Gov’t to lower barriers for entering financial industry

Korea will lower barriers to entering the local financial industry and approve newly licensed companies in a bid to promote competition and innovation in the long-sluggish sector, the financial regulator announced on Monday.

Earlier, the Financial Services Commission (FSC) set up a review panel that examines obstacles that prevent new competitors from entering the banking, insurance and brokerage sectors in Korea.

It will check the number of institutions operating in a sector and their total assets to measure market saturation.

Legal and administrative regulations and consumer satisfaction are also evaluation indices.

Yonhap