The Financial Supervisory Service (FSS), which recently prioritized the digital and IT sectors in its reorganization, held its first CEO meeting with the electronic financial industry on the 12th, where they outlined key supervisory directions and current issues. The FSS plans to strictly address financial accidents causing consumer damage, such as information leaks and system malfunctions, as well as illegal or unfair practices infringing on consumer rights. They also intend to closely inspect and respond to various IT-related risk factors to enhance consumer convenience and prevent damage.
The meeting was held with electronic financial companies at Naver Financial’s headquarters in Seongnam, Gyeonggi Province. Attendees included high-ranking officials from the FSS and CEOs from companies such as Naver Financial, KakaoPay, TOSS Payments, and others.
With the increased preference for digital finance and technological advancements, electronic payment transactions have surged, enhancing the role of electronic financial services. The FSS has responded by establishing a dedicated department to support the electronic financial industry’s future growth through innovation. They plan to provide consulting-focused inspections to improve deficiencies and share best practices.
The FSS urged thorough management of prepaid recharge funds and settlement funds and emphasized the implementation of consumer-first algorithms in financial products. They are also working on guidelines to prevent incidents like the “Tmon incident.”
The FSS highlighted the necessity for proactive measures against new IT risks, emphasizing the importance of IT security and business continuity plans. They also plan to continuously engage with the industry to refine outdated supervisory practices and regulations to be more suitable for the digital environment.