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Regulator to step up drive for innovation in financial industry

According to Yonhap News,

(SEOUL=Yonhap News) South Korea will step up its drive for innovation in the financial industry by allowing more fintech firms to offer products and services under light-touch regulation, the head of the financial regulator said Tuesday.

Financial Services Commission (FSC) Chairman Eun Sung-soo made the remarks at a meeting with senior officials to discuss measures to promote the fintech sector.

Since last year, fintech firms have been able to develop services without regulatory hurdles. Under a so-called regulatory sandbox, fintech firms using new technologies, such as blockchain and big data, are exempted from strict regulation.

"(The FSC will) step up its operation of the financial regulatory sandbox in a bold manner," Eun said.

By next March, the FSC will designate 100 financial products to be tested under the regulatory sandbox, he said.

For years, South Korea has stepped up efforts to ease regulation and cut red tape to boost the fintech industry.

Earlier this month, the FSC said it will set up a fund of 300 billion won (US$251 million) to help channel more funds into fintech firms.

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Source: Yonhap News (September 24, 2019)

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