Jeong Wankyu, President of the Goddess Association, "All-Out Effort for Regulatory Improvement and Enhancing Industry Image"

Jeong Wankyu, President of the Korea Federation of Credit Finance Associations, 2024 New Year's Address

Jung Wankyu, President of the Korea Federation of Credit Finance Companies.

Jung Wankyu, Chairman of the Korea Credit Finance Association, expressed his determination to improve regulations and enhance the industry's image in his 2024 New Year's address.

In his address on the 29th, Chairman Jung stated, "The new year will be a year in which crisis and opportunity coexist in the credit finance industry," adding, "While managing the seemingly contradictory goals of risk management and continuous credit supply, we must strengthen our industry's competitiveness in preparation for the upcoming turnaround in the economic and financial markets."

Chairman Jung presented three key focus areas: ▲improvement of business regulations ▲enhancement of the industry's image ▲strengthening of industry support operations.

He said, "We will carry out improvements to the card merchant fee system for the healthy development of the credit card ecosystem, expand the usage of credit cards, and ensure the smooth execution of payment settlement operations," adding, "We will address industry challenges such as diversifying funding sources through the issuance of asset-backed securities (ABS) based on ancillary business assets and expanding the operational autonomy of new technology financial investment associations."

Chairman Jung continued, "We will highlight that our industry is at the forefront supporting households and businesses by providing physical financial roles to business operators responsible for our economy and preferential card fee rates for small merchants," emphasizing, "We will also strive for social contribution activities in close cooperation with member companies and the Credit Card Social Contribution Foundation."

He further stated, "We will also focus on external communication and research, surveys, and sharing of the latest information to prepare for the industry's future, which individual members may find difficult to pursue," and added, "Through the operation of self-regulation for sound business activities, we will ensure that member companies can manage their operations and prepare for risks with peace of mind."

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