IT-Finance Convergence
The Financial Services Commission will support financial technology (fintech) companies by simplifying regulations on e-banking, and organizing a cooperation scheme for IT and financial convergence with private-sector companies such as DaumKakao and Samsung Electronics.
“In this context, we will abolish the obligation of security program installations using Active X so that financial companies can freely choose from security means,” said Financial Services Commission Chairman Shin Jae-yoon on Oct. 6, adding, “The purpose of the systemic overhaul is to increase the convenience of banking services while better protecting financial information.”
Currently, every financial institution in Korea is required by law to make the users of its web sites install Active X-based firewalls and keyboard security tools on their PCs.
At the same time, the commission is going to listen more closely to the industry during the course of deregulations. “We will systemically ensure that regulations associated with e-commerce and IT-financial convergence will be abolished upon suggestion, so the industry can be even more creative,” he explained.