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Easing regulations critical to push forward 4th industrial revolution: report

All News 18:18 June 14, 2017

SEOUL, June 14 (Yonhap) -- South Korea needs to make a big push on deregulation to enhance the competitiveness of its companies striving to capitalize on the ongoing fourth industrial revolution, a local think tank said Wednesday.

In its recent report on regulations on new growth drivers and policies, the Korea Economic Research Institute (KERI) said South Korea stands to benefit from the fourth industrial revolution due to its prowess in the information communication telecommunication (ICT) sector.

But regulations still remain a major obstacle in getting companies to make inroads into financial technology, or fintech, the Internet of Things and drones, the KERI report said.

It cited the country's restrictions on Internet-based peer-to-peer (P2P) financial transactions as one example of rules that are holding back growth.

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