South Korea’s financial regulator, the Financial Supervisory Service (FSS), seeks to boost investment in the financial technology (fintech) industry further by easing restrictions on financial firms that want to invest in fintech firms. The planned eased restrictions adds to the list of support that the Korean government is putting in place to aid the industry. The government earlier announced plans to launch a USD252m fund next year to support fintech companies. FSS chief Jeong Eun-bo said his agency will push for the enactment of the so-called fintech nurturing act, which, among others, seeks to ease restrictions on the scope of fintech firms that can receive investment from financial companies. The act, which is currently under review, also includes streamlining approval procedures for fintech-related investments.
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