• Journal of Legislation Research
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• no.53
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• pp.213-267
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• 2017

Regulatory barrier is considered most challenging out of all FinTech barriers, which many technology innovators have always experienced. Even though technological solutions promise customers accessibility to more cost-effective and secured financial services, it is quite challenging to create regulatory environment that enables innovation FinTech industry. Especially, a common challenge FinTech innovators and business face is regulatory uncertainty and confusion rather than any particular regulation. Since many FinTech models are continuously introducing new innovative ways in providing financial services, significant confusion could be raised in applying principles of existing law and regulations. In addition, it is uncertain whether or not applying complex regulatory compliance model intended for large financial institutions to small start-ups is appropriate since most existing regulations and rules are established and introduced without considering innovative tools such as mobile instruments, e-trade, and internet. Therefore, new mechanism to access to regulatory information in a more cost-effective, quick and immediate way should be created. Regulators, technological innovators, and financial customers should cooperate each other to find out appropriate solutions for those issues. Many regulators are introducing regulatory sandbox which provides service providers with opportunities to test their innovations, during the test, providing regulators with enough time to understand risks of innovations. However, regulatory sandbox is not a panacea for all challenges to FinTech innovations. Therefore, regulators should make comprehensive and multidimensional efforts including regulatory sandbox in supporting FinTech ecosystem.

• Journal of Intelligence and Information Systems
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• v.28 no.1
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• pp.45-68
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• 2022

The central and local governments of the Republic of Korea provided information necessary for disaster response through wireless emergency alerts (WEAs) in order to overcome the pandemic situation in which COVID-19 rapidly spreads. Among all channels for delivering disaster information, wireless emergency alert is the most efficient, and since it adopts the CBS(Cell Broadcast Service) method that broadcasts directly to the mobile phone, it has the advantage of being able to easily access disaster information through the mobile phone without the effort of searching. In this study, the characteristics of wireless emergency alerts sent to Seoul during the past year and one month (January 2020 to January 2021) were derived through various text mining methodologies, and various types of information contained in wireless emergency alerts were analyzed. In addition, it was confirmed through the population mobility by age in the districts of Seoul that what kind of influence it had on the movement behavior of people. After going through the process of classifying key words and information included in each character, text analysis was performed so that individual sent characters can be used as an analysis unit by applying a document cluster analysis technique based on the included words. The number of WEAs sent to the Seoul has grown dramatically since the spread of Covid-19. In January 2020, only 10 WEAs were sent to the Seoul, but the number of the WEAs increased 5 times in March, and 7.7 times over the previous months. Since the basic, regional local government were authorized to send wireless emergency alerts independently, the sending behavior of related to wireless emergency alerts are different for each local government. Although most of the basic local governments increased the transmission of WEAs as the number of confirmed cases of Covid-19 increases, the trend of the increase in WEAs according to the increase in the number of confirmed cases of Covid-19 was different by region. By using structured econometric model, the effect of disaster information included in wireless emergency alerts on population mobility was measured by dividing it into baseline effect and accumulating effect. Six types of disaster information, including date, order, online URL, symptom, location, normative guidance, were identified in WEAs and analyzed through econometric modelling. It was confirmed that the types of information that significantly change population mobility by age are different. Population mobility of people in their 60s and 70s decreased when wireless emergency alerts included information related to date and order. As date and order information is appeared in WEAs when they intend to give information about Covid-19 confirmed cases, these results show that the population mobility of higher ages decreased as they reacted to the messages reporting of confirmed cases of Covid-19. Online information (URL) decreased the population mobility of in their 20s, and information related to symptoms reduced the population mobility of people in their 30s. On the other hand, it was confirmed that normative words that including the meaning of encouraging compliance with quarantine policies did not cause significant changes in the population mobility of all ages. This means that only meaningful information which is useful for disaster response should be included in the wireless emergency alerts. Repeated sending of wireless emergency alerts reduces the magnitude of the impact of disaster information on population mobility. It proves indirectly that under the prolonged pandemic, people started to feel tired of getting repetitive WEAs with similar content and started to react less. In order to effectively use WEAs for quarantine and overcoming disaster situations, it is necessary to reduce the fatigue of the people who receive WEA by sending them only in necessary situations, and to raise awareness of WEAs.