South Korea mulls easing restrictions on investing in fintech: report

The country’s top regulator shared plans to enact a new law on the matter.

South Korea may possibly ease restrictions on financial companies’ investments in fintech firms, reported Yonhap, as a means to expand support for the fintech industry.

Jeong Eun-bo, chief of the financial regulator Financial Supervisory Service, said that he is seeking to ease the restrictions, saying his agency will push for the enactment of a relevant law on the matter.

"We will push for the enactment of the so-called fintech nurturing act intended to bolster financial companies' investment in fintech firms," he reportedly told attendees of a meeting with leaders in the fintech industry.

The act currently under review includes easing restrictions on the scope of fintech firms that can receive investment from financial companies and streamlining approval procedures for such investment.

South Korea has made moves to further support its fast-growing fintech industry. Chiefly, the government plans to launch a fund worth $252m (KRW300b) next year to support fintech firms, reported Yonhap.