|Korean regulators are racing against Asian neighbors in the active development of a Regtech and Suptech ecosystem that works to draw innovation dynamism — and new tech jobs — to the nation.|
South Korea’s FSC (Financial Services Commission) held a meeting with a new Working Group on July 16. The Group is tasked with the promotion of AI adoption in financial services is part of the government’s KRW 114 trillion ‘New Deal’ policy initiative. The creation of related new jobs in the tech sector is seen as a post-coronavirus growth engine.
During the meeting, participants discussed trends and policies surrounding AI in financial services. “AI technology can help improve the effectiveness, inclusiveness and accountability while lowering costs in providing financial services,” the FSC said. The Working Group will seek ways to improve upon regulations that may hamper the ability of financial firms to develop or adopt AI-based solutions.
A Regtech & Suptech Sub-Group has been tasked with reviewing ways to apply AI towards boosting the effectiveness of regulatory compliance and financial supervision. In the coming months, the group will determine what measures will be taken to support these goals.