종합지급결제업의 도입에 따른 「전자금융거래법」의 법제 개선과 금융소비자 보호

With the rapid development of fin-tech industry, innovation in the global financialmarket is taking place dramatically. In particular, the payment and settlement isoverwhelming in its speed and scale compared to other financial sectors. In line withthese changes, the Korean financial authorities plan to establish an open-bankingsystem by modifying the regulatory structure and open it to fin-tech firms to equipthem with innovative financial settlement infrastructure. As part of this renovate, theKorean financial authorities announced the introduction of ‘the comprehensivepayment settlement business’ through the revision of the Electronic FinancialTransactions Act. The comprehensive payment settlement business will be able to provide variousfinancial services based on payment settlement accounts which can be independentlyissued and managed by non-financial firms. This could be an innovation in a newpayment type that would allow non-financial firms to build a comprehensive financialplatform beyond the innovation of a new way to pay which using the existingpayment method. However, the current regulatory system has limitations in covering anew type of financial service model. This is because each law that regulates thepayment system directly or indirectly sets out detailed requirements for the means ofelectronic payment. As a result, there is a gap between regulation and practical business, and the problem of legal interpretation is constantly raised. This situation isresulting in damage to financial consumers. Therefore, a consumer-centered financialsystem will have to be established in order to develop the Korean paymentsettlement market and provide various services and experiences to financialconsumers. This can be achieved by minimizing the typification through regulationand granting autonomy to the fin-tech industry. Therefore, this article suggest a direction for the Korean payment settlementmarket to grow through the improvement of the current Electronic FinancialTransactions Act, based on the analysis of the payment settlement system. In thisarticle, it the current status of industries and regulations related to the comprehensivepayment settlement industry in United Kingdom and China, which are leading thepayment settlement in the global financial market. Based on this, a measure wasproposed to facilitate the introduction of various financial service models throughgeneric regulation of electronic payment means. In addition, as the benefits offinancial consumers increase due to the easing of regulations and the development ofelectronic financial transaction services, new types of damage are likely to occur. Inresponse, the article explored ways to improve regulations on business activities thatcould protect financial consumers both proactively and externally.