Eun Sung-soo "Accelerating Fintech Growth and Digital Financial Innovation"

Eun Sung-soo, Chairman of the Financial Services Commission, is delivering a welcome speech at the '3rd Korea Fintech Week' held at the Conrad Hotel in Yeouido, Seoul on the 26th.

[Asia Economy Reporter Kwangho Eun] Eun Sung-soo, Chairman of the Financial Services Commission, emphasized on the 26th, "We will accelerate fintech growth and digital financial innovation by enhancing the fintech infrastructure in the financial sector through the future enactment of the Fintech Promotion Support Act and the operation of the D-Testbed, and by promoting the emergence of fintech unicorns."

At the opening ceremony of the '3rd Korea Fintech Week' held at the Conrad Hotel in Yeouido, Seoul, Chairman Eun stated, "Fintech development is acting as a major factor changing the landscape of the global financial industry."

Korea Fintech Week 2021, hosted by the Financial Services Commission and the Financial Supervisory Service and organized by the Korea Fintech Support Center, is held both online and offline for three days from today until the 28th under the theme of 'Fintech and Sustainable Financial Innovation.' The offline event shares various fintech trends from different countries and provides fintech experiences and investment opportunities. The online event hosts one-on-one online meetings between fintech companies, investors, and financial companies, business matching through an online exhibition hall, and fintech investment briefings. Additionally, various programs such as exhibition halls and recruitment centers are prepared to allow the general public, students, and job seekers to experience fintech and provide employment opportunities.

He evaluated, "Global investment in fintech grew eightfold in a short period from 2013 to 2019, drastically changing the landscape of the global financial industry," adding, "The market capitalization of some fintech companies even surpasses that of traditional financial companies." In fact, Ant Financial's market capitalization is expected to be $320 billion, larger than JP Morgan's $316 billion.

Chairman Eun emphasized, "Advanced countries such as the United States, the United Kingdom, and Japan are promoting fintech-based innovation," and added, "We have also built infrastructure for digital innovation. Last year, we amended the Credit Information Act, and new data businesses such as MyData are operating." Furthermore, he explained, "We introduced a financial regulatory sandbox in 2019 to support the commercialization of innovative fintech ideas," and "82 innovative fintech services have been launched over two years."

He concluded, "We will strive to make digital financial innovation through the growth of the fintech industry an opportunity to overcome COVID-19 and continue sustainably in the future," and "I hope this event will be an opportunity to share innovation experiences and wisdom from various countries including Korea and to explore ways to sustain financial innovation."