On Dec. 31, Korea Federation of Credit Finance Association Chairman Jeong Wan-gyu said in a New Year's address that he would consult with the financial authorities to ensure that credit finance companies faithfully perform their role of supplying funds to low-income people and corporations while not neglecting soundness and risk management.
Jeong said, "To strengthen the role of supporting finance for low-income people, we will work to expand the handling of policy finance products and to activate mid-rate loans. We will also ensure a reasonable soft landing for real estate project financing (PF) and household liability risk management while maintaining the basic strength of the industry."
Jeong added, "We will identify new business opportunities that meet the era of financial innovation and digital transformation," and said, "As the introduction of a won stablecoin has become visible, credit card companies will participate by leveraging their payment infrastructure, and we will support stablecoins so they can be used safely and conveniently in the payments market."
Jeong went on to say, "In line with the government's policy shift toward productive finance, we will lay the groundwork to revitalize the core business of credit finance companies," and added, "In step with the trend toward diversification in payment trends, we will expand the scope of card payments to include peer-to-peer used-goods transactions, and we will consult to reasonably improve rental handling regulations for leasing and installment finance companies so they can be adjusted in a way that broadens consumer choice."