Korean Government Pushes Policies for Easier Internet Services
It is no secret that Koreans have no love for the government’s web infrastructure. Many dread using the internet to process administrative errands due to the notorious two-factor authentication. Even a rumor looms that there’s a cronyistic tie between the government and this firm because it routinely hires high profile ex-civil servants upon their retirement. The young generation of the peninsula, incensed by media coverage of nepotism surrounding government posts and distrustful of the government’s capability, is the most fervent supporter of the innovation.
Dissatisfactory sentiments welcome the recent changes. In March 2018, the Korean government announced the abolishment plan of the banking service certificate. The excitement only intensified on the 7th of August 2018, when President Moon claimed in ‘Symposium for Deregulation of Internet Banking’ that government will review legislature associated with Separation of Banking and Commerce.¹ This will fundamentally strengthen the voice of the technology providers of both banks, Korea Telecom(KT) for K-bank and Kakao Corp. for kakao bank because it will allow them to have a larger portion of the shares.
Citizen’s desire for improvements in cyberspace is well warranted, as private enterprise applications, such as Toss by Viva Republica, a Korean equivalent of American Venmo, has successfully proven that such an innovation is possible even in inimical political climate. It is expected that the executive decision will gain momentum with the public thirst for improvements. What is seemingly a Government’s unilateral innovation imperative not only has a historical foundation upon public sentiment but is also influenced by the private enterprise’s proliferation of innovative technology.
¹Jong-Hyun, Lee. “[단독] 은산분리 완화 속도낸다…정부가 인터넷은행 혁신 성과 직접 알린다” ChosunBiz, Chosun Times, Aug. 2, 2018, http://biz.chosun.com/site/data/html_dir/2018/08/02/2018080201434.html.
