Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
권호 표지

An Exploratory Study on Fintech Regulations and Start-ups: Focusing on the US, China, and Korea Cases

핀테크 산업 규제와 스타트업 활성화 방안에 대한 탐색적 연구: 미국, 중국, 한국 사례를 중심으로

  • 전성민 (가천대학교 글로벌경영학과) ;
  • 박도현 (가천대학교 금융수학과)
  • Received : 2020.01.10
  • Accepted : 2020.02.19
  • Published : 2020.02.29
Download PDF
⟨ Previous Next ⟩

Abstract

Among the fintech businesses that are actively developing around the world, payment and settlement are the most prominent. Korea has a well-developed IT industry and a good existing card payment environment, however, its innovative movement is overwhelmingly slower than that of other countries in the fintech. In this study, we try to assess the regulations on fintech and their impacts on the startup ecosystem by comparing the cases of U.S., China, and Korea. We have found that both the United States and China have lowered barriers to entry for the newly launched fintech industry, allowing startups and IT companies to start fintech businesses at the existing financial sector. Particularly the implementation of predictable regulations in U.S., and the failure to apply the financial regulations in China, help start-up companies' growth in the fintech industry. This finding provides us with a lesson that current positive regulations in Korea should gradually change into negative regulations, and predictable regulations that strictly enforce post-management except major items rather than pre-approval. The policy implications are discussed with the perspective of start-ups in fintech industry.

전세계적으로 활발히 발전하고 있는 핀테크 산업분야 중 지급결제는 가장 큰 두각을 나타내고 있다. 한국은 IT산업이 발달되어 있고, 뛰어난 기존의 카드 결제 환경이 구축되어 있지만, 그 명성이 무색하게 핀테크 산업에서 다른 나라들에 비해 발달이 더딘 편이다. 본 연구에서는 핀테크 선두주자이자 첨단 기술들을 가지고 지급결제 기술을 사물인터넷 분야에도 적용하기 시작한 미국과, 한국보다 기존의 금융환경이 열악하고, 핀테크 산업의 후발주자 임에도 불구하고 현재는 지급결제 시장에서 폭발적으로 성장한 중국의 서비스 현황과 규제환경을 비교하여 국내의 핀테크 산업 규제가 특히 벤처창업생태계에 미치는 영향을 이해하는 프레임워크를 제공하고자 한다. 분석 결과, 미국과 중국 모두 새롭게 시작된 핀테크 산업에 대해서 규제완화를 통해 진입장벽을 낮춰 기존의 금융권 외에도 스타트업이나 IT기업들이 핀테크 사업을 시작할 수 있도록 하였고, negative형식의 규제로 창의적인 아이디어들이 사업에 적용될 수 있는 가능성을 열어놓았다. 특히 미국의 경우에는 예측 가능한 규제를 시행한 것이, 중국의 경우에는 새롭게 탄생한 핀테크 산업에 대해 기존의 금융권의 규제를 적용하지 않은 것이 신생기업들이 핀테크 지급결제 시장에서 큰 성장을 하게 된 주요 원인이다. IT강대국이라는 좋은 조건을 살려 다가오는 핀테크 산업에서 도태되지 않고 성장하기 위해서는 점진적으로 현재의 positive 규제에서 negative 규제로 변화시키고, 사전승인보다는 주요 항목들을 제외하고는 사후관리를 엄격하게 하는 예측 가능한 규제를 통하여 핀테크의 여러 산업분야에서 혁신적인 벤처창업이 활성화되는 환경을 만들어야 할 것이다.

