The Financial Services Commission will strengthen support for key strategic areas such as artificial intelligence (AI), data, regions, and youth to develop the Fintech industry.
The Financial Services Commission (FSC) on the 29th held the event "Fintech, the field of consolidation" presided over by Chairperson Lee Eog-weon and presented Fintech support directions along these lines.
Lee said the financial sector's AI transformation (AX) is an unavoidable trend, stressing that "Fintech, which has driven financial change through innovation and challenge, must take its place as the core engine of the AX era."
The Financial Services Commission (FSC) will revamp Fintech support programs with a focus on concentrated growth areas such as regional and youth startups and AX. It will award extra points when selecting beneficiaries in strategic growth areas and provide additional incentives to corporations with strong results. It will also support infrastructure and security for developing AI services, as well as talent cultivation. Support programs will be strengthened for AI technology use such as graphics processing units (GPUs) and collaboration with local companies.
A public-private consultative body will be formed around regional flagship projects and financial infrastructure, including financial companies, local governments, and startup institutions.
Lee said, "Having established the foundation for institutionalizing security token offerings (STOs), we will also push to overhaul new regimes such as stablecoins," adding, "We will gradually improve regulations related to the use of financial data."