Since the 1990 s , the international financial environment has changed fast in terms of globalization , diversification , deregulation and innovation . The development of information and telecommunications technology has led banking institutions to shift from the traditional lending and borrowing activities to multi - financial projects and development of new financial products . Financial engineering has generated various derivatives and international financial transactions have , thereby , been diversified , with the various loosening restrictions on the financial industry . On the 21 st century , the financial industry will have achieved a unified international financial market , due to international financial liberalization and cross - border services under the WTO New Round . With more competition and removal of entry barriers in the international financial market , developed countries have promoted M & As in the financial industry and universal banking system . After financial crisis , important steps were taken to increase foreigners ' access to the banking sector in Korea such as subsidiary and ownership of banks . ( The rest omitted )