South Korea's Financial Services Commission released guidelines for financial institutions looking to invest in financial technology companies.
Under the new rules that took effect Oct. 8, banks and nonbank financial institutions may invest in fintech firms or own fintech units in accordance with relevant laws.
Financial institutions may also request expedited approval from the FSC for fintech investment.
The guidelines also include leniency clauses to provide waivers from any regulatory sanctions for employees and executives in disciplinary cases involving fintech ventures.
