Pushing for Legislation of P2P Lending
The Financial Supervisory Service (FSS) is planning to enhance its financial security and risk monitoring with regard to new technologies such as simple payment, IT outsourcing and cloud services. In addition, it is going to help grow fintech startups by means of deregulation.
“The financial sector needs to move ahead with innovation in a responsible manner,” the FSS said on April 4, adding, “We are going to add to the convenience of consumers by means of innovative growth while enhancing our digital risk management.”
In this regard, the FSS is planning to provide support for legislation regarding peer-to-peer (P2P) lending and a wider use of blockchain technology in the financial sector, which are expected to assist with the growth of fintech firms. The FSS is going to come up with P2P lending guidelines and respond swiftly to potential problems even before legislation by conducting surveys and site inspections.
When it comes to blockchain technology promotion, it is going to work with global consortiums and redouble its efforts for better supervision and deregulation. In addition, new financial services, cloud services and IT outsourcing are going to be more closely monitored for financial IT risk response.