[2023 Capital Investment Awards] Chairman Seo Yuseok: "Need for Advanced Retirement Pensions and Globalization of Financial Investment Industry"

Seoyuseok, Chairman of the Korea Financial Investment Association

Seo Yuseok, Chairman of the Korea Financial Investment Association, is delivering a congratulatory speech at the '2023 Asia Capital Investment Awards Ceremony' held on the 5th at Lotte Hotel in Jung-gu, Seoul. Photo by Kang Jinhyung aymsdream@

Congratulations on the successful hosting of the 2023 Asia Capital Investment Awards. I sincerely congratulate all the awardees who have quietly worked in their respective positions throughout this eventful year and are here today.

Looking back on this year, many events come to mind, but the 'Capital Market Relay Seminar' led by the Financial Services Commission since March, covering various important topics in the capital market, stands out.

In particular, the necessity of mega IBs, the advancement of retirement pensions, and the internationalization of the financial investment industry remain memorable topics. The need for IBs at the Asia Top 3 level and performance-based retirement pensions are still challenging issues, which makes the responsibility on all of us gathered here even heavier.

According to the National Pension Service, Korea's pension income replacement rate remains at about 43%, ranking among the lowest in the OECD. The financial investment industry will continue to seek ways to support the public’s asset management, including the establishment of default options and TDFs, revitalization of public funds, and consideration of asset allocation products such as the 'Didim Fund.' We will also strive for the introduction of BDCs for corporate finance and the internationalization of the financial investment industry.

Everyone, in the game of Baduk, there are terms called 'bokgi' (review) and 'poseok' (opening strategy). I hope this December will be a time for you to review this past year and strategically plan for the year ahead. Once again, congratulations from the bottom of my heart. Thank you.