commission plans to allow banks to operate nonfinancial services such as food delivery via their mobile apps. South Korean major financial regulator is going to implement it after the revision of its financial regulatory system in July 2021.

Discussions and research are underway to expand the platform business in the finance sector next year. Even before the regulatory reform takes effect next year, (the FSC) is planning to help financial companies develop platform-based innovative services by temporarily easing related regulations
FSC

Besides, the authority will enable more financial institutions to set up “open banking” services. This way, customers will be able to manage accounts at multiple financial entities through a single mobile financial app.

We’ve reported that highly qualified Kenyans without degree-level qualifications will be able to apply for jobs in Britain under new immigration rules that followed the Brexit agreement.

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Categories: All materials Banks News
Tags: South Korea