핀테크 활성화를 위한 제도 개선방안

A Study on the Problems and Improvement of Fintech

‘Finance-IT’(FinTech) has been a hot issue not only in finance but also in IT industry over the world. ‘FinTech’ is a combination of Finance and Technology, dealing with the new IT technology related to financial services such as Mobile payment, sending money, crowd-funding, and asset management. The main point of FinTech is trying to provide a convenient financial service differentiated from our traditional financial transaction by combining some innovative ideas and financial service. Many countries are already using FinTech in online shopping malls since it is very convenient and efficient. They call it a mobile payment, easy-to-use mobile payment, etc. FinTech is also used in online banking system such as transfer, and loan, which means undergoing paradigm shift in financial system. At this rate, Korea also has been interested in FinTech. Considering our ICT’s position in the world market, we expect that we could make our FinTech as successful as the one in the U.S.A or U.K. But, despite a big improvement in ICT technology in Korea, domestic market of FinTech is still too small compared to the overseas market. This is because that we impose strict controls on FinTech industry by law, and put an emphasis on security policy of domestic payment market. The bottom line is that we are preventing FinTech industry from being bigger, and more successful. When it comes to financial market, we definitely expect that the world’s FinTech industry will keep its fast-paced growth thanks to spreading of mobile network, and more and more people in the world are going to invest in that field. Meanwhile, many big ICT companies have been jumping into the market about transferring, payment system in Korea, but there is barely successful results like commercialized service. There is a possibility that domestic industry about FinTech and financial market might be subordinated to the global FinTech companies unless our domestic FinTech business is doing good in a long term. It is true that it is not easy for overseas FinTech companies to penetrate domestic market in a short time, but if it happens, they will have a big influence on the financial market in our country. If the overseas FinTech companies swallowed up the domestic financial market, the domestic financial companies’ share of the market would decrease, and would not as competitive as they used to be. To prevent the worst scenario from coming to true, we should support domestic FinTech, and redesign some system and regulation on FinTech so that the industries do their on business. To invigorate the FinTech industry, there is need to loosen regulations on requirement of penetration or business promotion in financial market. We also need to change some regulations for specialized online banks to jump into the market. Besides, we have to put an emphasis on making it user-friendly as a long-run strategy to develop FinTech business. It would be great if we let people use the service at any different environment by abolishing ‘user charges’ to some programs like security, user authentication, identification when making a payment, and letting the server pay for them. And we should try to provide a differentiated service for customers needs, to analyze a big date, to build ‘win-win’ partnership with financial FinTech companies, and increase government’s support not only financially also in many ways. Lastly, although we’d better loosen some regulations to prosper in FinTech business, we have to consider controlling of things like putting financial system in danger or causing some financial problems. In other words, we have to set a standard or security measures checking whether something puts the financial system in danger or not since many FinTech companies take care of similar documents, and create indirect credit which are very risky.