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S. Korea aims to benchmark Britain in promoting fintech industry

All Headlines 09:26 November 14, 2017

SEOUL, Nov. 14 (Yonhap) -- South Korea aims to benchmark Britain's regulatory reforms and support measures to promote its financial technology industry, the state regulator said Tuesday.

Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remark at an annual financial forum between the two nations in Seoul.

In his opening remarks, Choi said Britain "has traditionally been a leader in finance and continues to lead in recent trends, including fintech, which provides useful policy implications for Korea."

This file photo shows Financial Services Commission Chairman Choi Jong-ku. (Yonhap)

Britain's fintech-related transactions have grown at an annual growth rate of more than 70 percent since 2008, Choi said.

"Behind the rapid growth of the fintech industry is the British government's active support and regulatory reforms," the FSC head said.

Choi also hailed Britain's initiative to adopt a regulatory "sandbox," which allows startups to test real-world financial customers with a degree of regulatory leeway before they launch a full-scale financial product.


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