Financial Services Commission announces 'Guidelines on Fintech Investments, etc. of Financial Companies'

The Financial Services Commission announced ‘Guidelines on Fintech Investment, etc. of Financial Institutions’ through a press release on September 4. Based on this guideline announcement, the Financial Services Commission will collect opinions until September 24, 2019, in accordance with the "Financial Regulatory Operating Regulations," and after deliberation of financial administrative guidance, it announced that it plans to operate the guidelines temporarily for two years from October 2019, based on the premise of amending related laws.

The ‘Guidelines on Fintech Investment, etc. of Financial Institutions’ announced this time include 1) changes in the method of fintech investment targets and shortening of the investment approval period, 2) the principle that financial institutions can engage in fintech industries that can be invested in as incidental businesses, and 3) the content of actively mitigating or exempting sanctions in cases of fintech investment failure without gross negligence.

Law firm Veat, based on a deep understanding of related laws such as the "Electronic Financial Transactions Act," the "Credit Information Usage and Protection Act," and the "Act on Promotion of Information and Communications Network Utilization and Information Protection," and IT, provides more efficient and systematic advisory services to fintech companies providing new technology-based financial services, such as P2P financial businesses, online micro-investment brokerage businesses, and PG (electronic payment agency) businesses.