Additional Aid
The Creative Economy Initiative Public-Private Partnership is planning to come up with a fintech industry growth strategy at the end of this month, after three months of studies.
The result of the studies is expected to be reflected in government policy from Oct., before government arms such as the Ministry of Strategy & Finance, the Financial Services Commission, the Ministry of Science, ICT & Future Planning, and the Ministry of Trade, Industry & Energy prepare specific measures to the same end. The present government is in full support of the agency, and the latter’s policy suggestions are likely to have a big influence on the former’s policy-making process in the future.
The strategy is predicted to focus on deregulation in the financial industry. The agency is currently going through the present condition of the domestic fintech industry, financial regulations regarding the sector, and other objectives. Problems of the Korean government’s fintech policy are being addressed, too.
The members of the agency include a large number of entrepreneurs, and they are expected to ask for a lower entry barrier to the sector. “It seems that the strategy will include a request for financial deregulations so that more companies can provide new fintech services and run Internet-primary banks,” said an IT industry insider.