Seo Yuseok, Chairman of the Korea Financial Investment Association, "We Must Create a Top 3 Asian Securities Firm Within 10 Years"

Emphasizing Global Expansion and Response to the New Normal

A claim has been made that the domestic capital market should break away from the bank-centered financial structure.

On the 14th, Seo Yu-seok, Chairman of the Korea Financial Investment Association, made this statement during the keynote presentation titled "The Present and Future of the Capital Market and Financial Investment Industry" at the 1st Financial Investment Industry Global Competitiveness Enhancement Seminar held at the Korea Exchange in Yeouido, Seoul.

Chairman Seo said, "So far, Korea's capital market has achieved remarkable external growth through the introduction of the comprehensive financial investment business operator (IB) system, expansion of profitability in the IB sector, and improvement of profitability in overseas business," but he also pointed out that "there are still limiting factors such as a household financial asset structure centered on deposits, lack of global competitiveness, and outdated capital market infrastructure and regulations."

He cited the European Union (EU) Capital Markets Union movement, which aims to foster the capital market by breaking away from the bank-centered financial structure, as an advanced example. He also presented five promotion goals for the financial investment industry through global expansion and response to the new normal.

Chairman Seo emphasized, "First, it is necessary to create one of the top three securities companies in Asia within 10 years through regulatory improvements related to overseas expansion, introduction of Business Development Companies (BDC), and responses to Environmental, Social, and Governance (ESG) issues."

He also stressed supporting national retirement preparation through revitalization of pensions and asset management, strengthening competitiveness of public funds and supporting growth of private equity funds, qualitative upgrades of the K-capital market including approval of Alternative Trading Systems (ATS), and strengthening investor protection.

The Financial Services Commission, which held the seminar together with the Korea Financial Investment Association and the Korea Capital Market Institute, plans to hold follow-up seminars to discover various agendas based on the discussions of the day and actively seek directions for institutional improvements.

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