Korean financial holding groups allowed to singularize app bank, insurance, brokerage services

[Source: Financial Supervisory Service]

Financial holding groups in South Korea can service online through singular app on banking, insurance, credit card, and brokerages under eased regulations by the Financial Services Commission (FSC) aimed to boosting traditional players’ mobile capabilities. Insurers will be able to incorporate healthcare financial service, and card issuers will be allowed to recommend products of other card firms in their apps. Online and mobile platforms Naver and Kakao can also offer comparison service of financial products.

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