Chairman Kim Byung-hwan: "Change Analog Financial Legislation to Accelerate Digital Transformation"

'Korea Fintech Week' Held at Dongdaemun Design Plaza Until the 29th
"We Will Leap to Become a Top 3 Power in AI"
Improvement of Financial Industry Investment Regulations... Comprehensive Review of Consignment Regulations

Kim Byung-hwan, Chairman of the Financial Services Commission (fourth from the right), Gintare Skyste, Minister of Finance of Lithuania (third from the left), and the chairman of the financial holding company attended Korea Fintech Week 2024 held at Dongdaemun Design Plaza (DDP) in Seoul on the 27th and watched a video. Photo by Jo Yong-jun jun21@

Kim Byung-hwan, Chairman of the Financial Services Commission, announced that he will re-examine analog financial legislation to accelerate digital transformation.

On the 27th, Chairman Kim made this statement in his welcoming speech at the opening of the global fintech expo "Korea Fintech Week" held at Dongdaemun Design Plaza (DDP) in Seoul, saying, "We will ensure that the financial sector leads the way to becoming one of the top three countries (G3) in the field of artificial intelligence (AI)."

He first mentioned that to promote digital transformation in finance, regulations on the entry and conduct of financial companies, as well as information processing standards such as cloud usage, will be reasonably improved, and collaboration between fintech and financial companies will be strengthened. He said, "We will improve investment regulations in the financial industry to promote fintech investment and mutual cooperation by financial companies, and re-examine overall consignment regulations."

Plans are also underway to reorganize the sandbox related to innovative financial services. Various institutional improvements are expected to be reviewed, from institutionalizing over 250 innovative financial services for market settlement to extending the period of innovative financial services.

Chairman Kim stated, "Fintech and digital transformation are continuous and the path finance must take," adding, "We will boldly promote digital financial innovation to ensure there are no unreasonable cases."

Following this, congratulatory remarks and keynote speeches were delivered by various domestic and international speakers, including Kang Min-guk, a member of the National Assembly’s Political Affairs Committee from the People Power Party, Gintare Skaiste, Minister of Finance of Lithuania, and Paolo Sironi, Global Research Leader at IBM. "Korea Fintech Week 2024" will be held for three days until the 29th under the theme "Opening the Future of Fintech, AI, and Finance."

Meanwhile, Chairman Kim also met with Minister Skaiste of Lithuania on the same day to discuss ways to strengthen financial cooperation centered on the fintech sector. Minister Skaiste said, "I understand that Korea has created a favorable environment for the launch of innovative services thanks to institutional improvement efforts such as the financial regulatory sandbox," adding, "We hope to closely cooperate through sharing fintech policies so that the fintech industries of both countries can grow together."

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