Chairperson Kim Byeong-hwan said, "We will thoroughly promote the easing of regulations on fintech investments and ownership by financial holding companies," on the 10th.
On the same day, Chairperson Kim attended the 3rd Fintech Open Networking Day held at the Woori Bank headquarters in Jung-gu, Seoul, and noted, "I hope we can accelerate the globalization of K-finance through collaboration between financial institutions and fintech."
The Financial Services Commission announced through its business plan this year that it would ease the investment limit for financial holding companies in fintech corporations from the current 5% to 15% and allow ownership of subsidiaries related to the operations of fintech corporations that are subsidiaries of financial holding companies. The Financial Services Commission plans to announce a legislative notice for this amendment to the Financial Holding Company Act within this month.
Chairperson Kim encouraged fintech corporations that have entered overseas markets by finding the entire market through collaboration with domestic banks. At the event, 15 consultation booths from fintech investment organizations were set up to provide tailored consultations to companies hoping to enter international markets to ensure necessary funding is supplied.
The participating organizations of the fintech support council, including Woori Financial Group, signed a business agreement to systematically support the overseas expansion of fintech corporations. Based on this, they will establish a cooperation system among the participating organizations to fully assist in the growth and international expansion of fintech corporations.
Yim Jong-ryong, chairperson of Woori Financial Group, emphasized in a welcoming speech, "It is essential to challenge the overseas market for the continuous growth and innovation of fintech corporations," and said, "We will strengthen support such as investment and joint overseas expansion."