[New Year's Address] Chairman Jo Yongbyung: "Protect Financial Consumers and Expand Inclusive Finance"

Jo Yongbyung, Chairman of the Korea Federation of Banks, Delivers 2026 New Year's Address

Jo Yongbyung, Chairman of the Korea Federation of Banks

Jo Yongbyung, Chairman of the Korea Federation of Banks, urged the financial sector to focus on values such as 'trust,' 'inclusion,' and 'leadership' in his 2026 New Year's address.

In the New Year's message released on December 31, Chairman Jo stated, "In the coming year, we must solidify the 'trust' of the people, which is the foundation of finance," emphasizing, "The financial industry should prioritize maintaining robust soundness, ensure the stability of the financial system, and take responsibility for the efficient flow of funds in our economy."

He added, "On the foundation of soundness, we must enhance the transparency of governance, strengthen the effectiveness of internal controls, and establish a proactive financial consumer protection system," urging, "Through these efforts, let us naturally accumulate consumer trust in the financial industry."

Chairman Jo also stated that 'inclusive finance' must be strengthened to stabilize the livelihoods of the people. He explained, "It is urgent to establish a systematic support system within the financial industry so that the economy, which has been weakened by high exchange rates and high inflation, can overcome its burdens and strengthen its self-sufficiency."

He continued, "We need to expand customized financial support for low-income individuals, youth, and small business owners, and improve financial accessibility for vulnerable groups. At the same time, it is necessary to strengthen inclusive finance by activating debt adjustment programs to alleviate debt burdens."

He also called on the industry to lead the nation's economic resurgence through productive finance. Chairman Jo said, "We must drive a major transformation and sustainable growth of our economy through active capital supply to productive sectors," and added, "By mobilizing all the capabilities we have accumulated so far, we should support the smooth establishment and operation of the National Growth Fund, which will be fully launched this year, and expand productive finance to meet the innovation needs of industries and companies."

Chairman Jo predicted that economic ups and downs would continue in the coming year. He forecasted, "Although the Korean economy is expected to improve compared to this year, there will be many limitations for the recovery to spread throughout the entire domestic economy."

He further pointed out, "Uncertainty in the global trade environment is increasing due to the strengthening of protectionism stemming from U.S. tariff policies," and added, "The possibility of a prolonged high exchange rate due to increased exchange rate volatility could become a significant burden for domestic companies and the economy." He also anticipated, "Potential long-term risks for our economy include a decline in potential growth rate due to weakened growth engines and the deepening of polarization."

Chairman Jo quoted Peter Drucker, saying, "The best way to predict the future is to create it," and asserted, "If we are dragged by change, we cannot know our future, but if we lead change, we can prepare for it." He called on financial professionals to create a new future for Korea's economy and financial industry.