[New Year's Address] Kim Juhyun, Chairperson of the Women's Credit Union Association, "Fair Competition with Big Tech Needed... System Improvement Required"

Kim Juhyun, President of the Korea Federation of Credit Finance Associations

[Asia Economy Reporter Kwangho Lee] Kim Juhyun, Chairman of the Korea Credit Finance Association, stated on the 31st, "The card industry does not want a contraction balance. We will consult with relevant authorities on necessary measures such as institutional improvements to achieve productive expansion balance while competing fairly with big tech (large information technology companies)."

In his New Year's address, Chairman Kim said, "Although competing big tech companies provide the same financial services, the systems that financial companies cannot use due to their status need to be reconsidered from various angles."

Regarding the recent decision to lower card merchant fees, Chairman Kim expressed concern, saying, "Fundamental improvements to the current qualified cost system are necessary, as credit sales are in deficit yet fees are further reduced. Otherwise, the card industry will inevitably have a half-baked unstable financial structure."

About the capital industry, he stated, "We will promote improvements through consultations with financial authorities on whether various regulations, including restrictions on auxiliary and concurrent businesses, are appropriate and whether there are obstacles to overseas expansion."

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