[신년사] Kim Joo-hyun, Chairman of the Credit Finance Association, “Credit card companies should develop into a comprehensive financial industry”

[베이비타임즈=지태섭 기자] Kim Joo-hyun, chairman of the Credit Finance Association, stressed in his New Year’s address on the 31st, “It is time to show the market that we can develop beyond the traditional credit card business into a new type of comprehensive financial industry.”

Chairman Kim said, “The government has decided to allow the entry of card companies in the comprehensive payment and settlement industry by promoting the amendment of the Electronic Financial Transactions Act following the participation in the card industry for my data and open banking.” “It’s time to show that we can be more innovative through competition.”

“In the process of digital conversion of card companies, more specific and various issues will continue to be raised,” he said. “We will make various efforts such as discussing various problems that will arise in the future and plans for institutional improvement through various digital finance consultation channels.”

In addition, regarding the discussion on recalculation of eligible franchisee fees, “With the rate cuts over the years, the level of credit card merchant fees in Korea is not high internationally, and is low compared to other fees borne by small merchants.” We will actively consult with the authorities so that the cost can be calculated.”

Chairman Kim continued, “We will support various efforts to secure new revenue sources for the lease and installment financing business rights (capital business rights), and make sure that risk management in preparation for various business uncertainties can be made reasonable.”

Regarding the new technology finance business, “Venture investment is expected to be actively conducted through the K-New Deal Fund being promoted by the government,” and “We will actively support new technology finance companies to be selected as fund managers through meetings with fund management institutions.” Emphasized.

Finally, Chairman Kim emphasized the importance of consumer protection, saying, “We will make various efforts to enhance consumer protection and secure trust.”

In response to the advancement of digitalization and the development of hacking technology, we will prepare a safe environment for using credit card payment infrastructure, such as using a virtual card number when purchasing overseas goods, and effectively respond to illegal use through close cooperation with the Financial Security Agency and international brands. “We will thoroughly prepare for the financial security risks accompanying the digital environment, such as building a network.”

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