Republic of Korea: Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability
IMF Staff Country Reports, September 18, 2020
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- Republic of Korea: Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability
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Bibliographic details
- Published: September 18, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513557069.002
Key findings and implications
- Technological innovation in Korea holds great potential for the deepening of its financial system, that could lead to an increase of product offerings and lowering of transaction costs.
- Korea’s fintech experience illustrates that even within an already highly technologically advanced, efficient, and inclusive financial sector, significant benefits can still be reaped from innovation in financial services.
- The already highly modernized and digitally connected state of the Korean financial sector will amplify the impact of technological changes to market structure and competition.
Legal and regulatory developments highlighted
- Korea’s financial sector legal framework, particularly the recently announced open banking initiative and anticipated amendments to the legal frameworks for electronic financial transactions and use of personal data, will play a key role in shaping the direction of innovation and competition in the financial sector.
Areas of focus and subject coverage
- Subjects: Banking, Commercial banks, Digital currencies, Financial institutions, Financial services, Fintech, Legal support in revenue administration, Revenue administration, Technology
- Keywords: Commercial banks, CR, Digital currencies, Fintech, fintech company, Global, Interface provider, internet services company, ISCR, Legal support in revenue administration, market structure, payment service, technology company
Publication and document specifics
- Publication date: September 18, 2020
- Pages: 28
- Volume: 2020
- Issue: 280
- Series: Country Report No. 2020/280
- Stock No: 1KOREA2020007
- DOI: https://doi.org/10.5089/9781513557069.002
- ISBN: 9781513557069
- ISSN: 1934-7685
International Monetary Fund. Monetary and Capital Markets Department "Republic of Korea: Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability", IMF Staff Country Reports 2020, 280 (2020), accessed 9/10/2026, https://doi.org/10.5089/9781513557069.002
Content in this bundle
- Executive Summary