Chairman of the Financial Services Commission “Incentives such as expansion of incidental work for cooperation with financial companies and fintech”

“Support for active use of regulatory sandbox and extension of designated agent designation period”

“Improving user deposit management problems and responding to the monopoly of large platform data”

Koh Seung-beom, Chairman of the Financial Services Commission

[연합뉴스 자료사진] [email protected]

(Seoul = Yonhap News) Reporter Shim Jae-hoon = Koh Seung-beom, chairman of the Financial Services Commission, announced on the 9th that he would provide incentives such as expansion of ancillary tasks related to collaboration between financial companies and fintech and extension of the designated agent period to revitalize financial companies’ fintech investment.

While declaring support for the active use of the regulatory sandbox and the vitalization of non-face-to-face financial services, he also expressed his will to respond to data monopoly of large platforms in cooperation with related organizations.

Chairman Koh expressed his position at the Seolleung D-Camp in Seoul on the same day by holding a meeting with fintech companies such as Finda and Finck and related financial companies such as Kyobo Life and Shinhan Card.

At the meeting, Chairman Koh pointed out that the phenomenon of reunification, in which various financial services are converge into one operator, is spreading. .

He said, “We will keep the principle of consumer protection for financial services provided mainly online, but we will seek improvement measures in line with the evolution of digital technology so that innovative functions such as customized comparison and recommendation can be exhibited.”

At the same time, he said that he would actively expand the scope of information provision, such as public data for activating personal credit information management (My Data) services, as well as preparing an institutional basis for innovation in the payment and settlement field, simplifying information authentication and access procedures.

Koh Seung-beom, Chairman of the Financial Services Commission
Koh Seung-beom, Chairman of the Financial Services Commission

[연합뉴스 자료사진]

Chairman Koh said, “We will come up with measures to improve the system so that financial companies can activate investment and alliances with fintech companies, and we will actively utilize the regulatory sandbox to test and commercialize new financial innovations.”

In regards to new financial services promoted by financial companies in partnership with Fintech, they decided to consider easing restrictions on incidental business.

Chairman Koh said, “Even in the case of a designated agent-type alliance, we will ensure stable cooperation such as extension of the designated period can be maintained.” We will link it with procedures such as approval of incidental work,” he said.

Referring to the Merge Point incident, he said that he would improve the safe management of user deposits raised by the increase in the use of prepaid electronic payment methods, and devise and implement reform plans for financial security regulations such as network separation of financial companies and use of cloud services.

Chairman Koh said, “We will also prepare a system of discipline for sales conduct that is suitable for online and non-face-to-face business.

Participants in the fintech industry suggested policy support such as facilitating investment in the fintech industry and improving regulations, promptly promoting the revision of the Electronic Financial Transactions Act to introduce a comprehensive payment service provider, and easing regulatory uncertainty regarding online non-face-to-face financial services.

As recommendations from financial industry participants, when the Electronic Financial Transactions Act was amended, it was proposed to expand the scope of work, such as allowing general payment and settlement providers in the existing financial sector, and to activate the regulatory sandbox.

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