South Korea adds fintech firms like Toss to financial conglomerate supervision

On 31 May, South Korea’s Financial Services Commission approved an amendment to the “Financial Conglomerate Supervision Regulations” that treats all electronic‑financial service providers, including fintech and big‑tech platforms such as Toss, as financial companies regardless of their industry classification.

The change obliges these firms to comply with group‑level internal‑control and risk‑management standards, aiming to curb risk spill‑over between affiliates and improve consumer protection as they expand into licensed banking activities.