qualification and supervision. person who intends to perform the business of issuing and managing electronic currency shall obtain permission thereof from the Financial Services Commission. person who intends to perform the services referred to in each of the following subparagraphs shall register himself/herself with the Financial Services Commission: Electronic funds transfer services; Issuance and management of electronic debit payment means; Issuance and management of electronic prepayment means; Electronic payment settlement agency services; Other electronic financial services determined by Presidential Decree. Financial Supervisory Service supervise whether financial institutions and electronic financial business operators abide by this Act or an order issued by this Act, under the direction of the Financial Services Commission. Conclusion Many mobile finance technologies and solutions had failed and discontinued and only in Asia especially in South Korea, Japan, Singapore and Hong Kong mobile finance has been fairly successful. This may have been the reason why until recently there had been little interest in unifying the laws regulating the mobile finance. However the situation began to change when the USIM-based application came into service. Immense potential to serve as a platform for various financial transactions has enabled mobile devices to play an important role in the financial industry. Concurrently mobile finance solutions such as mobile banking, mobile credit card, mobile electronic money and direct mobile billing service were beginning to appear in a number of countries and widely spread globally. Since it’s not clear whether the rules governing traditional financial transactions would be applied to mobile finance in whole or in part, it’s right time for UNCITRAL to make effort to prepare the legal guide on mobile finance exploring all possible legal issues that would have to be faced in moving from traditional or computer-based financial transaction to mobile financial transaction.
qualification and supervision. person who intends to perform the business of issuing and managing electronic currency shall obtain permission thereof from the Financial Services Commission. person who intends to perform the services referred to in each of the following subparagraphs shall register himself/herself with the Financial Services Commission: Electronic funds transfer services; Issuance and management of electronic debit payment means; Issuance and management of electronic prepayment means; Electronic payment settlement agency services; Other electronic financial services determined by Presidential Decree. Financial Supervisory Service supervise whether financial institutions and electronic financial business operators abide by this Act or an order issued by this Act, under the direction of the Financial Services Commission. Conclusion Many mobile finance technologies and solutions had failed and discontinued and only in Asia especially in South Korea, Japan, Singapore and Hong Kong mobile finance has been fairly successful. This may have been the reason why until recently there had been little interest in unifying the laws regulating the mobile finance. However the situation began to change when the USIM-based application came into service. Immense potential to serve as a platform for various financial transactions has enabled mobile devices to play an important role in the financial industry. Concurrently mobile finance solutions such as mobile banking, mobile credit card, mobile electronic money and direct mobile billing service were beginning to appear in a number of countries and widely spread globally. Since it’s not clear whether the rules governing traditional financial transactions would be applied to mobile finance in whole or in part, it’s right time for UNCITRAL to make effort to prepare the legal guide on mobile finance exploring all possible legal issues that would have to be faced in moving from traditional or computer-based financial transaction to mobile financial transaction.
UseofMobileDevices_Chang-ho_CHUNG.docx