How Does Korean Financial Policies Affect The Business Model Expansion Of Mobile Based FinTech Companies?

How can Korea’s mobile-based Fin Tech service companies succeed globally in the future? The study has begun to answer this question in the current unrecorded legal and policy infrastructure.The main concern of this study is to identify factors that will take the lead again in the Fin Tech industry competition,which has lagged much in global competition.I used the ’in-depth interview method’ as a way of identifying this.I also met Korean government officials and experts from affiliates of Kakao Group,one of the most famous mobile-based Fin Tech service companies,and asked about the problems of Korean legal and policy infrastructure.In order to characterize the effects of Korea ’s Fin Tech laws and policies on the business model expansion of mobile-based Fin Tech service companies,interviewers were asked about the current industry and legal and policy infrastructure environment.As a result,seven small scale systems were derived.In August last year,President Moon Jae-in emphasized that the data is future oil.Despite his interest in the data industry,the National Assembly is unfortunately lukewarm in regulatory reform.Korea is evaluated as a data regulatory powerhouse.Korea is ranked 31 st in terms of big data competitiveness.Middle East Qatar ranked first.Israel,which is called the heaven of entrepreneurship and venture,ranks second,and the United States is third.The socialist country China is also ranked 12 th and India is 19 th,ahead of Korea.Korea,which recently introduced the 5G commercialization in the IT powerhouse for the first time in the world,was faced with a crisis due to the fact that new industries were not sprouting due to unreasonable data regulations.It is eating the future growth engine by itself.Fortunately,there is very good news.Just a few days ago,the Korea Financial Services Commission(FSC)announced that a joint payment system(open banking),jointly operated by all domestic banks and Fin Tech settlement service providers,will be launched in December this year.Currently,the issue related to the Fin Tech industry in Korea covers the business world.It is a sense of crisis that it can no longer fall behind in global competition.As the conclusions drawn from the paper,ICT firms will be able to expand more business models if the Korean government has firmly established the Fin Tech related legal and policy infrastructure.