FSS and Seoul City Hold International Finance Conference... "Promoting Regulatory Improvements for Financial Innovation"

Under the theme of 'Financial Transformation, Seoul's New Leap'

[Asia Economy Reporter Park Sun-mi] The Financial Supervisory Service (FSS) and the Seoul Metropolitan Government held the 2021 Seoul International Finance Conference on the 28th under the theme "Financial Transformation, Seoul's New Leap," discussing trends in the international financial industry and the future of Seoul as a global financial city.

In his welcoming remarks, FSS Governor Jeong Eun-bo stated, "The digital transformation of finance is triggering structural changes in finance, including the advancement of traditional financial industries and the emergence of big tech companies," adding, "The FSS will support financial innovation in the digital era while actively responding to new potential risks and striving to establish a sound competitive order in the market."

First, he said they will continuously promote financial innovation by financial companies and fintech firms and regulatory improvements to support this. Additionally, they plan to actively support strengthening financial companies' capabilities in financial security and personal information protection to ensure that new information technologies such as big data and artificial intelligence (AI) are used safely. Furthermore, while paying close attention to global discussions on fair competition issues between financial companies and big tech, they will also work on establishing a Korean-style 'big tech regulatory framework.'

On-site attendees included Seoul Mayor Oh Se-hoon, National Assembly Political Affairs Committee Chairman Yoon Jae-ok, and other domestic and international financial officials. Notable figures from home and abroad, including Nobel Laureate in Economics Professor Joseph Stiglitz (currently a professor at Columbia University), also participated as online speakers. Lectures and discussions were held on topics such as 'New Changes in the Financial Paradigm,' 'Challenges and Tasks of K-Finance,' and 'Financial Transformation and the Future of Seoul.'

An FSS official stated, "We hope this event will serve as an opportunity to jointly explore the future of digital finance and the financial industry in the post-COVID-19 era, while also strengthening the status of Seoul as an international financial city."