02078cas a2200241 a 4500 AALejournalIMF021265 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513557069 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Monetary and Capital Markets Department. Republic of Korea : Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (28 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Technological innovation in Korea holds great potential for the deepening of its financial system, that could lead to an increase of product offerings and lowering of transaction costs. Korea's financial sector legal framework, particularly the recently announced open banking initiative and anticipated amendments to the legal frameworks for electronic financial transactions and use of personal data, will play a key role in shaping the direction of innovation and competition in the financial sector. The already highly modernized and digitally connected state of the Korean financial sector will amplify the impact of these changes to market structure and competition. Korea's fintech experience illustrates that even within an already highly technologically advanced, efficient, and inclusive financial sector, significant benefits can still be reaped from innovation in financial services. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2020/280 Full text available on IMF http://elibrary.imf.org/view/journals/002/2020/280/002.2020.issue-280-en.xml IMF e-Library