한국의 인터넷전문은행 도입과 금융규제의 정치

This paper focuses on a recent advent of digital banks in South Korea. Even though several attempts to establish digital banks were made by government and non-financial enterprises in the past, those attempts foundered due to the financial regulations in Korea. Those regulations, including the separation of bank and commerce, have prevented the enterprises from entering in a bank industry and caused the relatively poor growth of Fintech industry in Korea. So far, much discussion on the digital bank and Fintech industry in Korea has focused on the persistent financial regulations, perceiving them as a government's means to control the industry and asserting the deregulation declaratively. However, such approach does not provide a proper explanation on the recent advent of digital banks without significant changes in regulations. This paper explains the advent of digital banks as a part of incremental institutional change, rather than a pathbreaking phenomenon. By actively interpreting the existing institutions in a changing environment, the major actors open a possibility of incremental institutional change.