[2020 Financial Services Commission Work Plan] Promoting Innovation in Fintech and Digital Finance Sectors

[Asia Economy Reporter Kangwook Cho] Innovations in fintech and digital finance, including financial regulatory innovation, activation of the data economy, and advancement of digital finance, will be promoted.

According to the '2020 Work Plan' announced by the Financial Services Commission (FSC) on the 19th, more than 100 innovative financial services will be designated under the financial regulatory sandbox, which will mark its first anniversary in March this year. The FSC plans to proceed with customized and dynamic regulatory improvements based on this.

To activate the data economy, three major big data infrastructures?big data open systems, data exchanges, and specialized data combination institutions?will be expanded, and public data will also be opened to the private sector.

Through MyData and specialized credit inquiry services for non-financial information, customer-tailored services will become available. The level of information protection in the financial sector will be continuously evaluated, and the information consent system will be reorganized.

By expanding participation from the secondary financial sector, the functions and scope of open banking will be broadened. Financial platforms capable of simple payment and remittance, and account-based services, such as the introduction of MyPayment and comprehensive payment settlement services, will be fostered.

An FSC official stated, "Including these efforts, we will build infrastructure for the stable and sound growth of the P2P industry, and we will also prepare without any setbacks for the enforcement of the law scheduled for August 27."

This content was produced with the assistance of AI translation services.