South Korean Financial Watchdog Touts Blockchain in Fintech Plans

South Korean Financial Watchdog Touts Blockchain in Fintech Plans

The South Korean Financial Services Commission (FSC) has aired plans to encourage the use of blockchain technology in new payment systems aimed to better protect user information.

According toKorea JoongAng Daily, the FSC will introduce new regulations to open the doors for banks and insurance companies to protect customer data and simplify verification processes with blockchain solutions.

FSC Chairman Choi Jong-ku told reporters this new blockchain-friendly approach to its fintech policies could give the local jobs market a boost, saying:

"The players in the financial service market are becoming more diverse, with new companies entering, and the competition in the financial market is becoming fiercer. ... Fintech is an area that requires new technologies, and it will solve the youth job problem by increasing job positions for young people."

As part of its fintech roadmap, the FSC will also allow more small and medium-sized companies to access more customer data through digital payment systems. Regulators hope this move will inspire new products and services in the burgeoning fintech sector.

The government also plans to approve a more accessible payment system called "app-to-app," which lets users make purchases from sellers via apps, avoiding paying fees to credit card companies or card network providers.Banks will still take fees, however.

For example, a PayPal-backed startup called Toss has been experimenting with app-to-app payment options for Korean customers in Seoul and Jeju since last July.The firm added support for mobile bitcoin transactions in 2017.

Meanwhile, theKorea Timesreportsthat local regulators may soon issue new and less harsh cryptocurrency regulations for initial coin offerings, having banned them in September of last year.

South Korea flags image via Shutterstock

21.03.2018 / 02:34 105
Korea Telecom Announces Blockchain For Network Security Korea Telecom Announces Blockchain For
South Korea's leading mobile carrier, Korea Telecom (KT), said Tuesday that it plans to use new telecommunications system powered by blockchain
Korean Regulator Warns Kakaos ICO Abroad Could Violate Crypto Regulations Korean Regulator Warns Kakaos ICO
Responding to media reports that South Korean internet giant Kakao plans to raise funds using an initial coin offering (ICO) abroad, the countrys
South Korea Urged by Private Sector to Lift ICO Ban South Korea Urged by Private Sector to
The South Korean government is examining an end to the countrys ban on ICOs as it explores ways to boostits crypto economy. S.Korea Explores ways
South Korea Regulators Considering Reversal of ICO Ban: Report South Korea Regulators Considering
Nearly six months after a blanket ban on ICO (initial coin offering) fundraising, South Korean regulators are reportedly planning to allow ICOs,
Report: South Korea Could Ease Its ICO Ban Report: South Korea Could Ease Its ICO
South Korea's ban on initial coin offerings (ICOs) could be eased in the coming months, according to a new report. CoinDesk reported in September
EU Eyes Blockchain Push With New FinTech Action Plan EU Eyes Blockchain Push With New
The European Union is beefing up its efforts to foster work around new technologies like blockchain. According to a 2018 Fintech Action Plan released
Comments (0)
Add a comment
Comment on