Financial Supervisory Service Resumes Fintech On-site Advisory Service

[Asia Economy Reporter Song Hwajeong] The Financial Supervisory Service (FSS) announced on the 29th that it has resumed its fintech on-site advisory services, which had been suspended since March 2020 due to COVID-19, starting last month.

Since June 2017, the FSS has been providing advisory services to support the establishment and financial innovation of fintech startups through a fintech on-site advisory group composed of 13 experts with over 20 years of supervisory and inspection experience. The fintech on-site advisory group is stationed at the Korea Fintech Support Center two to three times a week, offering consulting on financial regulations and internal controls to fintech companies and prospective entrepreneurs. This helps fintech firms overcome difficulties encountered during the startup process due to the complexity of regulatory content. During on-site consultations, staff from the Korea Fintech Support Center’s startup support team also participate to provide information related to fintech support projects.

Any fintech company or prospective entrepreneur with innovative ideas and technology can apply for the on-site advisory service through the "Fintech On-site Advisory Service" menu within the Financial Consumer Information Portal "Fine."

An FSS official stated, "Through the on-site advisory service, we plan to continue supporting the commercialization of fintech companies’ innovative ideas by resolving regulatory uncertainties. For fintech companies receiving advisory services, we will support their establishment and growth in the financial industry through additional consultations and listening to their difficulties."

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