Individual Savings Account (ISA) Support System : ISA-Net
The Korean government has introduced individual savings accounts (ISA) with an aim to support the wealth accumulation of the public through a comprehensive wealth management scheme, amid a low interest rate environment and an ageing society.
The ISA-Net was developed by the KSD, as the need to build an efficient system that can assist business between diverse entities was highlighted to ensure the successful implementation of ISAs.
The ISA-Net, offered by the KSD, is a comprehensive system that provides automated processing service for product trading between financial institutions, ISA transfer, or other activities that may occur as the assets subscribed by investors are managed.
Reflecting the participants' business needs, the KSD first introduced the product trading support service in March 2016, before additionally launching the ISA transfer service in July 2016.
A total of 74 companies (15 banks / 17 securities companies / 2 insurance companies / 2 other institutions)
'Restriction of Special Taxation Act' [§91-18(1)]
(Product trading support service) Support the message exchange between the ISA provider and the institution that offers the financial product in the case products are bought or sold according to the investor's request, and manage the processed records.
(ISA transfer service) Support the message exchange on account information in the case ISAs are transferred from one provider to another according to the investor's request, and manage the processed records.