On September 10, 2020, Jung-Min Lee, an attorney at Kim & Chang, presented a webinar on the topic of “Fintech: Discussion on Measures to Innovate Digital Finance.” 

During the webinar, Mr. Lee explained that “upon acceleration of the digitalization within the financial industry, the digital and finance industries are increasingly getting closer.  As a result, a need for innovating digital finance has increased, which has also led to the recent proposed amendment to the Electronic Financial Transactions Act.” 

He also added that “with regard to the recent proposed amendment, we need to pay attention to the amendments regarding the electronic financial businesses.  The proposed amendment is likely to aim to re-classify the current electronic financial businesses by each business function (e.g., funds transfer, payment, and payment gateway) and differentiate the degree of regulation and scrutiny pursuant to the risk level of each business sector.”

This webinar, hosted by Kim & Chang and Korea In-house Counsel Association, provided an overview of the amendments recently made to the Electronic Financial Transactions Act by the Financial Services Commission and explained the relevant details.