Governor Lee Chanjin Urges Big Tech CEOs: "Enhance Fairness and Accountability in Platform Operations"

Governor of the Financial Supervisory Service Holds First-Ever Meeting with Big Tech CEOs

Lee Chanjin, Governor of the Financial Supervisory Service, is attending the 'Financial Supervisory Service Governor - Financial Investment Company CEO Meeting' held at the Korea Financial Investment Association in Yeouido, Seoul on September 8, 2025. Photo by Kang Jinhyung

On September 11, Lee Chanjin, Governor of the Financial Supervisory Service, called on big tech CEOs to "put customer value first and enhance fairness and accountability in platform operations."

That afternoon, at Naver Square, Governor Lee held a meeting with the CEOs of five major big tech companies and the president of the Korea Federation of Micro Enterprises. He stated, "Sustainable growth of the platform ecosystem is only possible when big tech companies recognize various economic players on their platforms not merely as tools for profit generation, but as partners for mutual growth."

This was the first time since the establishment of the Financial Supervisory Service that the Governor held a meeting with big tech CEOs. The meeting was organized to emphasize that, as with banks and insurance companies, user protection must be the top priority for big tech companies as well.

During the meeting, participants exchanged views on the healthy development of big tech, which is deeply integrated into people's daily lives through financial services, payments, shopping, and delivery. They also discussed issues such as the growing importance of user protection, support for small business owners, and strengthening IT and information security.

Governor Lee highlighted four key areas: establishing user-centric platform management; fostering mutual growth with small business owners, including platform vendors; strengthening risk management and internal controls for big tech companies; and enhancing IT security and personal data protection.

First, he pointed out, "If algorithms fall into biased errors, consumers' rights and welfare will inevitably be compromised." Referring to the online loan platform inspection conducted in March, where products with higher brokerage fees were found to be given priority exposure, he stressed, "True big tech innovation can only be achieved when algorithms operate in a way that respects human choice."

He added, "Please also pay close attention to protecting users in electronic financial transactions that accompany platform services."

Governor Lee also urged big tech companies to become reliable supporters for small business owners. He noted, "The government's national agenda also includes 'mutual growth between online platforms and small businesses,'" and asked big tech companies to focus on reasonable commission fees for small business owners and prompt settlement of sales proceeds.

Additionally, he requested that big tech companies establish internal control systems. Governor Lee pointed out, "As the boundaries between financial and non-financial sectors blur (the so-called 'Big-Blur'), and a wide range of financial services are provided through platforms, operational risks from big tech companies can become risk factors for the financial system."

He continued, "The Financial Supervisory Service will also strengthen communication and cooperation by operating regular consultative bodies with big tech companies, and will support balanced growth through systematic risk management."

Lastly, he called for stronger IT security and personal data protection. Governor Lee said, "IT security management should not be viewed merely as an immediate cost center, but as a core competitive strength of big tech. Please make every effort to prevent incidents by investing sufficiently in IT security."

He emphasized, "The Financial Supervisory Service also plans to strengthen oversight of regulatory blind spots in security and build an integrated monitoring system for cyber threats such as ransomware, making every effort to ensure the stability of financial IT."

Governor Lee referenced Amazon founder Jeff Bezos's 1997 letter to shareholders, in which Bezos stated, "In the long term, the interests of customers and shareholders align."

Governor Lee said, "This underscores the belief that, rather than focusing on short-term profits, providing the greatest value to customers ultimately benefits shareholders. I ask big tech companies to prioritize customer interests and trust as their highest management values from a long-term perspective, and to lead Korea's leap to a digital powerhouse through innovative growth leveraging AI and digital technologies."

He added, "The Financial Supervisory Service will also actively support big tech companies' efforts for mutual growth and innovation, while ensuring consumer protection and financial stability."

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