Woori Financial Chairman Lim Jongryong: "We Must Lead Change Through 'Productive Finance'"

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On September 19, Lim Jongryong, Chairman of Woori Financial Group, stated, "We must actively practice 'productive finance' that fosters innovative and growth-oriented companies, and lead change with a sense of responsibility through 'inclusive finance' that embraces the socially vulnerable based on trust."

Chairman Lim made these remarks at the international conference jointly hosted by the Institute for Global Economics (IGE) and Woori Financial Group under the theme "A New Path for the Rebound of the Korean Economy: The Role of Financial Innovation." The event was organized to explore new roles and strategies for finance at a time when the global order is being restructured and domestic structural challenges intersect.

Chairman Lim pointed out, "We are now standing at a turning point of a global transformation," and emphasized, "The financial industry must serve as a reliable partner and play a pivotal role in leading this change."

Currently, the international trade environment is shifting from an era of free trade to a strengthened protectionist regime, accompanied by a rapid restructuring of global supply chains. Furthermore, the prolonged war in Ukraine, instability in the Middle East, and the ongoing US-China hegemonic rivalry have turned geopolitical tensions into constants rather than temporary variables.

At the same time, the artificial intelligence (AI) revolution is fundamentally transforming society and industry as a whole, while the emergence of blockchain-based digital assets and stablecoins is breaking down the boundaries of traditional financial systems and presenting new possibilities for the financial ecosystem.

Chairman Lim reiterated, "We must actively practice 'productive finance' that nurtures innovative and growth-oriented companies, and lead change with a responsible attitude through 'inclusive finance' that embraces the socially vulnerable based on trust."

He also pledged to firmly implement both 'productive finance' and 'inclusive finance' amid the rapidly changing global environment.

He added, "We will strengthen the group's innovation capabilities, enhance soundness, and take the lead in protecting financial consumers. Through these efforts, we will fulfill our role and responsibility as a trusted financial group that supports the leap and sustainable growth of the Korean economy."

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