The South Korean chief financial regulator said Sunday that he will remove hurdles to the fast-growing financial technology (fintech) 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 (FSC) Chairman Shin Je-yoon said to a group of reporters. "I will minimize pre-registering 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.

"South Korea has financial rules and guidance that set what companies can do. This positive list system limits the market's autonomy and prevents companies from exhibiting their creativity and ability," Shin said. "I'll strive to change this positive list system to a negative one."

The FSC has been focusing on boosting the mobile-based e-commerce market and pushing to remove regulations in related areas to promote IT-finance consolidation.

It promised to remove the compulsory authentication requirements for online purchases and introduce alternative online payment systems to offer foreign shoppers easier access to local shopping malls.

"Fintech is a new opportunity and a challenge to the financial industry," said the FSC chairman. "The FSC will do its best to lead the innovative movement." (Yonhap)