Yoon Kwan-seok, Chairman of the Political Affairs Committee, "We Must Strengthen Digital Capabilities in the Post-Corona Era"

2021 Financial Sector New Year's Meeting Encouragement Speech

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] Yoon Kwan-seok, Chairman of the National Assembly's Political Affairs Committee, stated on the 5th that the financial sector must strengthen its digital capabilities and further pursue financial innovation to align with new global trends such as ESG and climate finance in preparation for the post-COVID-19 era.

In his encouragement speech at the 2021 Pan-Financial New Year's Meeting, Chairman Yoon said, "I urge all financial professionals to thoroughly prevent and contain the spread of the novel coronavirus infection (COVID-19)," adding, "COVID-19 has brought various social and economic changes to our society. Consumption and distribution culture through non-face-to-face methods are rapidly spreading, and digitalization is accelerating in many sectors of society."

He continued, "With increasing international attention on future disasters, the spread of 'Environmental, Social, and Governance (ESG),' declarations of carbon neutrality, and movements to build a sustainable environment are also strengthening," emphasizing, "The financial industry must continue to support overcoming the COVID-19 crisis through active financial assistance this year, while also striving to secure new competitiveness and steadily prepare for the post-COVID-19 era."

He stressed, "In particular, the entire financial sector should actively promote digital transformation through open innovation and enhance platform competitiveness to acquire new capabilities in the era of the Fourth Industrial Revolution. At the same time, it must promptly respond to global regulatory changes by establishing funding and management systems that comply with ESG and preparing for climate finance."

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