Korea seeks to ease fintech ownership, crypto regulations

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RULES OVER FINTECH OPERATORS Under the current law, financial holding firms’ stake in a fintech platform is restricted to 5% unless it is its subsidiary, more than 50% of which it controls.“(A loosening in their ownership limits) will meet the needs of both fintech companies seeking to attract investment, while keeping management rights and financial holding firms who want collaboration with fintech companies through an appropriate level of investments,” said an FSC official.

For fintech units classified as subsidiaries of holding firms, the regulator seeks to allow them to control other financial services firms like robot advisers that provide customized financial advice and investment services online.

South Korea’s top financial regulator has proposed to loosen restrictions on financial holding companies’ ownership of fintech platforms from the current 5% to 15% in a first such move since introducing the ownership limit in 2000.

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Article Details

Category: Economy

Markets: South Korea

Topics: Local Companies Services South Ownership Fintech Firms Holding Financial Digital Currency

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-09 @ 13:35:15 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 334 words

Reading Time: 2 minutes read

Sentences: 18 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Korea Economic Daily

News ID: 24991503

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About Korea Economic Daily

Main Topics: Economy

Official Website: kedglobal.com

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Year Established: 1964

Headquarters: South Korea

News Last Updated: 6 hours ago

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Publisher ID: #91

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