Jeong Wankyu, President of the Korea Federation of Credit Finance, "Strengthening Competitiveness through Bold Change and Innovation"

Jung Wankyu, Chairman of the Korea Credit Finance Association, announced on the 31st in his New Year's address that he will support the development of innovative financial services and the revitalization of private investment.

Chairman Jung stated, "There are many challenges that must be tackled for bold change and innovation to strengthen the competitiveness of credit finance companies. We must provide innovative services that enhance consumer benefits," adding, "We will continue communication between member companies and financial authorities to ensure that consumer-friendly digital financial services are provided in a timely manner through the expansion of card payment scope and flexible approaches to ancillary tasks."

He also mentioned strengthening support for the revitalization of private investment. Chairman Jung explained, "We will strive to improve the investment system for innovative companies by easing investment restrictions on new technology finance companies and expanding private contributions to new technology funds," and added, "We will support the swift establishment of measures that reflect the actual risk of investment assets in the risk weight (RW) for venture capital investments, thereby activating incentives for market participation of venture capital."

Furthermore, Chairman Jung emphasized the soundness and reliability of the credit finance sector. He said, "We will communicate to ensure that the characteristics of the sector are well reflected in financial authorities' policies related to household debt," and added, "We will discuss establishing a reasonable risk management system that considers the characteristics of the sector and each project site for real estate project financing (PF) investments, so that smooth supply is possible once the real estate market normalizes."

He continued, "Due to recent various financial accidents, internal control within financial companies is important. We will review a governance structure suitable for the credit finance sector to minimize the management burden on member companies and strengthen the trust of financial consumers."

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