South Korea Financial Services Commission outlines targeted fintech support upgrade and stablecoin and data reform plans

At a fintech industry gathering, the South Korea Financial Services Commission set out plans to upgrade its fintech support framework as the financial sector shifts toward artificial intelligence transformation. In opening remarks, FSC Chairman Lee Eog-weon said support will become more targeted toward areas such as AI, data, regional enterprises and young entrepreneurs, while the commission also plans regulatory changes to create a legal basis for stablecoins and improve rules on data use to remove obstacles to new financial services. The support overhaul would prioritize strategic sectors and add performance-based incentives in the selection process. It also includes stronger programs for the use of AI technology and the overseas expansion of domestic fintech services, a more integrated regional governance network for fintech support, and private-public joint committees in each region involving financial companies, local governments and venture startups to develop tailored service models and assistance programs. In addition, the FSC plans to establish an integrated fintech support information platform as a one-stop channel for support information from the FSC, financial companies, policy financial institutions and regional government bodies. The FSC and related organizations will now draw up more concrete measures and begin by establishing the integrated regional governance network. They also plan to strengthen outreach so fintech businesses can make more effective use of the available support programs.