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Regulator pledges more financial support for innovative firms

All News 14:30 January 03, 2019

SEOUL, Jan. 3 (Yonhap) -- The head of the financial regulator on Thursday vowed to give more support to innovative firms, while helping traditional firms regain their competitiveness.

Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks at a meeting with senior executives at financial firms.

The FSC will encourage financial firms to channel more funds to the real economy and help companies create jobs, Choi said.

FSC Chairman Choi Jong-ku (Yonhap)

Also, the FSC will continue to build a "flexible" regulatory environment for technology startups so they can make inroads into the financial sector, Choi said.

Under a regulatory "sandbox," fintech firms using new technologies, such as blockchain and big data, will be given waivers from regulatory challenges, FSC officials said.

The regulatory initiative allows fintech startups to be exempted from regulations for two years if their apps or services are determined to be "innovative" by the FSC, officials said.


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