Regulator vows efforts to expedite financial innovation in new year

SEOUL, Dec. 31 (Yonhap) -- South Korea's top financial regulator vowed Monday to explore new economic growth engines and expedite financial innovation in the new year.

Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the pledge in his New Year's message, presenting five policy goals to promote economic vitalization, innovative growth, customer-centered changes, fair financial orders and financial stability.

"We will focus on making creative and flexible market situations towards eased regulations, while proactively revamping administrative practices that hinder innovation," the senior policymaker said.

Calling for efforts to make changes that can be felt by the people, the regulator also called for the establishment of measures to better protect consumers and to extend financial support for innovative firms.

"In order to set up a fair market that can boost efficiency and competition, we will swiftly set up bills on the supervision of financial groups and corporate governance," the official stressed.

graceoh@yna.co.kr
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