Banks Request "Permission to Expand into Various Lifestyle Services"

Korea Federation of Banks Holds Meeting with Bank CEOs Invited by National Assembly's Political Affairs Committee Chairman

The Korea Federation of Banks held a meeting with bank presidents invited by the Chairman of the National Assembly's Political Affairs Committee on the 25th. Before the meeting, the attendees took a commemorative photo.
(Bottom row from left) Lee Jae-geun, President of Kookmin Bank; Jin Ok-dong, President of Shinhan Bank; Yoo Myung-soon, President of Korea Citibank; Kim Kwang-soo, Chairman of the Korea Federation of Banks; Yoon Jae-ok, Chairman of the National Assembly's Political Affairs Committee; Park Jong-bok, President of SC First Bank; Yoon Jong-won, President of Industrial Bank of Korea; Kwon Joon-hak, President of NongHyup Bank

(Middle row from left) Lee Won-duk, President of Woori Bank; Kim Jin-gyun, President of Suhyup Bank; Park Woo-hyuk, President of Jeju Bank; Song Jong-wook, President of Gwangju Bank; Lim Sung-hoon, President of Daegu Bank; Shin Hyun-joon, President of the Credit Information Center; Kim Hak-soo, President of the Korea Financial Telecommunications & Clearings Institute; Choi Jae-young, President of the International Financial Center

(Top row from left) Seo Ho-sung, President of K Bank; Lee Ho-hyung, Executive Director of the Korea Federation of Banks; Choi Jun-woo, President of the Korea Housing Finance Corporation; Yoon Ho-young, CEO of Kakao Bank; Ahn Gam-chan, President of Busan Bank; Choi Hong-young, President of Gyeongnam Bank; Bang Moon-kyu, President of the Export-Import Bank of Korea; Park Jong-gyu, President of the Korea Institute of Finance
Photo by XXX

[Asia Economy Reporter Song Hwajeong] The banking sector held a meeting with Yoon Jae-ok, Chairman of the National Assembly's Political Affairs Committee, requesting permission to enter various lifestyle services to foster a digital financial ecosystem. Chairman Yoon urged the banking sector to actively cooperate with the new government's financial support measures.

On the 26th, the Korea Federation of Banks announced that it held a bank presidents' meeting invited by the Chairman of the Political Affairs Committee at the Bankers' Hall in Myeongdong, Seoul, the previous day. At the meeting, Chairman Yoon and the participants shared their understanding of the recent status of the banking sector and discussed economic and financial issues.

Kim Kwang-soo, Chairman of the Korea Federation of Banks, stated, "The banking sector is doing its best to support small and medium-sized enterprises and small business owners amid the COVID-19 situation," adding, "Since the early stages of the COVID crisis, the banking sector has extended maturity and repayment deferral measures four times and will continue to do its best to overcome the crisis." Chairman Kim also emphasized that the banking sector has led social contributions through social contribution projects worth approximately 3.2 trillion won, nearly 10% of net income over the past three years.

Additionally, to foster a digital financial ecosystem, the banks requested permission to enter various lifestyle services such as distribution, telecommunications, and delivery, allowing banks to transform into 'digital universal banks' by creating an enabling environment.

Chairman Yoon urged the banking sector, which has achieved record-high performance and has ample capacity, to actively cooperate with the new government's financial support measures with consideration for ordinary citizens and small business owners. He also requested a review of whether the additional interest rates are appropriate.

Chairman Yoon added, "I will continue legislative activities to strengthen bank competitiveness so that Korean banks can stand shoulder to shoulder with global financial companies, and I will strive to resolve regulatory differences with big tech companies so that banks can provide innovative services."

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