금융회사와 빅테크 기업의 혁신금융에 관한 모색방안

Financial innovation is a double-edged sword that can benefit consumers while also imposing risks on financial stability. In order to achieve financial innovation in line with the rapidly evolving financial market, where the boundaries of financial institutions are blurred due to the entry of big technology companies into the financial sector, the prerequisite of securing risk stability and improving fair competitiveness between big tech companies and financial firms should be established. The entry of big tech companies, like Kakao and Naver, has improved consumers’ convenience and increased the efficiency of financial services based on their outstanding analytics capabilites. However, it has also amplified the likelihood of exposing consumers to various risks, such as personal information exposure and system risks. Even in terms of financial regulation, big tech companies are subject to more relaxed regulations than financial firms, which may lead to problems of mis-selling and unfair trading. Such a circumstance can be considered unfair competition in the financial market as it does not meet the “same function-same regulation” principle. Therefore, it is necessary to accurately diagnose and assess factors of potential financial risks, establish relevant regulations, and revise institutional complements and norms to fully protect consumers. In response to the aforementioned needs, this study examines the types of risks that may arise from the entry of big tech companies into the financial sector and identifies regulatory gaps and problems between big tech companies and financial firms in order to seek measures for financial innovation. With a view to stimulating the network between big tech companies and financial firms based on financial stability, consumer protection, and fair competition, this study aims to serve as a catalyst for upgrading South Korea’s financial services.