Vice Chairman Sohn Byungdoo presided over the 3rd consultative body meeting on digital finance on October 21. At the meeting, Vice Chairman Sohn discussed ways to promote an advancement of the open banking system and difficulties faced by fintechs and big techs in a quickly changing digital environment. In order to further develop the open banking system, Vice Chairman Sohn said that the government will work to (a) boost scalability, (b) promote reciprocity and (c) enhance security and risk management.
* Please see press release for details.