Keywords

References

  1. Accenture(2019). Global Fintech Investments Surged in 2018 with Investments in China Taking the Lead, Accenture Analysis Finds; UK Gains Sharply Despite Brexit Doubts. Retrieved 2019.12.14. from https://newsroom.accenture.com/news/global-fintech-investments-surged-in-2018-with-investments-in-china-taking-the-lead-accenture-analysis-finds-uk-gains-sharply-despitebrexit-doubts.htm?_ga=2.192656106.155908063.1576301374-2104611913.1576301374.
  2. Ahn, S. H.(2016). Legal Policy Challenges for Fintech Promotion-Focusing on Payment and Payment Field, Korea Legal Research Institute. Yeonyeon Fall 2016 Vol. 52, 15-19, Retrieved from https://www.klri.re.kr/kor/journal/Z/52/view.do.
  3. Bae, J. W.(2019). Catch up with 42 trillion won worth of striae Pinfin Dinosaur Paypal. JoongAng Ilbo, Retrieved 2019.12.09. from https://news.joins.com/article/23583018.
  4. Bank of Korea(2019). 2018 Payment Report. ISSN 2288-9787, Seoul: Bank of Korea, Retrieved 2019.12.09. from https://www.bok.or.kr/portal/bbs/P0000600/view.do?nttId=10050659&menuNo=200072.
  5. Biais, B., Bisiere, C., Bouvard, M., & Casamatta, C.(2019). The blockchain folk theorem. The Review of Financial Studies, 32(5), 1662-1715. https://doi.org/10.1093/rfs/hhy095
  6. Burtch, G., Ghose, A., & Wattal, S.(2013). An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets. Information Systems Research, 24(3), 499-519. https://doi.org/10.1287/isre.1120.0468
  7. Burtch, G., Ghose, A., & Wattal, S.(2014). Cultural differences and geography as determinants of online prosocial lending. MIS Quarterly, 38(3), 773-794. https://doi.org/10.25300/MISQ/2014/38.3.07
  8. Callon, M.(1984). Some elements of a sociology of translation: domestication of the scallops and the fishermen of St Brieuc Bay. The sociological review, 32(1_suppl), 196-233. https://doi.org/10.1111/j.1467-954X.1984.tb00113.x
  9. CBINSIGHTS(2019). Global Fintech Report Q3 2019. Seventh Avenue: CBINSIGHT, Retrieved 2019.12.09. from http://ibdi.io/wp-content/uploads/2019/11/CB-Insights_Fintech-Report-Q3-2019.pdf
  10. Chen, M., Wu, Q., & Yang, B.(2019). How valuable is FinTech innovation?. Review of Financial Studies, 32, 2062- 2106. https://doi.org/10.1093/rfs/hhy130
  11. Chiu, J., & Koeppl, T.(2019). Blockchain-based settlement for asset trading. Review of Financial Studies, 32, 1716-53. https://doi.org/10.1093/rfs/hhy122
  12. Cho, H. A.(2014). Trends and Implications for Simple Payment Services of Domestic and Overseas Non-financial Organizations. 58, Seoul: Korea Financial Institute.
  13. Cong, L. W., & He, Z.(2019). Blockchain disruption and smart contracts. Review of Financial Studies, 32, 1754-97. https://doi.org/10.1093/rfs/hhz007
  14. D' Acunto, F., Prabhala, N., & Rossi, A.(2019). The promises and pitfalls of robo-advising. Review of Financial Studies, 32, 1983-2020. https://doi.org/10.1093/rfs/hhz014
  15. De Reuver, M., Verschuur, E., Nikayin, F., Cerpa, N., & Bouwman, H.(2015). Collective action for mobile payment platforms: a case study on collaboration issues between banks and telecom operators. Electronic Commerce Research and Applications, 14(5), 331-344. https://doi.org/10.1016/j.elerap.2014.08.004
  16. Foley, S., Karlsen, J. R., & Putniņš, T. J.(2019). Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies?. The Review of Financial Studies, 32(5), 1798-1853. https://doi.org/10.1093/rfs/hhz015
  17. Foster, C., & Heeks, R.(2013). Innovation & scaling of ICT for the bottom-of-the-pyramid. Journal of Information Technology, 28(4)
  18. Fuster, A., Plosser, M., Schnabl, P., & Vickery, J.(2019). The role of technology in mortgage lending. The Review of Financial Studies, 32(5), 1854-1899. https://doi.org/10.1093/rfs/hhz018
  19. Goldstein, I., Jiang, W., & Karolyi, G. A.(2019). To FinTech and Beyond. The Review of Financial Studies, 32(5), 1647-1661. https://doi.org/10.1093/rfs/hhz025
  20. Gu, T. E.(2016). Regulatory Status and Major Issues of the Fintech Industry. Journal of Korea Information and Communications Society, 33 (2), 66-72.
  21. Huang, C., & Hsieh, C.(2010). Sociology view on cloud computing value: Actor network theory perspective. In Proceedings 1st Conference on Cloud Computing GRIDs and Virtualization, Lisbon, Portugal, 145-149.
  22. Jeon, S. M.(2014). Feasibility of the Crowd Funding Platforms for Start-Ups: With Focus on Information Goodss. Venture Entrepreneurship Research, 9 (1), 97-105.
