Support for Fintech Firms
Financial Supervisory Service Governor Zhin Woong-seob said at a forum on Jan. 21 that his agency would provide more assistance so that fintech companies can grow themselves better in the international arena.
“At present, the domestic fintech industry is lopsided to cash remittances and payments, but we need to expand the scope to cover promising fields such as big data analysis and digital loan qualification,” he said, adding, “The Financial Supervisory Service will keep abolishing unnecessary regulations so that fintech firms can have better access to the financial market.”
He also asked such companies to be more interested in crowd funding and P2P loans. “I would like them to contribute more to innovation based on finance-IT convergence in cooperation with insurers and securities companies,” he mentioned.