Financial Supervisory Service (FSS) established a consultative and adjustment organization for FinTech.
It is planning to quickly spread innovative financial products and services to other industries by sharing pending issues of FinTech that are hanging over entire financial industry.
FSS established ‘FinTech Strategic Council’, which is the top consultative and adjustment organization within National Assembly, on the 21st. Chief Vice-Director Yoo Kwang-yeol of FSS, who has become the chairman of this council, visited Seoul Startup Hub in Mapo and held the council’s first meeting. Three vice-directors who are each responsible for different financial industries such as banking and non-banking divisions, capital market and accounting, and insurance and protection of financial consumers and representatives from important departments such as FinTech Supporting Department and others that are related to FinTech all attended the first meeting.
This council is responsible for discussing and adjusting FinTech issues that arise from many different financial areas and examining actions towards FinTech. FSS reorganized functions of FinTech Supporting Department, which was newly established within FSS in February of 2017, so that they are distributed throughout the organization.
The council is going to primarily focus on preparing ways of vitalizing reg-tech field that has combined regulations and technologies. FSS is also going to establish Big Data-based comprehensive monitoring system to accumulate atypical data such as audio information of complainants.
Reason why FinTech Strategic Council was established was because there was a need for consultative agency that covers the entire organization that can make comprehensive and systematic actions regardless of different financial industries.
FinTech Strategic Council operates its vice-directors when a request is made to the council after going through a preliminary hearing at Practical Consultative Organization, which is composed of directors from relevant departments,
While focusing on promoting new business such as reg-tech, the council is also going to help FinTech industry to establish desirable work practices and secure ethics for positions related to consumer protection.
FinTech Strategic Council is also going to strengthen its cooperation with ‘FinTech On-Site Advisory Panel’ that has been operating since last year. It is planning to continue relational advisory service that reconfirms any difficulty and needs for additional advices by revisiting FinTech companies that were provided with the council’s advisory service and provide mentoring according to enforcement of designated representatives for financial innovative services.
“We are going to build foundation so that reg-tech, financial security, and software developers that are hugely connected to FinTech industry can establish themselves and grow.” said Chief Vice-Director Yoo. “We are going to prepare multilateral ways to vitalize reg-tech field and continue to make investments to promote relevant industries.”
Staff Reporter Ryu, Geunil | ryuryu@etnews.com