A new financial program will call for the government to create an electronic banking law to protect consumers from fraud and expand electronic commerce, government sources said Friday.
The financial services reinforcement program, which the Financial Services Agency plans to put forward this month, aims to remove fears of electronic settlement systems and promote Internet-based transactions, they said.
In addition to consumer protection, the program is aimed at encouraging leading financial institutions to voluntarily improve their services without fear of undue government interference, now that the financial system has been stabilized by the disposal of nonperforming loans, the sources said.
The program will also prompt regional banks and other small financial institutions to work out plans to improve performance and contribute to their communities, the sources said.