## 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_

## Source details

**Canonical URL:** [Republic of Korea: Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability](https://www.imf.org/en/publications/cr/issues/2020/09/18/republic-of-korea-financial-sector-assessment-program-technical-note-technological-change-49757)

## Other formats

- [Markdown version](/en/publications/cr/issues/2020/09/18/republic-of-korea-financial-sector-assessment-program-technical-note-technological-change-49757/index.md)
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## Bibliographic details
- Published: September 18, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513557069.002

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### 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*

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## Content in this bundle

- **Executive Summary**
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_Source: https://www.imf.org/en/publications/cr/issues/2020/09/18/republic-of-korea-financial-sector-assessment-program-technical-note-technological-change-49757_