빅테크 예탁금 보호 모델에 관한 연구

Abstract

The payment market is evolving from fintech-dominated era to the one characterized by the rivalries between big tech platforms. The emergence of internet-only banks, open banking, financial regulatory sandbox and other innovative financial policy are serving as the gateway for big tech companies. Building up on the core service named “payment service”, these companies have made a success with asset management, insurance, credit scoring, etc., providing consumers with an unprecedented level of simplicity in financial experiences. Big techs are offering innovative services tailored to customers’ needs based on DNA loop, and as a distribution channel for financial products, they are playing a key part in making the conventional payment market increasingly competitive with efficient banking services. Not only does this pose a great threat to the industry, including banks, but it also presents huge challenges ranging from issues related to consumer protection, side-effects to managing payment system risks. Looking into where Big Techs stand in the payment market, this paper is attempting to propose Big Tech’s deposit protection model that could address consumer protection issues and reduce side-effects of their presence. In the section covering the current state of Big Techs, provision of financial services by global Big Tech companies, stories behind success of their financial services (DNA loop), and transformation of financial industry’s landscape fueled by the advent of them will be discussed. In addition, we will also assess how far discussion on consumer protection has progressed at home and abroad against the backdrop of failures of domestic and international Big techs. Lastly, the paper will propose a model that could improve Big techs’ protection of consumers with a focus on consumer deposits, among other financial service models. How Big techs should protect consumers should continue to be brought up going forward, and it is a matter to be addressed through a social consensus. Discussing ways to strengthen consumer protection while encouraging innovative financial services through academic papers, exchanging views with the industry and other research methods will prove to be meaningful, particularly at this time.