[New Year's Meeting] Eun Seong-su "This Year, I Will Devote All Efforts to Innovative Finance and Inclusive Finance"

Secured 600 Billion KRW Budget for Innovative and Inclusive Finance
Deputy Prime Minister and Financial Supervisory Service Chief Unite on Inclusive Finance

Eun Sung-soo, Chairman of the Financial Services Commission, is delivering opening remarks at the Insurance Company CEO Meeting held on the 19th at the Financial Services Commission's main conference room in the Government Seoul Office Building, Jongno-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Min-young] Eun Sung-soo, Chairman of the Financial Services Commission, announced on the 3rd that he will devote all efforts to innovative finance and inclusive finance this year.

On the same day, Chairman Eun attended the '2020 Pan-Financial New Year's Meeting' held at the Shilla Hotel in Jung-gu, Seoul, hosted by six financial sector associations including the Korea Federation of Banks, Korea Financial Investment Association, Korea Life Insurance Association, Korea Non-Life Insurance Association, Korea Credit Finance Association, and Korea Federation of Savings Banks. He said, "This year, the FSC has secured a budget of about 600 billion KRW and will strive to spread innovative finance and inclusive finance."

The New Year's meeting was attended by about 1,300 people including Chairman Eun, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Bank of Korea Governor Lee Ju-yeol, Financial Supervisory Service Governor Yoon Seok-heon, government officials, and financial company representatives.

Chairman Eun requested the National Assembly to pass the Credit Information Act and other data-related three laws. He said, "I ask the members of the National Assembly present here to pass the Credit Information Act and the data three laws," and to financial professionals, "I want to be evaluated not as a 'watchdog' monitoring you but as a 'partner running together'."

Governor Yoon also emphasized inclusive finance and financial consumer protection. He stressed, "In the new year, our financial sector must prioritize restoring trust from the public." He mentioned, "To this end, the financial sector must first thoroughly prepare for internal and external potential risks, actively participate in establishing fair financial market order, respond to rapidly changing technological environments with responsible innovation, actively promote inclusive finance, and establish a consumer-centered management culture to ensure thorough protection of financial consumers."

Deputy Prime Minister Hong ordered the financial sector to play a supportive role and pursue self-innovation. Hong said, "I hope that this year, finance will become a strong supporter as the 'lifeblood of the economy' for economic rebound and growth recovery," and added, "I expect the flow of funds to be directed more toward productive sectors and investments." He continued, "Along with loans, the financial sector's role as investors is also important," and said, "In an era of uncertainty, challenges in unexplored areas are creating new wealth, so venture capital that appropriately diversifies risks from challenges must be sufficiently supplied." Furthermore, Hong emphasized, "There is a need to take a more active interest in inclusive finance."

Bank of Korea Governor Lee Ju-yeol urged the financial sector to thoroughly prepare for the entry of IT companies into the financial sector. He emphasized, "Rapid technological innovation is accelerating changes in the financial industry's landscape," and said, "With the acceleration of the Fourth Industrial Revolution, the business models of the financial industry are greatly changing, and challenges from technology companies are intensifying. Competition for innovation with technology companies will expand the breadth and depth of financial services and can function as a new growth engine."

This content was produced with the assistance of AI translation services.