South Korean government to boost financial industry by leveraging fintech

Thursday 8 January 2015 10:58 CET | News

The South Korean government plans to boost the country’s weakening financial industry by strengthening the use of information technology in financial services (fintech), reports.

Shin Je-yoon, Chief of Financial Services Commission, has claimed that the government plans to unveil a policy to encourage the development of financial technologies in January 2015. Je-yoon has also said that technology-based ecommerce companies, such as Alibaba or Google, have determined the government to shift the country’s regulation paradigm.

For 2015, the South Korean government has pledged to ease regulations and grow the fintech sector in a bid to stimulate the ecommerce industry.

The Korean government plans to relax the rules surrounding the strict separation of commerce and banking services, which makes it difficult for tech firms to move into the financial industry. Financial authorities are also reviewing a clause which only allows industrial companies to hold 4% of a bank’s shares, to allow tech companies to hold more than the current threshold.

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Keywords: South Korea, government, financial industry, fintech, investment, services, policy, ecommerce
Categories: Payments & Commerce
Countries: World
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