FSC to lead IT-finance convergence

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Convergence of internet technology and finance is one of the key tasks to realize ‘Creative Economy.’ Under such recognition, the FSC has been exerting its utmost efforts to improve regulations related to online payment system.

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This time, FSC Chairman Shin Je-Yoon visited IT firms representing Korea’s IT industry located in Pan-gyo Techno Valley on Monday. On the visit to Kakao Talk office, he was briefed on ‘Bank Wallet Kakao‘ and ‘Kakao Pay’, two most innovative online payment systems that are gaining popularity recently.

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“The government will overhaul negative regulations hampering convergence of IT and finance,” announced Chairman Shin while urging the industry to take more enterprising attitude to create new markets and warning that complacency will only lead to the failure to adapt to the global trend.

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“We will seek balance between actively introducing newly-developed financial services and strengthening consumer protection measures,” he said.

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The FSC and participants agreed to form a government-industry cooperative body for IT-finance convergence to share future vision and discuss measures to further develop the industry.

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