South Korea launched the world’s first Fintech Open Platform to boost Fintech development, according to the Financial Services Commission (FSC). The Fintech Open Platform is described as a combination of a website where Fintech firms can download program commands used in the development of Fintech services, and a physical space where they can run test operations of their new programs.
The FSC explains that there is an open API system within Fintech Open Platform that provides program commands needed when programming Fintech services with banking functions, including money transfer and balance check in the form of standardized application programming interface.
“The Financial Services Commission (FSC) is taking a leading role in establishing an advanced financial environment and opening up a new era of hope under the motto of 'Creative Finance, Financial Inclusion and Solid Financial System,” said Vice Chairman Jeong Eun-bo of the FSC in a statement.
“Based on a stable financial market, we are working towards creating an innovative financial environment for corporations, which ultimately supports creative economy,” they said.
The FSC alsosays it endeavors to bring positive change and innovation throughout all sectors of finance. Such efforts include lessening financial burden of low-income households, strengthening consumer protection, and establishing sound order in financial transactions.
The Securities and Futures Commission (SFC) is a supervisory organization of Korea's capital markets, which is responsible for unfair trading activities, corporate accounting standards and financial audit. “We are exerting our utmost efforts to establish transparent and fair trade order as well as to protect investors,” the SFC said.
Particularly, the SFC's role in achieving sound growth of capital markets has become ever more important as it strengthened inspection and regulation functions as a means to eradicate unfair practices such as stock price manipulation.
“We ask for your support to our efforts in making a financial environment which lights a beacon of hope to Korea's financial market, industry, and the people,” the SFC added. “We hope that our website will serve as an effective channel for you to access to accurate and timely information regarding Korea's financial policy.”
Vice Chairman Jeong was appointed as Vice Chairman of the Financial Services Commission in January 2016. In addition to his duties as Vice Chairman of the FSC, he serves as Chairman of the Securities and Futures Commission, a deliberative body responsible for ensuring transparency and fairness in capital markets.
Prior to his appointment as Vice Chairman of the FSC, he was Vice Minister of the Ministry of Finance and Strategy. During his tenure as Vice Minister in 2013, he successfully managed to stabilize Korea’s economy against external and internal risks such as household debt issue.
He received a bachelor’s degree in Business Administration from Seoul National University in 1983. He went on to receive a master’s degree in Business in 1986 from SNU and a doctorate in economics in 1996 from Ohio State University in the United States.
The Financial Services Commission is a central government body responsible for financial policy and financial supervision.
The Financial Services Commission was established in 2008 after a series of changes in Korea’s financial supervisory system. In the wake of the 1997 Asian financial crisis, there was a growing need for an integrated supervisory authority to oversee the financial industry.