Jeong Eun-bo, Financial Supervisory Service Chief, "Promoting Co-Growth of Big Tech and Financial Firms Through a Level Playing Field"

[Asia Economy Reporter Song Hwajeong] Jung Eun-bo, Governor of the Financial Supervisory Service, announced on the 26th that he will encourage the rational calculation and imposition of simple payment fees for the sound growth of financial platforms and establish a fee disclosure system.

On the same day, Governor Jung held a meeting with financial platforms at the Bankers' Hall and explained the direction for supporting the development of financial platforms. At the meeting, Governor Jung emphasized, "Tech companies and existing financial institutions need to move toward an expanded balance where they create new markets and added value together and generate good jobs," adding, "We will provide a 'wide and level playing field' where tech companies and financial institutions can grow together."

First, under the grand principle of 'same function, same regulation,' he plans to study recent regulatory cases in major countries and gather opinions from the field to actively review a general regulatory framework related to financial intermediation with the Financial Services Commission and others. Through this, they plan to establish a fair business environment for financial platforms between tech companies and financial institutions.

Additionally, Governor Jung stated that to support the innovation efforts of financial companies, they will review the expansion of ancillary businesses of financial companies and expand opportunities for new financial business ventures by supporting service tests using regulatory sandboxes. He also announced plans to improve information sharing among financial company affiliates and restrictions on investments in fintech companies.

Governor Jung emphasized the importance of user protection and cybersecurity for the sound growth of financial platforms. He said, "We will strive to ensure that algorithms used in recommending financial products do not operate to the disadvantage of consumers," adding, "We will encourage simple payment (electronic financial business) fees to be calculated and imposed based on rational standards, establish a fee disclosure system, and ensure that financial platforms secure digital resilience and thoroughly manage cyber risks."

At the meeting, from the financial holding companies side, Cho Young-seo, Executive Director of KB Financial Group, Kim Myung-hee, Vice President of Shinhan Financial Group, and Park Geun-young, Vice President of Hana Financial Group, attended. From big tech, Choi In-hyuk, CEO of Naver Financial, and Lee Seung-geon, CEO of Viva Republica, participated.

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