Choi Jong-gu, the candidate for the finance minister of the final district expressed his willingness to relax the regulations on the separation of the net worth of the industry.

Mr. Choi also emphasized the need to promote the entry of additional Internet banking professionals in order to revitalize the financial market and expand consumer convenience.

Choi stated in an interview with the National Assembly that he was "unlikely to hinder the purpose of the segregation of silver. Thus, it is necessary to reduce the stake in the industrial capital to at least 34%. It is necessary to decide the method of segregation of the financial industry considering that the bank can become a catalyst for the development of the Korean financial industry." Candidate Choi emphasized that the basic principle of the principle of segregation of silver should be respected, but that Internet banking is not a traditional bank but a ‘new financial business’ that combines IT and finance. It is unlikely that an Internet bank will hinder the purpose of the segregation as it operates mainly on retail finance rather than large corporate finance.

Meanwhile, Choi emphasized that it should be considered as a so called ‘catalyst’ for the development of the financial industry by competition among financial institutions to provide convenient financial services at lower prices due to the Internet professional banks. He also pointed out, "It is necessary to enter `third player` following Kay Bank and Kakao Bank (already accredited) And will examine the direction of enforcement in order to accelerate financial service innovation and to promote competition and innovation among Internet professional banks.’

The question of whether to limit the stakes of industrial capital to Internet banks by 50% or 34% should be mitigated by at least 34%. Candidate Choi said, "In order for the characteristics of Internet professional banks to be fully manifested, at least 34%.”

Currently, under the Banking Act, industrial capital, not a financial institution, can only hold up to 10% of its stake in the bank, and voting rights can only be exercised within 4% of the total.

Meanwhile, the Korean government is granting the approval of an Internet professional bank, amending the existing banking law, enacting special laws, and easing restrictions on the segregation of silver products so as to expand the stake in industrial capital only to internet specialist banks.

However, the 19th National Assembly failed to deal with the bill, which eventually disappeared, and the 20th National Assembly has yet to reach a consensus



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