The head of the financial regulator on Wednesday vowed to lend more support to financial technology firms, with the aim of turning small fintech firms into "unicorns" ith higher market capitalization.
Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a meeting with executives at fintech firms.
The government "will help create unicorns that compete in the global market by continuing to ease regulations," Choi told the meeting, referring to private firms worth over $1 billion.
From April, fintech firms will be exempted from some rules and be able to develop services without regulatory hurdles.
Under a so-called regulatory "sandbox," fintech firms using new technologies, such as blockchain and big data, will be exempted from regulatory challenges.
Financial authorities will also encourage banks to channel more funds into the fintech sector, Choi said. (Yonhap)