5th financial regulatory innovation committee meeting discusses reform agendas to promote innovation in digital financeDec 20, 2022

The financial regulatory innovation committee held its 5th meeting on December 20 and discussed measures to increase support for fintech companies, improve relevant data infrastructures to facilitate financing of SMEs and micro-enterprises and make further advancement on the regulations regarding data security in financial sectors. In his opening remarks, FSC Chairman Kim Joo-hyun said that the government will make policy efforts in diverse areas to seek improvements in regulations across all financial sectors, provide funding assistance to fintechs through fintech innovation fund, support launching of "innovative financial services" by making improvements to how the financial regulatory sandbox program is operated, and expand the type of data available for financial MyData services and build an AI data library. Chairman Kim also said that the government will seek ways to improve regulations on P2P lending businesses and MyData service providers to ensure that these newly emerging fintech-based services can help boost consumer convenience based on stable market conditions.