South Korea's top financial regulator said Wednesday it will swiftly map out plans to loosen restrictions on financial firms, allowing them to easily make inroads into new businesses.

Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a job fair for the financial industry.

The official said the FSC will "fully review financial firms' business restrictions by sector and swiftly draw up measures for improvement." 



By revamping a system of granting licenses for the financial industry, Choi said the FSC will enable financial firms to more smoothly make progress in new markets.

The FSC has said it will map out a plan by the end of this year to ease regulations on the financial industry, which will be aimed at reinvigorating the slowly growing sector.

One of its major goals will be to encourage banks and other financial institutions to lend money to startups and other promising companies, instead of their current practice of focusing on households, the FSC said. (Yonhap)