FSC chief vows to lower entry barriers for 'innovative finance'

Financial Services Commission (FSC) Chairman Eun Sung-soo speaks during a press conference in Seoul, Tuesday. / Courtesy of FSC

By Kim Jae-kyoung

The nation's top financial regulator has vowed to prioritize "innovative finance" in 2020 while taking pre-emptive actions to ensure market stability.

At a press conference in Seoul Tuesday, Financial Services Commission Chairman Eun Sung-soo said the regulator will push for regulatory reform to foster innovation in the market.

"The financial industry's own innovative developments, such as fintech and big data, will open up a new market in lending and improve a credit screening system contributing to upgrading the quality of innovative finance," Eun said.

"Such efforts will in turn help strengthen 'inclusive finance' by offering funds for small business and independent business owners more smoothly."

Eun said he will make further efforts to lower regulatory barriers to encourage market players to take more chances with innovation.

"During my field tour over the past 100 days (since inauguration), I was told that finance is conservative and has excessively high barriers," he said.

"Creativity and courage are needed to ensure innovative finance, but to make it a reality, we need not only courageous attempts but also an open and flexible regulatory environment."

He stressed that another top priority will be placed on better protecting consumers to prevent mis-selling of financial products and illegal private lending.

Eun expects that lingering uncertainties both domestic and international will continue through next year.

"We will keep a close watch on the financial markets as concerns are lingering over asset market instability amid low interest rates," he said. "When necessary, we will take action pre-emptively."

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