Eun Seong-su, Financial Services Commission Chairman, "Revolutionary Reform of Digital Financial Payment System"

Eun Sung-soo, Chairman of the Financial Services Commission

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, said on the 28th, "We will drastically reform the digital financial payment system."

Chairman Eun stated this in his welcoming speech at the online opening of the '2nd Korea Fintech Week (Korea Fintech Week 2020)' and added, "New payment services such as MyPayment (payment instruction business) will broaden the horizon of digital payment services," and mentioned, "We will introduce the MyData (personal credit information management business) industry and also expand the opening of public data."

Diagnosing that the digitalization of the economy and society will accelerate after the COVID-19 pandemic and that it will be impossible to return to the previous state, Chairman Eun predicted, "Through data and platforms, convergence and innovation, the speed of the 4th Industrial Revolution will accelerate, and as a result, new orders and standards will be formed."

He also said, "We will expand the supply of innovation funds in the fields of the 4th Industrial Revolution such as 5G, artificial intelligence (AI), and big data, which form the foundation of the government's Digital New Deal."

Furthermore, he added, "We must establish a strong cybersecurity system so that anyone can use digital finance safely and conveniently," and "As the entry of big tech (large information and communication technology companies) into the financial industry becomes visible, it is also necessary to consider the risk factors raised by the Bank for International Settlements (BIS) and others."

Korea Fintech Week is an event held annually since last year to raise awareness and activate investment in fintech and to expand global exchanges. The Financial Services Commission originally planned to hold this event offline at Dongdaemun DDP in Seoul, but replaced it with an online event to prevent the spread of COVID-19.

Held under the theme of 'open innovation,' this event consists of five sessions: ▲Opening Session ▲Special Session ▲Online Exhibition & Experience ▲Recruitment Hall ▲Voice Phishing Prevention Experience Hall, and anyone can attend through the internet homepage.

In the Opening Session, starting with Chairman Eun's welcoming speech, congratulatory messages from William Russell, Lord Mayor of London (Financial Special Zone Mayor), Bill Winters, CEO of SC Group, Pierre Ferry, Ambassador of Luxembourg to Korea, and Yoon Seok-heon, Governor of the Financial Supervisory Service, will be presented.

In the Special Session, presentations on domestic and international policies and industry trends such as Korea's fintech and digital finance innovation strategies, seminars by sector, and RegTech showcases will be held. RegTech is a compound word of Regulation and Technology, referring to techniques that automate and streamline compliance-related tasks using information technology (IT).

Additionally, 150 booths demonstrating innovative fintech services by domestic and international financial companies and fintech firms will be operated, and an online recruitment briefing session will be conducted. At the Voice Phishing Prevention Experience Hall, visitors can indirectly experience voice phishing (The Gnome's Voice) and response case audio (Smart Response Methods). Procedures for damage relief such as refunding victim funds and payment suspension systems will be introduced. Various voice phishing and financial fraud message prevention applications (apps) and related technologies available for financial consumers will also be exhibited.