Seoul: The chief of the country's financial regulator said Wednesday that his agency will take bold steps to help the financial sector further develop innovative services.

According to Yonhap News Agency, in an event to promote fintech services, Lee Eog-weon, chairman of the Financial Services Commission (FSC), said his agency and related parties will provide their support for financial innovation and the fintech industry in selective, vital areas.

"Our support will be centered on artificial intelligence (AI), data and young entrepreneurs," Lee remarked, noting that unnecessary and outdated regulations will be drastically removed.

The FSC chief also emphasized that his agency will actively tackle changes taking place in the financial sector.