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To: StanX Long who wrote (13312)	2/11/2004 10:15:28 PM
From: StanX Long	Respond to of 95737

Another Chip Application, Stan. Korean Banks to Pilot Ic Cards Next Month Thursday February 12, 8:24 AM SEOUL, Feb 12 Asia Pulse - Kookmin Bank (KSE:060000), South Korea's largest lender, and nine other banks will test integrated-circuit (IC) bank cards in March, the nation's financial watchdog said Thursday. The Financial Supervisory Service (FSS) said the trial run will be limited to the banks' branches in the Yeouido area, a commercial district in downtown Seoul. "The start of the pilot program will prompt more banks to follow suit," an FSS official said. "From April, banks will start replacing automated teller machine (ATM) cards and credit cards with IC cards." IC cards have built-in computer chips and store all the financial information of customers. IC cards allow holders to carry out banking and all other financial transactions because they combine all the functions of credit cards, ATM cards and other cards. The official said the FSS will guide all banks to begin issuing IC cards by as late as July. Banks will be encouraged to issue IC cards to new customers first, and then to existing clients, he said. The body plans to complete the replacement of existing bank cards with new IC cards by 2008, he added. (Yonhap)