ICT기업의 지급결제서비스 관련 법적 이슈 검토- 인터넷전문은행을 중심으로 -

This year, Financial Services Commission(FSC) announced its plan for the introduction of Internet-primary banks to revitalize the fintech industry. This try is the third time to adopt the internet primary bank. The government failed to introduce an Internet-primary bank in 2002 and 2008. According to the plan, an Internet-primary bank’s minimum required capital is 50 billion won, half of that of a general commercial bank. In addition, an industrial capital company is allowed to own up to 50 percent of an Internet-primary bank, not 30 percent as previously planned in 2008. Also, it excluded conglomerates, which are subject to cross-shareholding restrictions according to the Fair Trade Act. According to this policy plan, ICT companies including platform companies and e-commerce firms can have easier access to the web only bank. Now, legislator's proposals for it is submitted to National Assembly to pass the Bank Act amendment. Because Bank Act stipulates that an industrial capital cannot own more than 4 percent of a bank. Also, according to the government's plan, there is no limit of business scope. So internet-primary banks’ scope of business can cover business loans, credit cards, bancassurance, derivatives brokerage, bill acceptance, and many more. In addition, not Basel III but Basel I is applied to internet primary bank during the early stage of establishment for less prudential regulation Now FSC takes the two track approach to grant the authorization for the internet primary bank. It grants the first approval to consortia of financial and fintech companies, which have nothing to do with the revision of the Bank Act. After the amendment of Banking Act in next year, FSC has plan to grant authorization to more applicants. According to the preliminary approval evaluation manual and criteria, FCS discloses to evaluate unique business models, contribution to the development of the industry, and the likelihood of overseas businesses to grant the authorization In theory, the internet primary bank model offers advantages for both banks and their customers. The central advantage stems from the savings associated with not having to operate branches. Customers benefit from the fact that these banks can use some of their overhead cost savings to pay higher interest rates. However, it is not sure to guarantee in practice. Most of all, government's plan should be considered from the perspective of financial consumer's interest. That is because simplicity and security are crucial for online banking. If complicated products are offered, they are needed to explain to the financial consumers more easily. In addition, strong deposit insurance should be offered. Web only banking is susceptible to risks in the form of fraud, theft(including farming) etc. According to it, the bank shall establish and maintain a comprehensive information security program which must be properly implemented and strictly enforced. In addition, it should be mandate to receive external audit for information security and internal control. Most of all, the bank shall ensure that internal control are in place to review the financial consumer's complaint and that an investigation is initiated immediately as required. As aboves, this paper touched the legal issues associated with an adopted internet primary bank with helicopter view.