Korea trials drive-thru banking in fintech sandbox

Woori Bank aims to make the service available in restaurants and car parks near the airports.

Woori Bank’s drive-thru money exchange and withdrawal service at restaurants and car parks near airports has been accepted into the financial regulatory sandbox of the Financial Services Commission (FSC), making it the first of its kind in Korea, according to an announcement.

The FSC designated nine additional financial services as “innovative financial services” following the first batch of financial services in April 17. To date, 18 services have been approved for testing in the financial regulatory sandbox amongst the 105 services applied for priority review since January.

Also read: Korea sets up open interbank payment network to boost fintech

Other services which secured approval from the FSC include loan platforms from homegrown fintech platforms, such as Finda, VivaRepublica, NHN Payco, Finset, and Fintech Inc. On the other hand, ICT firm Douzone will launch a platform that will provide credit information based on tax accounting information of SMEs not subject to external audit and develops credit assessment and risk management models.

KOSCOM, whose parent firm is the Korea Exchange, will launch a blockchain tech-based offering that will computerise and update the list of shareholders of non-listed SMEs, and provide assistance for P2P over-the-counter trading of such stocks, whilst Kasa Korea will have a blockchain tech-based service that will issue and distribute mortgage-backed securities (MBS) in a form of electronic securities.