  23. Keyes, D.(2019). PayPal is focusing on moving into China and launching Venmo's first credit card. BUSINESS INSIDER, Retrieved from https://www.businessinsider.com/paypal-embarking-on-two-initiatives-after-strong-q3-growth-2019-10.
  24. Kim, D. W.(2017). Fintech founder, head of complex financial regulation, "Find the FSS". Hankook Ilbo, Retrieved 2019.12.09. from https://www.hankookilbo.com/News/Read/201706071552927212.
  25. Kim, D. G.(2018). US mobile payment market status. kotra international market news. Retrieved 2019.12.09. from https://news.kotra.or.kr/user/globalAllBbs/kotranews/album/2/globalBbsDataAllView.do?dataIdx=171755&searchNationCd=101001.
  26. Kim, G., Shin, B., & Lee, H. G.(2009). Understanding dynamics between initial trust and usage intentions of mobile banking. Information Systems Journal, 19(3), 283-311. https://doi.org/10.1111/j.1365-2575.2007.00269.x
  27. Kim, Y. K.(2012). '3.12% by Card' Goes to US Card Market with High Consumer Dissatisfaction. Financial News, Retrieved 2019.12.09. from http://www.fnnews.com/news/201211131740333943.
  28. Kim, Y. H.(2016). Trends and Prospects of the Easy Payment Service Market as the Electronic Financial Regulatory Environment Changes. Journal of the Korea Institute of Information Security, 26 (2), 6-13.
  29. Korean Chamber of Commerce and Industry(2017). Investigation on new industry regulations. Retrieved 2019.12.09. from https://eiec.kdi.re.kr/policy/domesticView.do?ac=0000140169.
  30. Latour, B.(1987). Science in action. Cambridge, MA: Harvard University Press
  31. Lee Y. S., & Shin, M. K.(2016). Characteristics and Implications of the Chinese Fintech Industry. No. 2016-5, Seoul: Bank of Korea
  32. Leong, C., Tan, B., Xiao, X., Tan, F. T. C., & Sun, Y.(2017). Nurturing a FinTech ecosystem: The case of a youth microloan startup in China. International Journal of Information Management, 37(2), 92-97. https://doi.org/10.1016/j.ijinfomgt.2016.11.006
  33. Ministry of Culture, Sports and Tourism(2019). FinTech. Retrieved 2019.12.14. http://www.korea.kr/special/policyCurationView.do?newsId=148865913.
  34. Ministry of Science and Technology(2019). 2018 Fintech Enterprise Handbook. Retrieved 2019.12.09. from https://cldup.com/ZWpNeBIN0Q.pdf.
  35. Nakamoto, S.(2008). Bitcoin: A peer-to-peer electronic cash system. Manubot, Retrieved 2019.12.14. from https://bitcoin.org/bitcoin.pdf.
  36. Newspim(2019). G2 Zfubao and WeChat Pay in the Chinese mobile payment market. Retrieved 2019.12.14. from https://m.post.naver.com/viewer/postView.nhn?volumeNo=22119573&memberNo=12175785.
  37. Park, J. S., Kim, M. J., & Hwang B. I.(2016). Background and Major Trends of Fintech Development. The Korean Institute of Communication Sciences (Information and Communication), 33 (2), 52-58.
  38. Platum(2019). China Mobile Payment Market, Seoul Platum China Report. Retrieved 2019.12.09. from https://platum.kr/archives/116387
  39. Seo, B. G.(2017). China's Fintech Industry Growth and Deregulation, Policy Research. 2016-27, Seoul: Korea Economic Research Institute.
  40. Shim, Y., & Shin, D. H.(2016). Analyzing China's fintech industry from the perspective of actor-network theory. Telecommunications Policy, 40(2-3), 168-181. https://doi.org/10.1016/j.telpol.2015.11.005
  41. Tang, H.(2019). Peer-to-peer lenders versus banks: Substitutes or complements?. Review of Financial Studies, 32, 1900-938. https://doi.org/10.1093/rfs/hhy137
  42. Tatnall, A.(2014). Technological advancements & the impact of actor network theory. Hershey, PA: IGI Global.
  43. Vallee, B., & Zeng, Y.(2019). Marketplace lending: A new banking paradigm?. Review of Financial Studies, 32, 1939-82. https://doi.org/10.1093/rfs/hhy100
  44. Yeon, J. A.(2019). Domestic Fintech investment of $ 500 million...Samsung Pay Shenzhen. Financial News, Retrieved from http://www.fnnews.com/news/201905201357430096.
  45. Yoon, T. H., Baek, D. S., Lee, Y. S., & Yoon, C. H.(2019). Fintech Industry Analysis Report. Industry Analysis In-deth Fintech, Korea Investment & Securities, Retrieved 2019.12.09. from https://docsplayer.org/168850517-%ED%95%9C%EA%B5%AD%ED%88%AC%EC%9E%90%EC%A6%9D%EA%B6%8C-f.html
  46. Young, D., Borland, R., & Coghill, K.(2010). An actor network theory analysis of policy innovation for smoke-free places: understanding change in complex systems. American public Health, 7(100), 1208-1217. https://doi.org/10.2105/AJPH.2009.184705
  47. Zhu, C.(2019). Big data as a governance mechanism. Review of Financial Studies, 32(5), 2021-2061. https://doi.org/10.1093/rfs/hhy081