Financial Supervisory Committee ordered for proactive ways of supervision towards risks of using blockchain technologies by financial industries from Financial Supervisory Service (FSS).
FSS announced results of ‘2018 Financial Supervisory Committee General Meeting’, which took place with 100 consultants from within the National Assembly and outside the National Assembly and Director Yoon Seok-heon as the chair on the 18th.
Financial Supervisory Committee emphasized that FSS needs to maintain its consistency and establish principles with having its foundation of financial supervision unperturbed. It also ordered for FSS to be active towards changes in financial environments by applying new technologies.
It especially emphasized for proactive actions towards use of blockchain technologies by financial industries related to their new technologies. It also advised FSS to actively look for ways to improve use of Big Data while supervising financial IT companies and consider security and convenience harmoniously. It also ordered for surprise inspections to understand systematic risks, which arise from expansion of IT-based financial environments, in advance.
“We must not attach ourselves to just regulations and protection, but we need to strengthen our competitive edge in our financial industry by creating an environment that allows for creativity and innovation.” said consultants at the meeting towards direction of financial supervision. “We also need to deeply consider our roles for expansion of funding towards productive sectors.”
Financial Supervisory Committee also emphasized responsibilities of financial sectors towards an aging society. It talked about how financial companies need to prepare financial inducements to improve their profit ratios and level of satisfaction from their customers even after selling annuity products. It also ordered for enhancement of digital financial educations for elderly people due to digitalization of financial environments.
FSS decided to apply necessary opinions from the meeting to its financial supervisory tasks in the future and continue to listen to advises from outside experts through consultation meetings and meetings that will invite experts from different industries.
Staff Reporter Ryu, Geunil | ryuryu@etnews.com