The South Korean Financial Services Commission (FSC) introduces radical changes in the work organization of banks and insurance companies. To protect customer data and simplify inspection processes, the commission approved the implementation of blockchain technology. As part of its fintech roadmap, the FSC will also allow more small and medium-sized companies to access more customer data through digital payment systems. Regulators hope this move will inspire new products and services in the burgeoning fintech sector. The government also plans to approve a more accessible payment system which allows users make purchases from sellers via apps, avoiding paying fees to credit card companies or card network providers. Banks will still take fees, however.
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