The Korea Fintech Industry Association (Korea Fintech Association) will sign a policy agreement with the People Power Party and the Democratic Party of Korea ahead of the presidential election. The association plans to deliver a policy proposal that reflects the opinions of the fintech industry and request support for the industry's development after the new government is established.
According to the financial sector on the 15th, the Korea Fintech Association will attend the Democratic Party of Korea's policy agreement ceremony for livelihood policies at the National Assembly Member's Office Building in Yeouido, Seoul, on the 16th. On that day, the association is scheduled to meet with lawmakers Kim Nam-kun and Park Hong-bae to finalize the policy agreement and deliver the policy proposal that consolidates the opinions of the fintech industry. The Democratic Party of Korea's policy committee is an organization dedicated to communicating with specific occupational or industrial groups within the party. Members of the National Assembly are responsible for each occupational sector, and the policy committee's role is to collect policy demands from individual industries and reflect them in the campaign promises developed by Lee Jae-myung's candidate camp.
The Korea Fintech Association included in its policy proposal to the Democratic Party of Korea initiatives such as linking the information of applicants for the Sunshine Loan of personal data operators, promoting compensation for electronic financial transaction accidents, and expanding specialized budgets for artificial intelligence fintech startups. Additionally, the association conveyed policy suggestions related to revitalizing corporate investors' participation in the virtual asset market, supporting domestic virtual asset companies' overseas expansion, and establishing legal grounds for issuing token securities.
In particular, the Korea Fintech Association plans to emphasize the necessity of linking the information of Sunshine Loan applicants by personal data operators, which has been a significant demand from the industry. The current personal data service does not allow operators to identify applicants for the low-credit policy loan product, Sunshine Loan. Consequently, even when providing personal data-based financial platform services, it tends to recommend general loans with higher interest rates than the Sunshine Loan. The fintech industry believes that once personal data operators know whether service users are eligible for the Sunshine Loan, they can help supply financial resources for ordinary people.
Promoting compensation for electronic financial transaction accidents is also a major demand of the fintech industry. This initiative involves collecting deductibles from individual electronic payment service providers and utilizing these funds as compensation sources for consumers when electronic financial transaction accidents occur. The goal is to quickly restore damage after accidents caused by payment service providers, as seen in the delay of settlements involving T-MEP (TMON and WeMakePrice), while simultaneously reducing the settlement management burden on individual payment service providers. The Korea Fintech Association expects that if legal grounds are established to introduce mandatory deductions, underperforming payment service providers will naturally exit the market.
Afterward, the Korea Fintech Association plans to sign a policy agreement with the People Power Party as well. The association is currently coordinating the schedule for the agreement ceremony with the People Power Party and is refining the details of the policy proposals. The policies submitted to the People Power Party are reportedly not significantly different from those submitted to the Democratic Party of Korea, but there are some differences regarding virtual assets and the development of regional financial centers.
The fintech industry hopes that after the new government is established, there will be regulatory relaxations and government support for the industry's development. An industry insider noted, "Korea already has stringent financial regulations, and with the onset of a global recession, private investment in the domestic fintech sector has essentially halted. I hope the next government actively considers regulatory easing so that fintech can become a new growth engine for our country."