By Kim Min-Jeung
President Moon Jae-in has called for steps to remove excessive regulations and give online-only banks more room in which to maneuver.
“One of the basic principles of our finance industry is the separation of banking and commerce. If the current system, however, tamps growth in new industries, new regulatory approaches should be taken,” said the president during an internet banking exhibition at Seoul City Hall on Aug. 7.
The president said that if innovative technologies are merged with online-only banks, the development of new financial products and services would accelerate, thereby creating jobs in related industries, especially IT, R&D and the so-called "fintech" sector.
The president urged the National Assembly to quickly deliberate and pass a number of financial innovation-related bills, including the Special Act on Support for Financial Innovation.