The chief of South Korea’s Financial Supervisory Service (FSS) has revealed he is seeking to ease restrictions on financial firms’ investment in FinTechs.
According to The Korea Herald, Jeong Eun-Bo is looking to ease restrictions as part of efforts to expand support for the fast-growing FinTech market.
The FSS chief made the remarks during a meeting with leading FinTech officials in South Korea, stating that his agency will push for the enactment of a relevant law on the topic.
The new act currently under review includes easing restrictions on FinTech firms for investment as well as streaming approval procedures for such investments.
The Korea Herald added that the government is currently planning to launch a fund of 300 billion won ($252m) next year to support FinTech firms.
Eun-bo said, “We will push for the enactment of the so-called FinTech nurturing act intended to bolster financial companies’ investment in FinTech firms.” He added that the FSS will seek to launch a separate youth fund aimed at supporting startups with high-growth potential.
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