Hello, I am Jun Ji-hye, a reporter at The Korea Times. I primarily cover financial authorities and write articles on a wide range of topics related to finance and capital markets. If you have any information to share, feel free to email me at jjh@koreatimes.co.kr, and I will review it carefully. I am committed to always doing my best to communicate with readers through high-quality articles.
BC Card becomes 1st financial firm to win industry minister’s commendation for innovation
BC Card CEO Choi Won-seok poses after receiving a commendation from the minister of trade, industry and energy for the firm’s contributions to promoting innovative finance during the 60th Invention Day ceremony at COEX Magok in southwestern Seoul's Gangseo District, Monday. Courtesy of BC Card
By Jun Ji-hye
BC Card has become the first financial company to receive a commendation from the minister of trade, industry and energy for its contributions to advancing technology and strengthening the competitiveness of the nation's financial industry through leading patents and innovative finance, the company said Tuesday.
The award was presented at a ceremony for the 60th Invention Day, held on Monday at COEX Magok in southwestern Seoul's Gangseo District, with BC Card CEO Choi Won-seok and other key officials in attendance.
Invention Day, designated by the government in 1957, is a national observance established to highlight the critical role of invention in driving technological progress.
BC Card has led efforts for more than 40 years to enhance the country's card payment infrastructure, promoting the adoption of new payment technologies that improve consumer convenience.
Data from the Korea Intellectual Property Rights Information Service shows that the card firm has registered 123 patents in Korea as of April this year — the highest total not only in the card sector but across the broader secondary financial market.
In particular, the company achieved a patent registration rate of 94 percent between 2020 and 2024, reflecting its strong innovation capabilities.
More recently, the firm has been actively contributing to technological progress to improve consumer benefits by securing patents tied to emerging technologies such as artificial intelligence and blockchain.
A prime example is a 2024 patent application for an AI-based service that recommends the most rewarding card a customer owns at the time of purchase.
The company is also playing a key role in promoting the global competitiveness of Korean financial technology, having filed and registered a total of 58 patents in major Asian markets, including China, Vietnam and India.
"We will continue to drive the creation of intellectual property to not only boost national technological competitiveness but also deliver greater benefits to financial consumers," Choi said.