Eun Sung-soo: "Financial Companies and Big Tech Should Lead Tension and Conflict in a Productive Direction"

Eun Seong-su, Chairman of the Financial Services Commission, is speaking at a meeting on the theme of "Financial Companies, Big Tech, Fintech, and the Development Direction of the Financial Industry" held at the Government Seoul Office Building on the afternoon of the 21st.

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 21st regarding the active entry of big tech (large information technology companies) and fintech (financial technology) companies into the financial sector, "Tension and conflict between (existing financial firms and big tech, etc.) should be guided in a productive direction."

This is interpreted as his stance on the controversy over 'regulatory reverse discrimination' arising as big tech rapidly enters the financial industry, supported by various government innovation policies, against existing financial firms.

Chairman Eun made these remarks at a meeting held at the Government Seoul Office in the afternoon on the theme of "Financial Companies, Big Tech, Fintech, and the Development Direction of the Financial Industry."

He said, "I hope that the digitalization of existing financial firms, the entry of big tech into the financial industry, and the growth of fintech will become opportunities for innovation and change in the financial industry," and urged, "The financial sector, big tech, and fintech should understand and cooperate with each other."

He also said, "(The financial authorities) will faithfully fulfill the role of a fair referee," and added, "(Big tech, etc.) need to engage in fair competition under the principle of reciprocity and accept regulations and systems accumulated within the existing financial law framework."

Chairman Eun further stated, "Big tech and fintech should always keep in mind financial security and consumer protection and also strive to prevent conflicts of interest with non-financial businesses."

He also mentioned, "It is time to reconsider what the optimal strategy is for financial innovation and increasing consumer benefits in the digital financial environment," and said, "If there are unreasonable regulations or systems in terms of fair competition and regulatory arbitrage, we will discuss them together."

The Financial Services Commission plans to establish and operate a consultative body in the third quarter where the financial sector, fintech, and big tech can discuss together.

From the financial sector, Jung Tae-young, CEO of Hyundai Card, and Han Dong-hwan, Vice President of KB Kookmin Bank, attended, while from the big tech and fintech industries, Ryu Young-joon, CEO of Kakao Pay, Choi In-hyuk, CEO of Naver Financial, and Lee Seung-gun, CEO of Viva Republica, participated.

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