New FinTech technologies in South Korea: K-bank is the first bank in the country to provide exclusively digital services

Occupation: Head of the Department of Civil and Civil Procedural Law and Private International Law, Law Institute, RUDN University
Affiliation: RUDN University
Address: Russian Federation, Moscow

Journal name

Gosudarstvo i pravo

Edition

Issue 6

Pages

96-101

Abstract

The article states that in 2015 the South Korean government approved the concept of the Internet bank (internet primary bank). Internet banking is a bank that runs an online banking business without a physical banking office. K-Bank became the first Internet bank in South Korea to be approved by the Korean Financial Supervision Service. In 2017, an attempt was made in South Korea to amend the Banking Act to weaken the principle of separation of financial and industrial capital. But then this attempt did not receive support in the National Assembly. It was concluded that despite the huge ICT infrastructure in South Korea and its technological capabilities, at present the financial regulatory environment does not contribute to supporting innovative business models and financial technologies that should become the new growth engine for the Korean banking sector.

Keywords

South Korean law, financial system, financial services, Bank of Korea, fintech technologies, online banking

Received

24.05.2019

Publication date

14.06.2019

Number of characters

19212

Cite

GOST	Frolova E. New FinTech technologies in South Korea: K-bank is the first bank in the country to provide exclusively digital services // Gosudarstvo i pravo – 2019. – Issue 6 C. 96-101 [Electronic resource]. URL: https://gospravo-journal.ru/S013207690005262-0-1 (circulation date: 26.04.2024). DOI: 10.31857/S013207690005262-0
MLA	Frolova, Evgeniya "New FinTech technologies in South Korea: K-bank is the first bank in the country to provide exclusively digital services." Gosudarstvo i pravo 6 (2019):96-101. DOI: 10.31857/S013207690005262-0
APA	Frolova E. (2019). New FinTech technologies in South Korea: K-bank is the first bank in the country to provide exclusively digital services. Gosudarstvo i pravo (6), pp.96-101 DOI: 10.31857/S013207690005262-0

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