Featured Product

    FSC Statements on Innovative Financial Services and Fintech Scale-Ups

    December 19, 2019

    FSC has designated nine additional financial solutions as innovative financial services to be included in its regulatory sandbox program. Since the launch of the regulatory sandbox in April 2019, FSC has made a total of 77 such designations. FSC also established a supervision and inspection framework for innovative financial service operators, in an effort to provide support for successful testing, protect consumers, and ensure financial stability. The supervision and inspection framework is designed to encourage innovative financial service operators to take a more self-regulatory approach during the entire process of designation to launch and commercialization. On December 04, 2019, FSC also announced measures to promote fintech scale-ups and these measures include 24 key tasks in 8 different policy areas.

    The key measures are related to the following:

    • Improving the current regulatory sandbox system
    • Performing regulatory reforms to facilitate fintech development
    • Lowering entry barriers to financial industry
    • Establishing regulatory foundations for digital era
    • Developing new growth engines for financial innovation
    • Promoting investment in fintech & fostering a private sector-driven venture capital ecosystem
    • Assisting fintech firms with overseas business opportunities
    • Expanding public sector support for fintech firms

    FSC also notified that a demand survey is being conducted for 4 weeks (from December 10, 2019 to January 07, 2020) for the operation of regulatory sandbox program in 2020. FSC plans to hold an information session on January 10, 2020 to provide relevant information to businesses and listen to their opinions.

    Additionally, FSC co-hosted a launch event for open banking service with the Korea Financial Telecommunications & Clearings Institute on December 18. Open banking service was pilot launched in Korea on October 30 with participation by 10 banks. Open banking will be available for a total of 16 banks and 31 fintech businesses, as more and more fintech firms are expected to join in the future. To continue to promote innovative financial solutions through open banking, FSC Chairman Eun Sung-soo said that the government will establish legal foundations through revision of the Electronic Financial Transactions Act while expanding the scope and function of open banking service.

     

    Related Links

    Keywords: Asia Pacific, Korea, Banking, Innovative Financial Services, Regulatory Sandbox, Fintech, Fintech Scale-Ups, Open Banking, FSC

    Related Articles
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    PRA Updates Supervisory Statement on Counterparty Credit Risk

    PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Update on Work to Address Market Fragmentation

    FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.

    October 14, 2020 WebPage Regulatory News
    News

    EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2

    EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).

    October 14, 2020 WebPage Regulatory News
    News

    EBA Finalizes Standards for Prudential Treatment of Software Assets

    EBA published the final draft regulatory technical standards specifying the methodology for prudential treatment of software assets by banks.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Roadmap on Cross-Border Payments, Report on Stablecoins

    FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas.

    October 13, 2020 WebPage Regulatory News
    News

    EIOPA Urges Insurers to Prepare for End of Brexit Transition

    In a recent communication, EIOPA urged the insurance sector to complete its preparations for the end of the Brexit transition period on December 31, 2020.

    October 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5959