Invest KOREA

According to Yonhap News,

(SEOUL=Yonhap News) The head of South Korea's financial regulator said Thursday he is seeking to ease restrictions on financial companies' investment in fintech firms as part of efforts to expand support for the fast-growing industry.

Jeong Eun-bo, chief of the Financial Supervisory Service (FSS), made the remarks in a meeting with leading officials of the fintech industry, saying his agency will push for the enactment of a relevant law on the matter.

"We will push for the enactment of the so-called fintech nurturing act intended to bolster financial companies' investment in fintech firms," he told the meeting.

The act currently under review reportedly includes easing restrictions on the scope of fintech firms that can receive investment from financial companies and streamline approval procedures for such investment.

South Korea has sought to ease regulations in a way that boosts money flow into the fast growing fintech industry.

The government plans to launch a fund of 300 billion won (US$252 million) next year to support fintech firms.

Jeong said the FSS will seek to launch a separate youth fund aimed at supporting startups with high growth potential.

kokobj@yna.co.kr

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Source: Yonhap News (January 20, 2021)