Lee Bok-hyun "Striving for Internet Banks and Fintech to Promote Competition Among Banks"

Lee Bok-hyun, Governor of the Financial Supervisory Service

Lee Bok-hyun, Governor of the Financial Supervisory Service, announced on the 27th that he will strive to establish internet-only banks and fintech companies as 'innovation accelerators' that promote competition in South Korea's banking industry.

On the same day, Governor Lee visited KakaoBank in Pangyo Techno Valley, Seongnam-si, Gyeonggi-do, where he listened to the experiences and concerns of internet-only banks and fintech companies and made these remarks.

He added, "The Basel Committee on Banking Supervision (BCBS) has forecasted that technology-driven financial innovation will bring fundamental changes to the banking industry," and said, "The launch of digital banks, platform-based financial services, and the entry of fintech companies into the financial sector are gradually becoming a reality worldwide."

Governor Lee explained, "Domestic internet-only banks and fintech companies are also playing an increasing role as catalysts for change, such as improving access to financial services and expanding consumer choice."

Furthermore, Governor Lee emphasized, "For technology-driven financial innovation to stabilize as a new growth model and result in enhanced benefits for financial consumers, 'responsible financial innovation' must be a prerequisite," urging, "Please focus on inclusion of digitally marginalized groups, management of cyber and security risks, and the establishment of internal controls and infrastructure commensurate with quantitative growth."

Meanwhile, the event was attended by Yoon Ho-young, CEO of KakaoBank; Seo Ho-sung, President of K Bank; Hong Min-taek, CEO of Toss Bank; Park Sang-jin, CEO of Naver Financial; Lee Hye-min, CEO of Finda; and Kim Tae-hoon, CEO of BankSalad.