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| Financial Services Commission Chairman Choi Jong-ku explains its policy for fintech startups at an event in Mapo, Seoul, Wednesday. Yonhap |
By Park Hyong-ki
The Financial Services Commission (FSC) will rapidly move to further ease rules and revise laws governing nonbanks and startups developing and commercializing their financial technologies and services.
In a meeting with fintech companies at a startup center in Seoul, Wednesday, FSC Chairman Choi Jong-ku said this was the "golden time" for the industry to lead a change in finance through digital technologies.
Choi said the regulator will do its part to create and provide an atmosphere under which fintech startups can thrive through the development of ecosystems.
This comes as President Moon Jae-in said at a Jan. 10 press conference that he fully understood companies cannot commercially launch their services due to regulatory barriers.
Choi said the FSC will get rid of any old regulations hindering growth by revamping 200 rules by the end of the first quarter, in addition to launching a fund to invest in fintech startups.
"We have set up a taskforce to revamp those rules," the chairman said at the meeting.
"We will continue to hold meetings every Friday to listen closely to startups on regulatory improvement."
He added he hoped the implementation of the so-called regulatory sandbox would spur startups to freely experiment with service ideas to launch not only here but also abroad including in Vietnam and Indonesia.
The FSC in partnership with financial companies such as Shinhan Financial Group and KB Financial Group will start accepting applications from startups beginning Jan. 21.
This is part of its plan to back 100 fintech startups with 4 billion won in funding, in line with the government's goal to create 10 unicorn companies every year.
Industry sources said the country is moving to "characteristically change" not only the market, but also the regulator to give "more freedom" for creative output.
The support system for fintech startups will also positively affect other areas of services such as security protection and data analysis, they said.
"The overall effect will be positive as this regulatory improvement is likely to spill over to other tech areas, which will further spur the development of a digital economy," said a local entrepreneur in Seoul.
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