Korea’s FSC to focus on Digital
In a speech at the opening of Online Korea Fintech Week Korea’s Financial Services Commission (FSC) chairman Eun Sung-soo outlined the regulator’s plans to peruse digital and big-data based innovation.
The plan is designed to support the government’s “New Deal” project to accelerate the adoption of digital technologies across the economy.
The regulator plans to speed up the pace of big data and digital payment innovation by actively supporting digital and fintech growth engines.
This year Korea has made progress on data regulation, aligning data privacy rules with the EU’s GDPR and enabling licensed firms to collect and analyse personal financial data in order to kick start extensive use of big data in the financial sector. The FSC also launched an open banking service last December, boosting the potential for digital payments.
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