Yoon Seok-heon: "Big Tech and Financial Sector 'Same Regulation' Principle... Creating a Fair and Cooperative Environment"

by Kim Hyojin

Published 05 Nov.2020 10:19(KST)

Yoon Seok-heon, Governor of the Financial Supervisory Service

[Asia Economy Reporter Kim Hyo-jin] Yoon Seok-heon, Governor of the Financial Supervisory Service, stated on the 5th that in response to the accelerated opening and competition within the financial sector due to the entry of big tech (large information and communication companies) and fintech (financial technology) companies, "the supervisory authorities will create a fair competition and cooperative environment under the principle of 'same service, same regulation.'"

Governor Yoon made these remarks during his congratulatory speech at the '2020 Seoul International Finance Conference' held at the Conrad Hotel in Yeouido, Seoul, pointing out that "unfortunately, discussions in our country still remain on a 'tilted playing field.'"

He emphasized, "With the entry of fintech and big tech into the financial industry leading to a new level of competition, openness and sharing have become an unstoppable trend," adding, "It is now time to actively seek to build a competitive cooperative relationship where all participants can win-win."

Governor Yoon also said, "We have experienced through the past global financial crisis the social costs caused by innovation that escapes control and management," and urged, "We must pursue responsible innovation while keeping in mind digital risk management such as cyber risk and third-party risk."

He further pointed out, "Recently, the shadows of innovation have been revealed, such as the deterioration of financial accessibility for the elderly and visually impaired," and stated, "Since finance is an industry based on consumer trust, consumer protection and inclusion can never be overemphasized."

Governor Yoon said, "(Consumer protection) is always a concern for the Financial Supervisory Service," and called for all market participants to respond actively and proactively to issues arising from the digital transformation process.

This conference was held with the theme of 'Post-COVID-19 Era, Digital Finance and Seoul's Opportunities' to discuss trends in the international financial industry and the future of Seoul as an international financial city.

Along with Governor Yoon, former World Bank President Kim Yong, world-renowned French scholar Jacques Attali, Lee Nak-yeon, leader of the Democratic Party of Korea, Seo Jeong-hyeop, Acting Mayor of Seoul, and Yoon Kwan-seok, Chairman of the National Assembly's Political Affairs Committee, attended the conference.