Relaxed identity verification laws for fintech are helping Korea continue its financial technology dominance.

After increased pressure from businesses and entrepreneurs, the Korean Financial Services Commission (FSC) relaxed regulation around fintech at the end of 2015.

Instead of a law requiring impractical face-to-face authentication, new forms of identity verification including fingerprint scanning are helping develop the fintech scene. Due to the previous regulations surrounding verification, many biotech forms were unable to run services, with manual hindrances notably staunching fintech growth.

The FSC will now focus on three key areas to develop the fintech scene – big data, biometrics and robo-advice, but still faces a plethora of digital challenges including commercialisation.

“Korea is doing well in the biometrics area,” said Korea University biometrics professor, Kim Hyoung-joong.

“Biometrics technologies need to be commercialised in the financial sector.”