South Korea's state regulator said Tuesday it will map out a plan by the end of this year to ease regulations on the financial industry, aimed at reinvigorating the sector suffering from slow growth.
The main goal is to ease restrictions and cut red tape that has discouraged companies from making inroads into the financial sector, the Financial Services Commission said in a statement.
Another goal is to encourage banks and other financial institutions to lend money to start-ups and other promising companies, instead of their current business practices that focus on household lending, the regulator said.
 |
FSC Vice Chairman Kim Yong-beom. (Yonhap) |
FSC Vice Chairman Kim Yong-beom held the first meeting on Tuesday to discuss the deregulation plan.
Two Internet-only banks were launched this year in South Korea with the aim of driving innovation and deregulation in the financial industry.
It was the first time in 25 years that South Korea granted the two licenses to launch banks.
In the statement, the FSC said "innovative and convenient services" offered by the Internet-only banks have prompted traditional banks to follow suit. (Yonhap)
