Kwon Dae-young, vice chair of the Financial Services Commission, emphasized advanced industries, including artificial intelligence (AI), and digital assets as the two pillars leading the future of Korea's industry. He proposed directions for regulatory improvements and the expansion of the recovery market to foster the digital asset and fintech industries. Regarding stablecoins, he noted, "We will introduce them while balancing the coherence with global regulations, the impact on the system, and consumer protection."
On the 24th, Vice Chair Kwon attended the "Venture Investment Forum for the Revitalization of Fintech and Digital Assets" held at the Bank Hall in Jung-gu, Seoul. The forum, co-hosted by the Korea Fintech Industry Association (KORFIN) and the AI Digital Economy and Finance Forum, was attended by industry and political figures, including Vice Chair Kwon, Seo Yoo-seok, president of the Korea Financial Investment Association, and Lee Jun-hee, vice president of the Korea Venture Capital Association.
In his congratulatory speech, Vice Chair Kwon said, "Digital transformation is a matter of survival and the only way to leap forward," adding, "The government is concentrating policy resources on digital and AI-centered strategic industries with the goal of a leap through growth after market stabilization." He also explained regarding the institutionalization of digital assets, "We will ensure safety and global coherence while considering consumer protection in balance."
Vice Chair Kwon also emphasized the innovation of credit evaluation models using unstructured data. He stated, "Existing finance has relied only on structured data based on collateral and income," and added, "Unstructured data, such as restaurant review ratings and creator ideas, should be reflected in credit evaluation as intangible assets."
To achieve this, the Financial Services Commission is developing a technology credit evaluation model (XCD) and is pushing for the establishment of a model specifically for small businesses based on my data. Vice Chair Kwon remarked, "When the utilization of my data by individual entrepreneurs combined with AI technology is realized, customized financial services will become possible."
In addition to Vice Chair Kwon's congratulatory speech, Democratic Party of Korea lawmakers Park Chan-dae, Kang Jun-hyun, and Min Byeong-deok conveyed their commitment to the promotion of fintech and the digital industry as well as the revitalization of venture investment through video messages at the forum. The forum, attended by over 300 individuals from academia, the legal field, and policy experts, focused on the themes of institutionalization of the fintech and digital asset industry and the creation of an investment ecosystem, discussing various topics from legislative issues to venture investment practices.