FSC Standing Commissioner Kwon Dae-young held talks with fintech businesses on March 7 and listened to their comments on ways to promote competition and innovation in the financial industry. Fintech businesses attending the meeting made suggestions for (a) introducing small licensing units tailored to the specific needs of fintechs, (b) allowing fintech businesses to provide payment settlement account services, and (c) promoting online platform services that provide comparison and recommendation services on different financial products. At the meeting, FSC Standing Commissioner Kwon said that it is necessary to establish a regulatory system that corresponds to the characteristics of new technologies and business models of fintechs. In March, authorities plan to hold a series of meetings on promoting the entry of fintech businesses into the financial industry and take into consideration what has been discussed at these meetings when preparing regulatory improvement measures.