Chairman Kim Byoung Hwan of the Financial Services Commission met with the CEOs of fifteen specialized credit finance businesses and held talks on ways to effectively cope with changes in the payment environment and industrial structure on August 22. At the meeting, Chairman Kim discussed the important role provided by specialized credit finance businesses as they help to fill the gap left by traditional financial businesses and since they are able to more quickly respond to the changing trend in consumer needs and industrial structure to lead innovative solutions. While speaking about the importance of ensuring stability in the payment and settlement system, Chairman Kim said that credit card companies are expected to play a more responsible role as they make up a crucial pillar in the domestic payment and settlement network. Chairman Kim also talked about the need to maintain an adequate level of loss absorbing capacity for capital businesses to bolster prudential management. Since it is important to push for a transition toward an equity-centered approach away from the current debt-driven model in our economy, Chairman Kim said that the government will provide active support by making improvements to relevant regulations.
FSC Chairman holds talks with specialized credit finance businessesAug 22, 2024