Participants are taking commemorative photos at the ‘2020 Pan-Finance New Year’s Meeting’ held at the Shilla Hotel in Jung-gu, Seoul on the 3rd. (Back row from left) Jae-cheol Na, Chairman of Korea Development Bank Lee Dong-geol, Chairman of Korea Development Bank, Tae-Oh Kim, Chairman of DGB Financial Group, Jeong-Tae Kim Chairman of Hana Financial Group, Chairman Yong-Byeong Cho, Chairman of Shinhan Financial Group, Yong-Byeong Cho, Chairman of Shinhan Financial Group, Shin Yong-gil Shin, President of Life Insurance Association, Tae-Seung Son, Chairman of Woori Financial Group and President of Woori Bank, Kwangsoo Kim Financial Holdings Chairman, BNK Financial Group Chairman Kim Ji-wan, Savings Bank Central Chairman Park Jae-sik (from left to right) Park Hong-bae, Chairman of the National Financial Industry Workers’ Union, Kim Yong-deok Chairman of the National Financial Industry Labor Union, Kim Byung-wook, Democratic Party Member of Parliament, Lee Ju-yeol, President of the Bank of Korea, Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance , Min Byeong-doo, Chairman of the National Assembly Political Affairs Committee, Lee Jong-gu, Chairman of the National Assembly Industry, Trade and Resources Small and Medium Venture Business Committee, Eun Seong-soo, Finance Committee Chairman, Choi Un-yeol, a Democratic Party Member of the National Assembly, Yoon Seok-heon, Financial Supervisory Service Director, Yu Dong-soo, a Democratic Party Member of the National Assembly, Kim Tae-young Chairman of the Bank Federation, Kim Joo-hyun, Chairman of Credit Finance Association/Photo = Financial Committee ( 2020.01.03)
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[한국금융신문 한아란 기자]
Heads of economy and finance emphasized crisis management and innovative finance this year with one voice.
Namki Hongclose
Namki HongCollect articles Deputy Prime Minister and Minister of Strategy and Finance said in his New Year’s address on the 5th, “The financial market has shown a steady state despite the new coronavirus infection (Corona 19) crisis, but concerns about the gap between the real and the finance are growing. We must make every effort to stabilize the financial sector through management.”
He said, “The government will also carefully manage the market liquidity while paying special attention to the possibility that the liquidity that has rapidly increased in the process of responding to the crisis will cause a shift to the asset market and a surge in debt,” he called for active cooperation from the financial sector.
In addition, he ordered, “Although there is abundant liquidity in the market, the flow of funds to the future growth engine sector that will lead our economy is still weak.” .
Acceleration of financial innovation was also mentioned as a major task this year. Deputy Prime Minister Hong said, “The main flow of financial innovation is to provide data-based customized financial services in line with the descaling from the 20th century to the 21st century personalization.” “The entire financial sector pursues rapid innovation and sound competition. He said, “Please make an effort for the rapid growth of the financial industry and the creation of a desirable market order.”
Eun Seongsuclose
Eun SeongsuCollect articles The chairman of the Financial Services Commission also said, “We will make the response to the Corona 19 crisis our top priority, but we will lay the foundation for economic recovery through maintaining financial stability, supporting innovative growth, and restoring trust, and responding proactively to the changing global economy.” “Financial stability is supported by financial stability. In this environment, we will provide close support so that all economic actors can overcome the crisis and leap into opportunities.”
He emphasized that “we must thoroughly manage risk factors and actively support innovation and challenges to overcome the crisis of the economy and lead a new growth leap forward.”
Joo-yeol Leeclose
Joo-yeol LeeCollect articles The governor of the Bank of Korea said, “As the potential risks due to the liquidity supply of policy authorities and the financial sector and the deferment of interest repayment are expected to be revealed in earnest this year, we must have a high level of vigilance.” “Especially, the level of debt is high and the gap between finance and the real thing. In a situation where the market is expanded, the market can be greatly shaken even by a small impact, so it is necessary to take a closer look at the vulnerable areas of the financial system.”
Governor Lee added, “In a longer breath, we must actively prepare for the changes in the financial industry that will be accelerated by Corona.” “Through innovative finance, we will have to put all our efforts into preparing for the transition to the digital and untact era.”
Seok Heon Yoonclose
Seok Heon YoonCollect articles The Governor of the Financial Supervisory Service said, “The accumulation of household debt, the accumulation of marginalized companies due to the economic downturn, and the increasing difficulties of the vulnerable groups such as the self-employed are expected to continue to act as a burden on the Korean economy. Through this, it is necessary to improve resilience in the event of a crisis, while making thorough efforts in internal control and risk management.
Along with innovation finance, it also emphasized the role of consumer protection. Director Yoon said, “With the prolonged Corona 19, as the digitalization of finance advances faster than expected, a variety of innovative finances are emerging. You should not always forget that,” he said. “Otherwise, a vicious cycle that unilaterally damages financial consumers through personal information leakage and fraudulent settlement may repeat.
He said, “Now financial consumer protection should be treated as one of the important management objectives from the perspective of financial companies as well,” he said. “I ask you to continue making efforts to restore trust in finance this year, taking into account the errors of the private equity crisis that triggered the enactment of the Financial Consumer Protection Act.” He asked.
Six financial associations, including the Banking Federation, held annual pan-financial New Year’s meetings and invited about 1,300 people including representatives of financial companies and government officials, but this year canceled the event in order to participate in the government’s strengthened quarantine guidelines.
Reporter Han Aran [email protected]