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Purpose – The 4th industrial revolution brings the “Big Blur”, challenging the ‘Principle of Separation of Banking and Commerce’ by blurring distinctions between traditional and non-traditional financial sectors. This paper examines separation regulations and suggests adaptive financial regulations tailored to the challenges posed by the ‘big blur’. Design/Methodology/Approach – We assess existing regulations for financial and non-financial institutions amidst evolving industry and business convergence using theoretical documents, reports, and news articles. Recognizing asymmetries in the application of laws, we propose optimal regulatory schemes to promote innovative financial ventures. Findings – The principle of separation of banking and commerce presents a regulatory dichotomy with ‘over-regulation’ burdening financial firms, and ‘under-regulation’ favoring big tech. Dual convergence is evident as non-financial big techs enter financial sectors, and financial institutions diversify into non-financial activities. This calls for globally cohesive regulatory frameworks for a level playing field. Research Implications – The paper advocates regulatory innovation for the ‘big blur’ era, aiming to establish a level playing field and enabling financial firms to enter non-financial services. The proposal encourages expanding business scope through diversified models supported by negative regulation systems.
