[New Year's Address] Park Jaesik, President of the Korea Federation of Savings Banks, Raises Voice for Deregulation

Jae-sik Park, President of the Korea Federation of Savings Banks

[Asia Economy Reporter Kim Min-young] On the 2nd, Park Jae-sik, Chairman of the Korea Federation of Savings Banks, stated in his New Year's address, "We must conduct a comprehensive review of regulations on savings banks, propose to financial authorities any regulations that are unfair or unreasonable, and improve them to establish an institutional foundation for sustainable growth."

Chairman Park said, "We should expand cooperation with guarantee institutions and activate mid-interest loans to firmly establish the position of savings banks as financial institutions for ordinary people." Marking his first anniversary on the 21st, Park raised his voice for deregulation starting with his New Year's address.

He also called for a change in the negative perception and enhancement of trust toward savings banks. Chairman Park said, "Negative perceptions and low trust held by the National Assembly, policy authorities, and the public regarding regulatory improvements and business operations have always been problematic. Therefore, we must expand and promote social contribution projects such as consulting support for self-employed individuals by savings banks and spread a positive image of savings banks through customized advertisements for each customer."

Furthermore, he stated, "We should operate a People's Finance Forum together with financial authorities, university professors, and savings banks to restore trust in policy authorities and expand the role of savings banks."

He also emphasized the need to strengthen the IT competitiveness and independent business capabilities of savings banks. Chairman Park said, "Digital banking should be advanced to the level of internet-only banks so that more customers can conveniently use savings banks, and through collaboration with fintech companies, we should expand the weak business base of savings banks not only through loan brokerage but also by linking deposit and savings products."

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