The Financial Services Commission(FSC) has begun actively reviewing traditional financial regulations in the face of the so-called “Big Blur” era, in which the borders between financial and nonfinancial sectors are becoming ambiguous.

The commission revealed plans on Tuesday to revamp financial regulations so that they will not obstruct the digital transformation of the financial industry.

The FSC received 234 recommendations on overhauling such regulations from a survey conducted from June of eight financial associations.

Based on the survey findings, the commission decided to pursue reforms in four areas and set up nine key tasks.

Among the key tasks is a revamp of the rule separating industrial and financial capital to expedite data and service convergence between financial and nonfinancial industries.The separation currently falls under a broad principle that bans companies in the manufacturing or service industries from owning a bank.

Currently, the nation’s banking law does not allow financial companies, including banks, to acquire more than 15 percent of a nonfinancial firm’s shares.