Restoring Trust in Finance Amid Uncertainty
Unified Call to Expand the Industry's Role in Supporting Livelihoods and Growth
The heads of financial associations representing the banking, insurance, credit finance, and savings bank industries delivered their New Year's addresses with a unified message, emphasizing the need to strengthen consumer protection, expand inclusive finance, and lead growth through productive finance. Amid continued internal and external uncertainties, restoring trust in the financial industry and expanding its role were presented as key tasks.
Cho Yongbyung, Chairman of the Korea Federation of Banks, reiterated the importance of public "trust" as the foundation of finance in his 2026 New Year's address. He stated that the financial sector must enhance governance transparency and internal controls based on solid soundness, and establish a proactive consumer protection system. In particular, he stressed the need to strengthen inclusive finance by providing tailored support and activating debt adjustment for low-income individuals, youth, and small business owners to help revive the real economy affected by high exchange rates and inflation. He also called for leading economic revitalization through productive finance, such as supporting the creation of the National Growth Fund.
Kim Cheolju, Chairman of the Korea Life Insurance Association, identified consumer trust as the core value for the industry's existence. He announced plans to operate a consumer-centered insurance task force in the new year to review the entire insurance value chain, from product development to claims payment. He also emphasized aligning with the expansion of productive finance focused on advanced strategic industries such as semiconductors, AI, and energy, while continuously proposing rational improvements to regulations related to capital and asset management. In addition, he outlined plans to strengthen the core competitiveness of insurance through expanded use of AI and support for entry into new markets such as healthcare and long-term care.
Lee Byungrae, Chairman of the Korea General Insurance Association, described demographic changes and the spread of new risks as both a crisis and an opportunity, presenting the expansion of consumer-centered values and securing new growth engines as key tasks for the new year. He stated that the association would support the stable implementation of soundness systems and accounting standards so that insurance capital can be channeled into productive finance. He also highlighted strengthening consumer protection through normalizing indemnity insurance, eradicating insurance fraud, and improving incomplete sales, as well as expanding inclusive finance for vulnerable groups and small businesses, developing data-driven customized products, and responding to aging with long-term care and caregiving services.
The credit finance and savings bank industries also joined the trend of productive finance and consumer protection. Jeong Wankyu, Chairman of the Credit Finance Association, announced plans to actively support payment and settlement innovation by credit card companies, leveraging the introduction of a Korean won stablecoin. The aim is to ensure that stablecoins can be used safely and conveniently through card companies' payment infrastructure, while also strengthening the core competitiveness of credit finance and expanding innovative finance in line with the government's productive finance policy.
Oh Hwagyeong, Chairman of the Korea Federation of Savings Banks, identified institutional improvements to promote inclusive and productive finance as a key task for 2026. He emphasized supporting soundness measures such as project financing and non-performing loan management so that savings banks can strengthen their role as leading institutions in small and medium-sized inclusive finance, and pledged efforts to restore consumer trust and protection by enhancing digital finance competitiveness and security.
The financial association heads commonly stressed that the financial industry must expand its role through inclusion and innovation based on restoring consumer trust, and that even amid uncertain economic conditions, the industry should remain a reliable pillar for people's livelihoods and economic growth.
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