"Activation of Communication Between Industries... Strengthening Collaboration with Other Sectors"
Lee Geun-ju, the newly appointed chairman of the Korea Fintech Industry Association, is being interviewed by Asia Economy on the 23rd of last month at the Korea Easy Payment Promotion Agency in Jung-gu, Seoul.
[Asia Economy Reporter Minwoo Lee] "We will resolve various regulations and industry difficulties with the trust earned from both the industry and authorities."
Lee Geun-joo, the newly appointed chairman of the Korea Fintech Industry Association, recently stated this in an interview with Asia Economy at the Korea Simple Payment Promotion Agency in Jung-gu, Seoul. He intends to actively utilize the trust built by managing both internal and external affairs since the association's establishment.
He assumed office as the 4th chairman last month on the 17th. He built his career in traditional finance through roles at IBK Industrial Bank’s IT department, New York branch, international business department, and smart finance department. Later, he served as the director of the fintech industry association’s preparatory office and secretary-general, listening to the industry’s voice from fintech’s early days. Currently, he is the president of the Korea Simple Payment Promotion Agency, responsible for the simple payment service ‘Zero Pay.’ His strengths lie in his experience bridging traditional finance and fintech, as well as his communication skills with authorities since the association’s inception. Chairman Lee said, "Because I am not affiliated with any company and have no conflicts of interest, I believe I was able to build trust to serve as a channel for the Financial Services Commission, Korea Fintech Support Center, and other authorities to hear voices from the field."
Emphasizing communication and trust as strengths, he plans to facilitate active communication not only with authorities but also within the industry. Chairman Lee stated, "There are various complaints and subtle differences in desires among member companies, so I plan to actively promote communication among them as well."
His biggest tasks during his term include ▲passing the amendment to the Electronic Financial Transactions Act (EFTA) ▲activating MyData (personal credit information management business) ▲resolving network separation regulations. He said, "We need to amend the EFTA to lower the entry barriers for electronic financial businesses and strengthen user protection and financial stability," adding, "Along with follow-up policies to activate MyData, we must ease network separation regulations to create an environment where various companies can launch innovative services."
He also plans to increase exchanges with other industries. He explained, "As IT advances, finance will continue to be sophisticated, and as finance combines with other industries, opportunities to highlight value will emerge. For example, in areas like letters of credit linked to logistics and supply chain finance, we plan to expand the scope of fintech by integrating technology-based finance."
Regarding the controversy over the ‘tilted playing field’ with existing financial sectors, he emphasized that it should be seen not simply as a conflict but as an opportunity for all industries to develop. He said, "Traditional financial companies are demanding ‘same functions, same regulations’ and talking about a ‘tilted playing field,’ but government policies should be promoted from the perspective of innovation and financial development," adding, "Especially, we should focus on the inclusiveness brought by fintech and foster its growth."
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