Kim So-young "Digital Financial Innovation Requires Appropriate Regulatory Framework and Consumer Protection"

Kim So-young, Vice Chairman of the Financial Services Commission, said on the 18th, "To ensure the positive effects of digitalization in the financial sector continue, it is necessary to establish an appropriate regulatory framework for the risks that new technologies may bring and to actively respond to protect consumers."

Kim So-young, Vice Chairman of the Financial Services Commission, and Lee Han-sang, President of the Korea Accounting Standards Board, are attending the "Domestic ESG Disclosure Standards On-site Meeting" held on the 14th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Vice Chairman Kim attended the Korea-Organisation for Economic Co-operation and Development (OECD) Digital Finance Roundtable held at the Bankers' Hall in Jung-gu, Seoul, in the morning, stating, "We will share the latest financial trends with international organizations, ASEAN, and other major global countries, and strengthen cooperation to establish an international regulatory framework and consistency."

The roundtable, held until the 19th, was organized to share the current status of digital finance policies in ASEAN countries under the theme of digital finance in ASEAN and to discuss solutions to risk factors and directions for development.

At the event, opening remarks were delivered by Vice Chairman Kim, Lee Hang-yong, President of the Korea Institute of Finance, and Carmine Di Noia, Director of the OECD Directorate for Financial and Enterprise Affairs. Expert presentations and panel discussions followed on topics such as "Global Market Trends Related to Digital Assets" and "Use of Artificial Intelligence (AI) in the Financial Sector."

Meanwhile, the Financial Services Commission plans to refer to the global trends discussed at this roundtable when formulating future policy directions and to strengthen cooperation in the financial sector with various international organizations and countries.

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