"Fintech Innovation Fund Scale Reaches 1 Trillion Won... Measures to Activate Support Established"

The 5th Financial Regulation Innovation Meeting Held

[Asia Economy Reporter Yoo Je-hoon] Financial authorities have expanded the size of the innovation fund from the previous 500 billion won to 1 trillion won to secure sustainable growth momentum for the fintech industry, and have prepared measures to revitalize support for fintech companies, including consulting and overseas expansion support.

On the afternoon of the 20th, Kim Ju-hyun, Chairman of the Financial Services Commission, attended the 5th Financial Regulatory Innovation Meeting held at the Bankers' Hall in Jung-gu, Seoul, and stated, "Although uncertainties in the financial market continue due to the recent global economic slowdown and tightening stance, the government is fully committed to stabilizing the current market while continuously pursuing innovative policies to expand future growth engines."

Chairman Kim mentioned the tasks for this meeting as ▲regulatory improvements across all financial sectors ▲funding support through the fintech innovation fund ▲support for creating innovative financial services by enhancing the financial regulatory sandbox ▲expanding the scope of MyData information provision and establishing an artificial intelligence (AI) data library.

Accordingly, the Financial Services Commission has prepared measures to revitalize support for fintech companies. To foster the growth of the fintech industry, the fintech innovation fund will be expanded from the existing 500 billion won to 1 trillion won, and more than 200 billion won in loans and guarantees will be supplied annually through customized support. In addition, an integrated support system for the fintech sector involving 14 fintech support organizations will be established.

The support system for fintech startups will also be advanced. To provide comprehensive consulting for fintech startups, an expert support group will be operated, and dedicated managers will be assigned to each company. Early-stage companies will be encouraged to participate in the incubation space called 'Fintech Cube,' and workforce supply will be strengthened. Furthermore, startup courses linked with major domestic universities will be expanded to support talent development. Additionally, a sequential overseas expansion strategy targeting Southeast Asia and other regions will be prepared, and a local information support system will be established.

Moreover, plans to improve corporate data infrastructure to support small and medium-sized enterprises (SMEs) and small business owners will be introduced. Chairman Kim stated, "We will expand the supply of high-quality data to ensure effective funding and risk management by financial institutions for SMEs and small business owners, and improve entry regulations in the credit bureau (CB) industry."

Related regulations will also be revised through the advancement of financial security regulations. Chairman Kim said, "We will transform existing security regulations into autonomous and responsibility-based, ex-post, principle-centered regulations so that financial companies can assess risk factors themselves and establish appropriate security measures. We will also strengthen the financial authorities' security system verification and consulting functions. To enhance the competitiveness of fintech companies, we will seek and implement improvement measures so that newly emerging financial services such as online investment-linked finance and MyData businesses can enhance consumer benefits based on market stability."

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