Financial Security Institute Holds On-site Meeting on 'Fintech and Financial Security'

[Asia Economy Reporter Haeyoung Kwon] The Financial Security Institute held an on-site meeting on the 22nd with the Financial Services Commission under the theme of 'Fintech and Financial Security' to promote safe fintech activation.

The meeting was attended by representatives of major fintech companies and executives of financial institutions. The Financial Security Institute discussed the results of recent security inspections on fintech companies participating in open banking, security enhancement measures, the current status of the big data exchange initiative in the financial sector, and policy directions for financial security to ensure sustainable financial innovation, while gathering industry opinions.

Kim Young-gi, President of the Financial Security Institute, stated, "With the revision of the Credit Information Act, the introduction of the MyData industry, and the full implementation of open banking accelerating digital payment innovation, financial security threats are expected to increase further," adding, "For financial innovation represented by fintech to succeed, fintech companies must raise their financial security levels to gain trust from financial consumers."

He also emphasized, "The Financial Security Institute will do its utmost to create a digital financial innovation ecosystem where financial consumers are safely protected and market players take responsibility for security."