Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
Korea to introduce Drive-thru banking service
By Jhoo Dong-chan
Drive-thru banking services will be introduced in Korea, allowing customers to exchange currencies and make withdrawals at drive-thru establishments such as Starbucks and McDonald's.
The Financial Services Commission (FSC) said it additionally designated nine fintech services as the agency's innovative financial services. Under the government's exemption for the financial regulatory sandbox, these services are free from related financial regulations for up to four years.
The nine services include the drive-thru banking service, and Woori Bank said it will introduce its own drive-thru banking service at local restaurants and coffee shops in October.
Customers are allowed to make withdrawals and exchange up to 1 million won ($854.7) worth of foreign currencies without having to visit a bank.
“The service is a part of Woori Bank's efforts to improve financial customers' convenience,” said a Woori Bank official.
The Financial Services Commission head office at the Government Complex in Seoul. Yonhap
By Jhoo Dong-chan
In the U.S., commercial banks have operated drive-thru banking services at their branches, not restaurant and coffee shops, across the country where customers are allowed to make withdrawals or make wire transfers after business hours.
Japan offers not only basic banking services but also allows customers to open a bank account at convenience stores.
“Not only Woori Bank but also other commercial banks are in talks with local fast food and coffee shop franchises to offer the drive-thru service,” said another bank official who asked not to be named.
“Financial customers will be able to make withdrawals and exchange currencies at local drive-thru restaurants by next year.”
Separate from the drive-thru service, the FSC decided to allow nine fintech firms, including Finda, Viva Republica, NHN Payco, Alpha Fintech and Finset, from the regulatory sandbox to introduce a comprehensive mobile platform where customers are allowed to compare each bank's loan services and their interest rates.
Fida, Viva Republica and Finset said they will roll out their own platforms next month. NHN Payco said its platform will be released in September.
Alpha Fintech said it will introduce a new car loan service app where customers can easily get possible interest rates and credit lines by entering their license plate number.
“The FSC will continue incubating new financial service technologies through the sandbox,” said FSC Financial Innovation Support Group head Kwon Dae-young.
“There are still too many financial regulations to accommodate new ideas. I believe the sandbox will help provide opportunities for fintech firms.”