FSC Chairman Kim Joo-hyun attended the 2nd financial regulatory reform committee meeting held on August 23 and laid out plans for promoting platform-based financial services offered by financial institutions, piloting an online platform-based financial intermediary business model and making improvements to the operation of the financial regulatory sandbox program. While emphasizing the need to put in place safeguards to prevent negative externalities originating from platform-based financial services, Chairman Kim stated that the purpose of regulatory reforms is to improve convenience for financial consumers, although a conflict of interests may be unavoidable in the process of carrying out reforms. Chairman Kim said that the reform measures for digital transformation are expected to promote innovation and enhance convenience for consumers based on sound competition between financial companies, fintechs and platform service providers.