<기사제목>Chairman of the National Assembly's Political Affairs Committee Meets with Credit Finance Companies "Efforts for Fair Competition Conditions with Big Tech"

[Asia Economy Reporter Yoo Je-hoon] Yoon Jae-ok, Chairman of the National Assembly's Political Affairs Committee, met with CEOs of specialized credit finance companies on the 9th and stated that he would strive to create conditions for fair competition between big tech companies and specialized credit finance companies.

The Credit Finance Association announced that it held a meeting with CEOs of credit finance companies on the morning of the same day at The Plaza Hotel in Jung-gu, Seoul, inviting Chairman Yoon. The meeting was attended by Chairman Yoon, Kim Joo-hyun, Chairman of the Credit Finance Association, and representatives of major card and capital companies.

At the meeting, Chairman Yoon mentioned the credit finance sector's measures such as the extension of maturity and principal and interest repayment deferral for COVID-19 loans amounting to 760 billion KRW and the reduction of card fee burdens amounting to 470 billion KRW. He then requested that the new government ensure the sector can continue to play an important role in the Korean economy.

The industry recently noted that financial services are shifting towards digital-centric trends, and the boundaries between financial and non-financial sectors are gradually blurring, a phenomenon known as the Big Blur. Accordingly, they proposed related legal and institutional improvements. Specifically, these include ▲amendment of the Electronic Financial Transactions Act to operate comprehensive payment business ▲expansion of investment scope for new technology finance companies to actively participate in venture company support policies ▲support for overseas expansion of credit finance companies and expansion of ancillary business for business diversification.

The Credit Finance Association stated, "The credit finance sector has supported consumer convenience and real economy growth by providing differentiated financial services from first-tier financial institutions such as banks," and added, "We will continue to strive to contribute to the development of the national economy and overcoming difficulties faced by small business owners and self-employed individuals through continuous innovation and change."

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