The final chapter (which I want to talk a bit more about) focuses on Korea, taking stock of the current situation and drawing on international expertise for specific policy recommendation for Korean regulators. Fintech services
have been regulated in Korea under a specific framework established in 2006, which has turned out too narrow. At the initial stage of fintech development, Korea's financial regulatory authorities chose to embrace a market-led approach to fostering the
fintech industry in line with a general move towards financial liberalization. A decade later, however, a series of market failures and inefficiencies of the laissez-faire approach has begun to take its toll, with P2P lending platforms losing their credibility
and reliability as they were shrouded in widespread fraud and deception of investors and borrowers, the number of fintech startups ballooning, but few of them being efficient, and the fintech industry developing into an oligopoly controlled mostly by financial
subsidiaries of big techs.