Jeong Wan-kyu, the chair of the Korea Credit Finance Association, said, "We will continue communication between member companies and financial authorities so that consumer-friendly digital financial services can be provided in a timely manner through the expansion of card payment coverage and a flexible approach to ancillary services."
In a New Year’s address on the 31st, Jeong noted, "To strengthen the competitiveness of credit finance companies, I will work to expand the business areas based on our core operations." He added, "In the context of the government’s financial innovation policy and changes in financial environments such as digitization and platformization, credit finance companies must be able to provide innovative services that enhance consumer benefits."
Jeong said, "I will ensure that the characteristics of the industry are well reflected in the financial authorities' policies related to household debt," and noted, "In real estate project financing (PF) investment, I will work to establish a reasonable risk management system so that once the real estate market normalizes, smooth supply can be facilitated through discussions."
He also promised, "I will work to relax investment sector restrictions on new technology financial firms and expand private investment in new technology; for balanced institutional improvements in investing in innovative corporations compared to other venture capital." He added, "The recent measures by financial authorities that reflect the actual risks of investment assets in the risk weight (RW) for venture capital investment must be swiftly established to enhance the participation incentives of venture capital in the market."
Jeong emphasized the importance of internal controls to prevent financial accidents. He said, "I will review an accountability structure suitable for the credit finance industry to minimize the management burdens of member companies and strengthen the trust of financial consumers."