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Regulator to ease rules for banks to acquire more fintech firms

By Yonhap

Published : Nov. 27, 2018 - 09:21

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The financial regulator said Tuesday it will ease rules for banks and other financial institutions to acquire more financial technology firms, in a fresh bid to support the fintech industry.

Currently, banks and other financial institutions are allowed to acquire fintech firms only in the sectors of electronic payment and software development. 


Financial Services Commission Vice Chairman Kim Yong-beom speaks during Fintech Conference, Nov. 20, 2018 (Yonhap) Financial Services Commission Vice Chairman Kim Yong-beom speaks during Fintech Conference, Nov. 20, 2018 (Yonhap)

Critics say such a rule is outdated, given the fast-growing market for fintech firms. Since 2015, local financial firms have acquired only 3 fintech firms, according to the Financial Services Commission.

The FSC will also simplify the procedure for a bank or a financial institution to get permission to acquire a fintech firm.

The government earlier unveiled a set of support measures to boost innovative growth by providing funding and other incentives to eight key sectors, including smart farms, smart cities, fintech, drones and electric vehicles, and artificial intelligence.

The government also said it will ease regulations that have been blocking new industries and technologies from moving forward. (Yonhap)

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