The South Korea Financial Services Commission designated 24 innovative financial services for market testing, taking the cumulative number of designations to 1,164. The approvals cover a credit card escrow service for consumer to consumer secondhand sales, a joint corporate lending service, mobile enrollment for wrap type cash management accounts and 21 services connecting external generative artificial intelligence models to firms’ internal systems. The commission also approved an extension and a regulatory reform request for fractional overseas share trading. Naver Financial’s service will release credit card payments to sellers after buyers confirm purchases, with transactions capped below KRW 1.5 million and controls required to detect suspected misuse. Toss Bank and Gwangju Bank will jointly assess and fund corporate loans through the Toss Bank app, splitting the lending equally and offering jointly determined limits and rates. Mirae Asset Securities may replace the usual in person or video call explanation for wrap type cash management accounts with a video, an AI chatbot and access to staff, reducing the expected enrollment time from about 30 minutes to around 15 minutes. The 21 generative AI designations permit 14 financial companies to connect external cloud based models to internal information processing systems for employee and customer services. Firms may use only models supplied by cloud providers that pass the designated security assessment and must submit the results and implement their own safeguards before launch. The commission also approved a two year extension for IBK Securities’ fractional overseas share service from Nov. 17, 2026, to Nov. 17, 2028, and accepted SK Securities’ request for legal changes that would allow the service to operate without a regulatory exemption. SK Securities may continue operating while the amendments are completed, for up to 18 months.

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