South Korea Lights Red Tape Bonfire To Power Online Payment Growth

South Korea has eased strict regulations on mandatory online payment security software, as part of an ongoing effort to slash financial red tape and continue its growing e-commerce development.

Financial Services Commission (FSC) chairman Shin Je-yoon made the announcement during a meeting with officials from IT and technology firms including Samsung, eBay Korea, and LG.

Several hundred articles of payments legislation have been reviewed in recent months as the country pushes ahead with attempts to boost e-commerce.

The country’s national policy committee has previously raised concerns that growing bureaucracy was hindering South Korea’s chances of becoming a major global economic power.

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