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South Korea’s Central Bank To Develop Biometric Payment Standards

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The Paypers: South Korea’s central bank has revealed plans to develop standards for biometric identification that is used to authenticate digital transactions. The Bank of Korea revealed that the Committee on Financial Informatization Promotion (CFIP) will develop the technical standards before the end of H1 2015, and then test such services in H2 with domestic commercial banks.

In January 2015, the Financial Services Commission and the Financial Supervisory Service announced measures that aim to support the convergence of IT with banking industries – introducing and expanding financial technology (Fintech).

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