[신년사] Kim Joo-hyun, Chairman of the Goddess Association, “When it shows to the innovative market of card companies

▲ Kim Joo-hyun, Chairman of Credit Finance Association / Credit Finance Association

[에너지경제신문 김아름 기자] Kim Joo-hyun, chairman of the Credit Finance Association, emphasized the need to show the potential for development of credit card companies in the 2021 New Year’s Address.

According to the Credit Finance Association on the 31st, Chairman Kim said, “In relation to the card business rights, the government has decided to allow card companies to enter the comprehensive payment and settlement industry by promoting the revision of the Electronic Financial Transaction Act following the participation in the card industry for My Data and Open Banking. He said, “It is time to show the market that card companies can develop into a new form of comprehensive financial industry beyond the traditional credit card business based on the solid roots of the payment and settlement sector.”

Along with this, he commented on the discussion on the recalculation of eligible fees for merchant fees, stating that “the level of fees for credit card merchants in Korea is not high internationally and is low compared to other fees borne by small merchants due to several cuts.” did.

He added, “However, since various issues may be raised, the Association will actively discuss multilateral measures with the authorities and stakeholders so that reasonable costs can be calculated when discussing eligible costs and recalculations.”

Regarding capital business rights such as leasing and installment financing, he said, “There is a saying in the grandson’s military law, “military duty details,” he said. “The biggest advantage of the capital business is that the market flow and demand change are more than any other financial sector. “I think it is the ability to quickly grasp and preoccupy the market through a more flexible and agile response than any other financial sector.”

At the same time, “We will make various efforts such as discussions with supervisory authorities to ensure that necessary measures are implemented in a timely manner, while closely discussing necessary regulatory improvements and new market development plans with member companies so that these advantages of the capital industry can be fully demonstrated.” Said.

In addition, we plan to induce proactive and proactive risk management of member companies through “Best Code of Liquidity Risk.” Leverage regulations for capital companies are also overmanaged by making rational regulations in consideration of overall management soundness such as securing liquidity of capital companies. We will actively consult with the authorities to prevent atrophy from occurring,” he said.