[2021 Financial IT Forum] Jeong Eun-bo: "I will improve unnecessary and urgent regulations on financial innovation"

Congratulatory Address at Asia Economy Financial IT Forum on the Theme of 'Future Digital Finance Industry and Metaverse'

Jung Eun-bo, Governor of the Financial Supervisory Service, is delivering a congratulatory speech at the "12th Asia Economic Finance IT Forum" held on the 24th at Lotte Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Park Sun-mi] Financial authorities will join the government's hyper-connected new industry development plan to support financial innovation based on new technologies and actively pursue regulatory improvements.

On the 24th, Jeong Eun-bo, Governor of the Financial Supervisory Service (FSS), attended the 12th Asia Economy Financial IT Forum held at Lotte Hotel Seoul and stated this, emphasizing, "We will improve unnecessary regulations to enhance customer convenience and accumulate new experiences by utilizing new technologies."

At the event themed "Future Digital Finance Industry and Metaverse," he revealed the FSS's intention to join the government's plan, which added hyper-connected new industry development such as the Metaverse to the Digital New Deal 2.0, an evolution of the Korean New Deal announced last July, and to support financial innovation based on new technologies.

To this end, he stated that regulatory improvement is necessary first to actively support digital innovation in the financial sector.

Governor Jeong said, "The Metaverse is a collection of innovative technologies such as Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), attracting much attention," and emphasized, "We will improve unnecessary regulations so that Korean finance can enhance customer convenience and accumulate new experiences by utilizing new technologies."

He also said, "To establish a foundation where new innovative technologies such as data and AI can be safely used, we will continuously encourage financial companies to strengthen their capabilities in data security and personal information protection, and also focus on AI risk management in terms of financial companies' business practices." He plans to actively respond to fair competition issues that may arise during the digital innovation support process.

Governor Jeong stated, "We will strive to maintain financial stability in response to changes in digital platforms and the entry of big tech (large information technology companies) into finance," adding, "In particular, we will listen carefully to global discussions on fair competition issues between financial companies and big tech, and work hard to establish a Korean-style big tech regulatory system based on the principle of 'same function, same regulation.'"

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