Financial regulator vows to clean out fintech restrictions

South Korea's top financial regulator Tuesday reiterated his pledge to remove regulations and restrictions that block the development of financial technology, or fintech, and create the best environment for fintech startups.

"Fintech can help the financial industry boost competitiveness and give a boost to the national economy," Financial Services Commission (FSC) Chairman Yim Jong-yong said in a meeting with fintech startups in Seoul. "I will keep collecting ideas from the fintech sector and looking for restrictions to remove."

He said local financial rules mainly address the offline financial market and fail to keep up with fast-changing online, mobile financial trends.

"I will change the local regulations to fit the online, mobile financial environment that requires non face-to-face, interactive and swift transactions," said the new FSC chairman.

Yim said he will set up a cooperative body to increase understanding among financial authorities, fintech businesses and financial institutions and share their experience and knowledge.

The government will also support fintech startups in order to foster the fintech industry to become a new future growth engine for the country, he said. (Online)