Vice Chairman Kim Soyoung of the Financial Services Commission presided over the taskforce meeting on card processing fee system on August 20. The meeting was attended by relevant industry and consumer groups where participants held discussions on ways to appropriately balance the needs of small merchants and consumer convenience, reduce cost burdens for various stakeholders by addressing the issue of high cost structure in the credit card industry, and upgrade regulations and seek diversification of business operation for credit card businesses. At the meeting, Vice Chairman Kim said that it is important to find appropriate ways to share costs among various stakeholders and tackle high cost structure in the credit card industry, while seeking to upgrade rules in line with changing business environment.