Seoul Mayor Oh Se-hoon said during a meeting with fintech startups on the 5th, "I will create a momentum for growth centered on the abolition of regulations."
Mayor Oh noted at a meeting held at the Seoul Fintech Lab in Yeongdeungpo District that "the political sphere and government should fulfill their roles as supporters, but until now they have focused solely on strict regulation like a referee."
Nine fintech startups, including Ghost Pass, Be Happy, WhatsApp, Eudong San, Cross Hub, Pen Ventures Korea, Fractal FN, Hi-Kive, and Hush Partners, along with officials from the Financial Supervisory Service and the Korea Fintech Industry Association, attended the meeting.
Mayor Oh said, "Until now, everything has been prohibited, with only a few exceptions allowed," and added, "The rule has been set as 'You cannot go outside the field,' but we need to allow freedom to move around freely for the rest." He emphasized that it is necessary to prioritize allowing new technologies and products, and to introduce a 'comprehensive negative regulation' that regulates only when necessary.
He also stated, "For South Korea to become a true fintech powerhouse, financial policies that strengthen the global competitiveness of the entire financial industry must be pursued simultaneously," and said, "Yeouido should be designated as a financial regulatory free zone."
Earlier, Mayor Oh also expressed his stance that the virtual asset market should be nurtured. He wrote on Facebook that "While countries are embracing virtual assets as the core of financial innovation, South Korea remains stuck in a conservative regulatory stance," and noted, "We should now recognize virtual assets as a new growth engine and actively foster them."
In addition, immediately after the meeting, Mayor Oh responded to a question from reporters regarding the strong opposition to President Yoon Suk-yeol's impeachment from the conservative support base, saying, "Although he is in a situation of being tried for insurrection, we should address the issue of whether it is necessary to maintain his detention status."
Mayor Oh stated, "There is a certain amount of evidence and testimony secured through the Constitutional Court, and the fact that there is no risk of flight is something that the entire nation can acknowledge at a reasonable level," and added, "If that happens, there might be a perception regarding national prestige and how foreigners view Korea."
He added, "Following the inauguration of the new U.S. Trump administration, there are great concerns among the people about how to navigate issues like tariff policies," and emphasized, "Considering that, the return of Prime Minister Han Duck-soo to work is very urgent. It would be great if a swift return is possible."
Regarding the voices from the ruling party calling for the abolition of the early voting system, he stated, "There is no objection to the party line." Mayor Oh commented, "The effectiveness and operational shortcomings of early voting have been raised several times, and I have also pointed out issues. Despite various pros and cons, the option of voting continuously for three days could be a solution."
In the event of an early election, regarding whether he would maintain his mayoral position, he stated, "I will clearly decide my position and speak after the Constitutional Court's decision."