For the second time, President Moon Jae-in took a first-hand look into ways to deregulate -- this time, in the country's financial industry.
In keeping with his promise to cut red tape, the President called for steps to deregulate in the financial sector and eliminate barriers for new businesses such as Internet-only banks.
"Regulations can both increase and hurt the value of new industries. I have repeatedly stressed the importance of speed and timing to regulatory reform for innovative growth."
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Speaking to government officials including the head of the country's financial watchdog, the President said the country could become a leader of the so-called Fourth Industrial Revolution if innovation takes place in time.
He also called for an expansion of investment in financial technology, or fintech.
The country's two Internet-only banks got only one-and-a-half billion U.S. dollars of direct investment in their first year as of July.
"Innovation and IT companies should be able to maximize investment in technology for Internet-only banks. This should be done with caution, though, and in a way that keeps financial firms from making oligopolistic profits without having to face competition."
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He added that envigorating the country's Internet-only banks will promote fair competition and innovation within the financial sector, suggesting the government get rid of unnecessary rules.
"The President insisted that this will help other sectors as well, and urged lawmakers in parliament to also work on deregulation by supporting such growth through legislation.
Shin Se-min, Arirang News. "