FSC Chairman Koh Seungbeom met with officials from the fintech industry and held talks on ways to further promote the growth of fintechs and financial innovation. Chairman Koh talked about the need for regulatory improvements aimed at facilitating financial companies’ investment in fintechs, providing incentives to enable more collaboration between financial companies and fintechs and providing more opportunities to launch financial services (including MyData service) via online and contactless channels. While discussing both advantages and potential harmful effects of the emergence of platform-based financial services, Chairman Koh said that the government will work on strengthening consumer safeguards and ensuring stability in the system while encouraging more collaborative efforts between traditional financial institutions and fintechs.

* Please see press release for details.