Korea Deposit Insurance Corporation Hosts International Webinar on Fintech Topics

[Asia Economy Reporter Song Seung-seop] On the 2nd, the Korea Deposit Insurance Corporation (KDIC) jointly hosted an international webinar with the Malaysia Deposit Insurance Corporation on the theme of fintech.

This event was held for member organizations of the Asia-Pacific Regional Committee of the International Association of Deposit Insurers (IADI). IADI is an international organization that discusses deposit insurance systems overall, and the Asia-Pacific Regional Committee consists of 21 organizations from 20 countries. The current chairperson is Wi Sung-baek, president of KDIC.

In his opening remarks, President Wi expressed hope that the event would be an opportunity to consider the evolving role of deposit insurance organizations in line with fintech. The seminar mainly addressed the impact of fintech, a core element of the rapidly changing financial environment, on deposit insurance organizations and their response strategies. Through the case of the Thailand Deposit Insurance Corporation, the possibility of using electronic wallets for insurance payouts was also examined.

KDIC presented on the mistaken remittance return support system, which is set to be implemented on the 6th of next month. This system allows remitters to apply for return support from KDIC if they mistakenly transfer funds due to incorrect input of financial institution or account number. KDIC explained that this represents a new role for deposit insurance organizations in protecting financial consumers in the fintech environment.

A KDIC official emphasized, “We will continue to actively lead knowledge-sharing projects within the region to enhance the corporation’s international leadership.”

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