Fintech Industry Association Holds Seminar for Electronic Financial Business Operators Council

Exploring Strategies for Responding to New Government Policies

The Korea Fintech Industry Association announced on June 18 that it held a seminar for the Electronic Financial Business Operators Council, an organization under the association, at the main conference room on the 3rd floor of the Post Tower in Yeouido, Seoul.

Geunju Lee, Chairman of the Korea Fintech Industry Association, is speaking at the Electronic Financial Business Operators Council seminar hosted by the Fintech Industry Association on the 18th. The seminar's theme was "Strategic Response of Electronic Financial Business Operators Amid Changes in New Government Financial Policies." Fintech Industry Association

The theme of the seminar was "Strategic Response of Electronic Financial Business Operators Amid Changes in New Government Financial Policies." The event was organized to share issues related to financial security and the revision of the Electronic Financial Transactions Act following changes in the financial policies of the Lee Jaemyung administration, and to seek proactive and strategic responses from the industry.

The keynote presentation was delivered by Hyunjung Kim, an attorney at Bae, Kim & Lee LLC. The presentation focused on financial security and was titled "Strategic Response of Electronic Financial Business Operators Amid Changes in New Government Financial Policies."

Attorney Kim stated, "Above all, it is crucial to develop strategic capabilities to respond to security regulations in addition to technological innovation."

The second presentation was delivered by Sihong Kim, a senior advisor at Lee & Ko, under the theme "Directions for Discussions on the Restructuring of the Electronic Financial Industry and Redefining the Scope of Business."

Senior Advisor Kim explained, "For the sustainable development of the electronic financial industry, it is essential to eliminate functional overlaps between sectors and to improve the regulatory framework to better reflect current realities."

The council also discussed agenda items, including a comprehensive review of the Electronic Financial Transactions Act and legislative responses to the use of stablecoins in the payment and settlement sector.

Additionally, the council discussed a plan to lower the external management ratio of settlement funds for electronic payment gateway (PG) providers to 50%.

Other agenda items included diversifying methods for protecting electronic financial service users, alternative legislative plans such as the establishment of mutual aid projects and statutory organizations, and other related matters.

Geunju Lee, Chairman of the Fintech Industry Association, stated, "The association believes that the Electronic Financial Transactions Act must be revised to reflect current realities, and we are focusing our efforts on making this a core task. I ask that industry stakeholders actively participate in the council to ensure that industry opinions are fully reflected in the first round of legislative revisions."

Kim Jonghyun, CEO of Kookon and the newly appointed chairman of the Electronic Financial Business Operators Council, said, "Recently, the electronic financial industry has faced a range of issues, including rapid changes in the financial environment, the use of artificial intelligence (AI), network separation, and the mandatory management of settlement funds due to the Timape (Tmon and Wemakeprice) incident. The council will address these issues through policy forums, seminars, and networking events between companies, and will effectively communicate industry opinions to the financial authorities."