Lee Eog-weon, chairman of the Financial Services Commission (FSC), said on Wednesday that his agency will take bold steps to help the financial sector develop innovative services. Support will focus on artificial intelligence (AI), data and young entrepreneurs, with unnecessary regulations to be drastically removed.
Lee Eog-weon, chairman of the Financial Services Commission (FSC), stated at a fintech services promotion event in Seoul on April 29 that his agency and related parties will support financial innovation and the fintech industry in selective, vital areas.
"Our support will be centered on artificial intelligence (AI), data and young entrepreneurs," Lee said, adding that unnecessary and outdated regulations will be drastically removed. The FSC chief also said his agency will actively tackle changes taking place in the financial sector.
The day before, on Tuesday, Lee responded to a question from President Lee Jae Myung during the State Council and Emergency Economic Inspection Meeting at Cheong Wa Dae. This pledge underscores the commitment to deregulation for financial innovation.
