South Korea’s Financial Services Commission (FSC) has proposed several legislative updates that could potentially give it more control over payment settlements in the Fintech sector. The Bank of Korea (BOK), the nation’s central bank, has stated that these proposed guidelines would create redundant regulations.
As first reported by Regulation Asia, the BOK and the FSC have been arguing over which agency should be responsible for overseeing payment settlements.
The arguments reportedly began when the FSC had suggested making changes to the existing Electronic Financial Transactions Act which could give it the authority to issue licenses, demand official documents and regulate payment settlements in Korea’s Fintech sector.
