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‘Council for IT-Finance Convergence’ established

Council for IT-Finance Convergence kicked off on November 10 to speed up the process of providing advanced financial services by converging internet technology and finance.

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The council is chaired by Director General of FSC’s Banking & Insurance Bureau and FSS’s Chief Officer for IT and Financial Data Protection. The council is comprised of 20 experts from 16 institutions of bank, asset management and credit card companies, electronic financial service, IT, and data protection industries.

In the first meeting on Monday, the members agreed to improve the current rules and regulations, select and concentrate on specific financial services that have potential to create huge synergy, and strengthen consumer data protection measures.

The council will meet regularly once in every two weeks to discuss ways to achieve shared growth between IT and financial sector and create new service industry by effectively converging the two.

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