Changes in Korea’s eBanking laws could benefit biometrics
30 April 2015 15:43 GMT

The nation's two financial regulators are also planning to cut the size of minimum ebank capital requirements by 50%.

Reform in the South Korean eBanking system’s security and certification requirements will enable people to make payments using finger and iris recognition methods and could usher in the era of the ‘Samsung bank’, reports Korean media.

The Financial Services Commission and the Financial Supervisory Service announced measures on 27 January that aim to support the convergence of IT with banking industries - introducing and expanding financial technology (fintech), reports Business Korea.

Because the financial authorities will reform regulations that demand the obligatory use of specific technologies, payment services using fingerprint and iris recognition authentication - or those using smart watches and glasses – can enter the banking market.

The nation's two financial regulators are also planning to cut the size of minimum capital requirements – for firms that want to run e-banking businesses, set up digital currency companies and facilitate digital money transfers - by more than 50 percent in the mid to long term.

“As a result, it will be possible for companies like Samsung or Naver to open Internet banks,” wrote Business Korea.