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

At the "2020 Pan-Financial New Year's Meeting" jointly hosted by six financial associations including the Korea Federation of Banks on the 3rd at the Shilla Hotel in Jung-gu, Seoul, (back row from left) Na Jae-cheol, Chairman of the Korea Financial Investment Association; Lee Dong-geol, Chairman of KDB Industrial Bank; Kim Tae-oh, Chairman of DGB Financial Group; Kim Jung-tae, Chairman of Hana Financial Group; Cho Yong-byeong, Chairman of Shinhan Financial Group; Shin Yong-gil, Chairman of the Life Insurance Association; Sohn Tae-seung, Chairman of Woori Financial Group and CEO of Woori Bank; Kim Kwang-soo, Chairman of NongHyup Financial Group; Kim Ji-wan, Chairman of BNK Financial Group; Park Jae-sik, Chairman of the Korea Federation of Savings Banks; (front row from left) Park Hong-bae, Chairman of the National Financial Industry Labor Union; Kim Yong-duk, Chairman of the General Insurance Association; Kim Byung-wook, Member of the National Assembly from the Democratic Party; Lee Ju-yeol, Governor of the Bank of Korea; Hong Nam-ki, Deputy Prime Minister and Minister of Strategy and Finance; Min Byung-doo, Chairman of the National Assembly's Political Affairs Committee; Lee Jong-gu, Chairman of the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee; Eun Sung-soo, Chairman of the Financial Services Commission; Choi Un-yeol, Member of the National Assembly from the Democratic Party; Yoon Seok-heon, Governor of the Financial Supervisory Service; Yoo Dong-su, Member of the National Assembly from the Democratic Party; Kim Tae-young, Chairman of the Korea Federation of Banks; and Kim Ju-hyun, Chairman of the Credit Finance Association are taking a commemorative photo. Photo by Korea Federation of Banks

[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 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 meeting was attended by about 700 people including Chairman Eun, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Governor of the Bank of Korea Lee Ju-yeol, Financial Supervisory Service Governor Yoon Seok-heon, government officials, and representatives of financial companies.

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 the financial industry, "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 urged the financial sector to act as a supporter of the economy and to innovate itself. He said, "I hope that this year, finance will be 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, "It is also important for the financial sector to shift its role to investors along with lending," 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, Deputy Prime Minister Hong said, "There is a need to take a more active interest in inclusive finance."

Governor Lee Ju-yeol of the Bank of Korea urged the financial sector to thoroughly prepare for the entry of IT companies into the financial industry. 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 in innovation with technology companies will expand the breadth and depth of financial services and function as a new growth engine."

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