What Will Go Seung-beom Discuss with Big Tech Companies like Naver and KakaoPay?

'Digital Innovation Finance Meeting' Held on the 15th

Financial Services Commission Chairman Ko Seung-beom is delivering opening remarks at the Financial Services Commission Chairman and Insurance Industry Meeting held on the 3rd at Lotte Hotel in Jung-gu, Seoul. On this day, Chairman Ko Seung-beom meets with insurance company CEOs and experts from related organizations to discuss the development direction of the insurance industry and key issues. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Jin-ho] Go Seung-beom, Chairman of the Financial Services Commission, will meet this week with representatives of major big tech companies such as Naver and Kakao Pay. Since the financial authorities have emphasized 'same function, same regulation,' it is expected that there will be specific discussions about regulatory arbitrage on this day.

According to the financial sector on the 14th, Chairman Go will hold a 'Digital Innovation Finance Roundtable' on the 15th of this month. Attendees at the roundtable include Chairman Go, Choi In-hyuk, CEO of Naver Financial, and Lee Seung-geon, CEO of Viva Republica (Toss).

The roundtable is expected to focus on fair competition issues, such as the so-called 'same function, same regulation' applied to big tech companies. The financial authorities have recently emphasized in meetings with the financial sector that they will create a fair competitive environment to prevent unreasonable regulatory arbitrage between the financial sector and big tech.

At a meeting with reporters on the 9th, Chairman Go stated, "As platform integration increases, consumer convenience is enhanced, but concerns about 'monopolization' are also growing," adding, "We will also establish a regulatory framework for business conduct suitable for the online and non-face-to-face nature."

There is also interest in whether discussions will be held regarding the refinancing loan platform, which the financial authorities have been carefully working on. The refinancing loan platform was originally scheduled to launch in October but has been effectively postponed indefinitely due to conflicts between big tech and financial companies. Attention is focused on whether a solution can be found through this roundtable.

Big tech companies’ suggestions and difficulties will also be heard and communicated. Issues include platformization, building data innovation infrastructure, and financial innovation through artificial intelligence (AI). The results of the roundtable are expected to be reflected in the announcement of the main directions for the ‘Digital Innovation Finance Development Strategy’ at the end of this year and in next year’s work plan.

However, in addition to big tech, other sectors such as financial holding companies, commercial banks, insurance companies, and card companies will also participate in the roundtable. Therefore, there is speculation that a fierce battle of nerves will take place between big tech and traditional financial companies over the so-called 'tilted playing field' controversy.

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