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Regulator voices concerns about data privacy over fintech

2017/11/15 10:22

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SEOUL, Nov. 15 (Yonhap) -- The financial technology industry is opening the door to better and cheaper financial services, but regulators need to address concerns about the privacy of customer information, South Korea's financial regulator said Wednesday.

Choe Heung-sik, governor of the Financial Supervisory Service (FSS), made the remarks during a forum on the fintech industry in Seoul.

"Today, fintech innovations are disrupting and unbundling services that have long been the domain of traditional financial service providers," Choe said.

"For consumers, fintech is opening the door to more, better, and cheaper financial services than ever before," he said.

Risks of infringement of people's right to privacy by companies in the financial sector has been one of the top concerns as many people who use online shopping or financial services put their privacy at risk.

A file photo of Financial Supervisory Service Governor Choe Heung-sik (Yonhap) A file photo of Financial Supervisory Service Governor Choe Heung-sik (Yonhap)

"Despite fintech's many great promises, there are those who also voice concerns about new risks that fintech innovations will bring," Choe said.

"One is that, as more big data sellers collect huge amounts of personal information for profit, our privacy will be compromised," the FSS chief pointed out.

To help address such concerns, Choe urged fintech firms and traditional financial companies to deliver "responsible" services.

Regulators also need to "cultivate a fintech-friendly regulatory environment." to continually encourage investment in new technology and service development, Choe said.

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