Visit of Yoon Seok-heon, Financial Supervisory Service Chief, After Quarantine
Meeting with Eun Sung-soo, Financial Services Commission Chairman, on the 22nd
Consecutive Meetings with Kakao Bank and Toss CEOs
[Asia Economy Reporter Kim Min-young] Bill Winters, Chairman of the UK Standard Chartered (SC) Group, who arrived in Korea on the 30th of last month to continue his "one-month stay," is busy meeting with a wide range of people from financial authorities to fintech (finance + technology) company CEOs. SC Group has SC First Bank Korea, one of the major commercial banks in Korea, as its affiliate.
According to the financial sector on the 17th, after completing self-quarantine at a hotel in Seoul following his arrival, Chairman Winters visited the Financial Supervisory Service (FSS) headquarters in Yeouido, Seoul, the day before to pay a courtesy call on Yoon Seok-heon, the head of the FSS. Park Jong-bok, President of SC First Bank Korea, was present at the meeting, and FSS executives in charge of banking also attended. The meeting was held without any special agenda and was conducted as a courtesy call. It is reported that Chairman Yoon and Winters discussed various current issues such as BREXIT (the United Kingdom's withdrawal from the European Union), the COVID-19 pandemic, and global fintech trends.
Chairman Winters also met with Jin Woong-seop, the head of the FSS, in 2015. At that time, rumors about SC First Bank Korea's withdrawal from Korea had surfaced, attracting significant attention. A financial sector official said, "There was no special agenda at that meeting; it was simply a courtesy visit by the head of an overseas financial institution who came to Korea."
On the 22nd, he is also scheduled to meet with Eun Sung-soo, Chairman of the Financial Services Commission. During his stay in Korea, he will meet all the heads of Korea's financial authorities. Although the meeting with Chairman Eun is also expected to be a courtesy call, some expect that discussions will mainly focus on Korea's financial hub strategy. SC Group is one of the "three major currency-issuing banks" in Hong Kong, along with HSBC and Bank of China.
Leading Fintech Companies KakaoBank and Toss Meet
He will also meet consecutively with the CEOs of two fintech companies leading innovative finance in Korea. First, on the afternoon of the same day, Chairman Winters will visit the headquarters of KakaoBank in Bundang, Seongnam, Gyeonggi Province, to meet with Yoon Ho-young, CEO of KakaoBank. On the 18th, he will also meet with Lee Seung-gun, CEO of Viva Republica, which operates the mobile financial service "Toss." Earlier this year, SC Group established and operates an internet-only bank called "Mox" in Hong Kong. It is also pursuing the establishment of an internet bank in Singapore, and in Korea, SC First Bank Korea has invested a 6.67% stake in the Toss Bank consortium, the country's third internet-only bank.
The UK is a country where fintech has developed significantly, and it is expected that this visit will be an opportunity to discuss fintech industry trends between the two countries and to pass on SC Group's 150-year tradition and know-how. An SC First Bank Korea official explained, "SC Group has made direct investments in internet banks in advanced Asian countries such as Hong Kong, Taiwan, and Korea's Toss Bank to lead digital innovation, and is actively participating in blockchain technology development. During the visit, we plan to meet with Korea's leading fintech players to learn about the excellence of Korea's fintech industry and to share SC Group's global experience and trends." A Toss official said, "This meeting was proposed by SC First Bank Korea, and it is expected that discussions will be held to strengthen cooperation as a shareholder of Toss Bank."
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