The South Korean chief financial regulator said Sunday that he will remove hurdles to the fast-growing financial technology and fully support the sector to refresh the country’s long-sluggish financial industry.

“I will change the paradigm of regulation on fintech,” Financial Services Commission chairman Shin Je-yoon told reporters. “I will minimize preregistering requirements, and at the same time clarify liability and maximize consumer protection and information security.”

Fintech is a new type of information technology linked with financial services, ranging from mobile payments and remittances to asset management.

Shin said the industry is sharply growing across the world as it absorbs money from wealthy tech-savvy individuals.

Chinese Alibaba Group, for example, was listed on a U.S. stock market in September on the back of the popularity of its online payment system Alipay.

In South Korea, leading mobile messenger and portal service provider Daum Kakao Corp. launched mobile payment systems called “Bank Wallet Kakao” and “Kakao Pay,” through which users can send money or shop online. (Yonhap)