핀테크산업 발전을 위한 법제 개선방안 연구

The Fourth Industrial Revolution is characterized by the convergence of physical, digital, and biological technologies based on the digital platforms. It will provide means for new growth and development through innovative technologies, such as artificial intelligence, bio-technology, robot-engineering, Internet of Things, 3D printings, and fintech that will lead to historic social changes. Part II of this Article defines the fintech industry and briefly looks into adequate stance for regulation of fintech industry generally. Fintech is a fusion of technology used in providing financial services and informational communication technology. It could be a discrimination to exempt or mitigate fintech firms from rational ordinary regulation only for they apply fintech itself. Whereas it is sometimes essential for the success of the fintech firms to deregulate irrational banning hurdles, the fintech firms should innovate to break through traditional financial service industry into success. And in Part Ⅲ, I shift my focus into the specialized study of legal issues including the separation of banking and commerce on the point of view with the online bank such as the K-Bank that was recently approved by the Financial Services Commission. Online banks are exactly kind of banks so that the principle of separation of banking and commerce should be applied to them naturally. If the principle does not apply to online banks for certain circumstantial causes, then I concern whether the principle will collapse in the context of traditional banks in the ends. Part Ⅳ analyses the adequacy of regulation of crowdfunding in Korea, looking into its history and the present condition in the U.S. The Korea Financial Investment Services and Capital Markets Act (amended on July 24, 2015) introduced the equity crowdfunding as online small-sum investment brokerage. This is the first legislation of crowdfunding in Korean legal system. In the crowdfunding, the entrepreneur of small start-up can raise capital from many investors through the Internet platforms, particularly by using social networks. And there is a need to inform investors about the projects so as to assure the crowd decide rationally as a collective intelligence. So I feel that more freedom to advertise or investment recommendation for the online small-sum investment broker or the issuer should be allowed through deregulation. In Part Ⅴ, I found that the payments processing and peer-to-peer money transfer service by fintech firms on one hand need regulation for the Cyber safety, but on the other deregulation of small-sum peer-to-peer foreign money transfer services for more competition in this area. Lastly, Part Ⅵ concludes by offering positive policy suggestions that follow from my analysis.