Kim Juhyun, President of the Goddess Association, "Digital Transformation, Ongoing Task... Strengthening Communication with Authorities and the National Assembly"

The Korea Credit Finance Association Holds the 10th Credit Finance Forum

[Asia Economy Reporter Ki Ha-young] Kim Joo-hyun, Chairman of the Korea Credit Finance Association, stated, "We will sincerely communicate with relevant authorities and the National Assembly regarding necessary institutional improvements for digital transformation to resolve the difficulties faced by member companies."

Chairman Kim made these remarks on the 14th at the 10th Credit Finance Forum held in the International Conference Room of the Korea Federation of Banks, saying, "Digital transformation is a task that must be continuously pursued through many trials and errors."

The forum, held under the theme of "Digital Restructuring of Credit Finance Companies," discussed methods for digital restructuring of credit specialized financial companies such as card companies and capital companies amid the establishment of new digital environments like MyData and the Metaverse.

Chairman Kim said, "The card industry, which first confronted big tech companies in the payment market, is advancing its platform so that everything from payment to asset management can be done through a single application (app). Capital companies are also providing retail credit loans and automobile information services that can be done solely through mobile apps to build a customer-friendly digital sales environment."

He continued, "New technology finance companies are quickly adapting to changes in the venture market brought about by digital technology development and are actively investing. The implementation of MyData services and the spread of the Metaverse will provide another turning point for financial services."

Experts attending the forum emphasized that credit finance companies must transform into independent and flexible modular platform structures to actively respond to changes in the digital era.

Im Yong-sung, Executive Director of Korea IBM and the first presenter, said, "The platform structure must change to an independent one that is not affected by services with different business models," adding, "At the same time, appropriate processes and organizational structures must be established." He particularly noted, "For successful change, internalizing the capability to lead digital innovation and introducing new work methods through agile application suitable for highly uncertain environments must proceed simultaneously."

Advice on utilizing the Metaverse was also given. Jin Sang-wook, Head of the Digital Division at AT Kearney, said, "The current Metaverse is in a transitional phase," and predicted, "Companies that proactively achieve evolution to the second stage will seize great opportunities." The transitional phase Jin refers to is the stage moving from a world (stage 1) where only some functions such as commerce, community, and games can be consumed to a world (stage 2) where all can be consumed.

Jin emphasized, "Credit finance companies such as capital companies can explore new business opportunities in various areas such as marketing, customer experience innovation, and new business ventures when utilizing the Metaverse."

Regarding new technology finance companies, a proposal was made to expand investment in the early stages despite uncertainty and risks. Kim Young-duk, CEO of D.CAMP & Front1, advised, "To spread the second venture boom, investment by new technology finance companies, which is currently concentrated in later stages, must be expanded to the early stages despite uncertainty and risks," adding, "Investment periods should also be extended in line with the changing cycle of recent venture companies that record high growth rates even after initial public offerings (IPOs)."

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