The Fintech Industry Association Gains Prestige... Who Will Be the Next President?

Increased Significance Alongside Industry Growth
High Possibility of Multiple Candidates Emerging

[Asia Economy Reporter Kiho Sung] The Korea Fintech Industry Association has begun the process of forming a new leadership team. This is because the current chairman, Ryu Young-jun, who has been appointed as CEO of Kakao, will see his term expire in March next year. The position of chairman of the Fintech Industry Association has gained prominence alongside the industry's growth. However, there remains a heavy burden due to numerous unresolved regulatory issues.

According to the financial sector on the 18th, the Fintech Industry Association has entered the schedule for electing executives (chairman, vice-chairman, directors, auditors) to form the 4th board of directors.

Looking at the schedule, election announcements and candidate registrations will be completed by January 7 next year. Only regular or special members of the association are eligible to register as candidates, and chairman candidates must be executives as of the registration date.

After candidate registration, from the 10th to the 18th of the same month, the Election Management Committee (board of directors) will conduct candidate qualification reviews and recommendations. On the 19th, the final list of candidates will be announced, marking the start of the official election campaign period. From the 20th to the 26th, the voter list will be finalized, and registration procedures for mobile voting will take place. The final election will be decided at the regular general meeting and executive election on February 17.

The Fintech Industry Association is a private organization that promotes the fintech industry, facilitates external cooperation, proposes policies, conducts research projects, operates permanent fintech subcommittees, and supports fintech member companies.

Recently, as the fintech industry has rapidly developed, the association’s role as a communication channel regarding regulations has been strengthened. In particular, the government and political circles recognize the chairman of the Fintech Industry Association as a representative figure of the fintech industry and engage in discussions on major issues together. The Financial Services Commission invites the chairman of the Fintech Industry Association to participate in key policy discussions, and political circles frequently hold official and unofficial meetings with the chairman to gather opinions for legislative activities.

The first chairman was Lee Seung-geon, CEO of Viva Republica; the second was Kim Dae-yoon, CEO of PeopleFund; and the third was Ryu Young-jun, CEO of Kakao Pay. In the early days of the association, the first and second chairmen were elected as sole candidates, but the third chairman election was highly competitive, with Ryu and Shin Seung-hyun, CEO of Daily Financial Group, running simultaneously and the election held among all member companies. Considering the recently increased status of the association, it is expected that multiple candidates will emerge and the election will be competitive again this time.

Within the industry, potential candidates for the next chairman include Lee Seok-woo, CEO of Dunamu, and Lee Hye-min, CEO of Finda. CEO Lee Seok-woo is involved in cryptocurrency-related businesses and is regarded as a figure who can represent voices related to cryptocurrency and blockchain. CEO Lee Hye-min is an expert in the MyData business and is expected to represent the industry's interests in the MyData sector, which is emerging as a key topic not only in fintech but across the entire financial sector next year.

However, a significant challenge remains for the next chairman, which adds to the burden. The amendment to the Electronic Financial Transactions Act, a long-standing issue for the fintech industry, was not even discussed in the National Assembly this year and has been postponed to next year. With political events such as the presidential and local elections scheduled for next year, the direction of the bill’s passage remains uncertain.

Additionally, as the existing financial sector emphasizes "same function, same regulation," calls for stricter regulations on the fintech industry are increasing. Therefore, the key will be how well the fintech industry can persuade financial authorities and the existing financial sector.

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