금융과 비금융의 융합 - 금융회사의 소유구조와 업무범위를 중심으로 -

Amid rapid advances in digital technologies and the blurring of traditional industrial boundaries, the convergence of finance and non-financial sectors has emerged as a critical policy issue. This study reviews Korea’s current regulatory framework governing the ownership structure and business scope of financial companies, identifies key limitations, and proposes directions for regulatory reform to facilitate financial and non-financial convergence. While Korea’s separation of banking and commerce is strictly enforced under the Financial Holding Company Act and the Banking Act, non-financial players such as Big Tech firms are increasingly entering financial markets, thereby creating regulatory arbitrage and inconsistencies. The paper examines the constraints that financial companies face in expanding into non-financial sectors, the limitations of the positive-list approach to determining permissible business areas, and cumbersome regulations on investments and outsourcing. Although recent amendments—in particular, to the Financial Holding Company Act—have eased some rules on fintech investment, partnerships, and business outsourcing, fundamental integration remains elusive. The paper argues for regulatory clarity, introduction of a negative-list (principles-based) regulatory approach, easing of business line segmentation, broader access to low-risk innovative fields such as fintech, institutionalization of regulatory sandboxes, and strengthening of risk management and consumer protection. Ultimately, the regulatory framework should strike a balance between financial market stability and public interest on one hand, and innovation and competitiveness on the other, enabling a strategic redesign in response to ongoing financial–non-financial convergence.