핀테크, 빅테크, 은행의 역할과 규제원칙

Abstract

The purpose of this article is to discuss ways to improve regulations on fintech/bigtech, especially bigtech's financial participation. Participation of big techs in finance at the global level is expanding very broadly and deeply. The global regulatory society's proposal for regulation on big tech is to apply the same activity-same regulation as banks in proportion to the content and level of financial participation. In the light of the international community's regulatory discussion, it is necessary to discuss the effects of big tech's active financial participation contained in the revised bill of the Electronic Financial Transactions Act and the desirable direction of regulation. As George (1997) pointed out, if a new instrument effectively changes the flow of deposits, it would represent a new form of banking and it would be desirable to be subject to the same regulations as banks. Among the amendments to the Electronic Financial Transactions Act, the issuance of an account by a comprehensive payment settlement service provider is highly likely to become a “some new means”. As Brunnermeier et al (2019) pointed out, it can function as a digital currency, and in the long run, it can be a seed that brings about big tech-centered restructuring of bank-centered traditional financial market. Of course, this is not to be considered unfavorable a priori. However, it is desirable for big tech to participate in finance while maintaining the basic principles of financial regulation that have been formed through a long history. Although it is difficult to achieve both financial innovation and market stability/integrity because of regulatory trilemma, the search for ways to support innovation and maintain stability must continue.