Korea Federation of Banks Chairman Cho Yong-byeong on the 31st proposed strengthening productive and inclusive finance and establishing a financial consumer protection system. In a New Year's address, Cho said, "As the lifeblood of the economy, the financial industry must lead Korea's recovery and new challenges," adding, "In the new year, I hope we focus on 'trust,' 'inclusion' and 'leadership.'"
Cho said, "We must drive a major transition of the Korean economy and sustainable growth by actively supplying funds to productive sectors," adding, "We will support the smooth creation and operation of the Public Growth Fund, which will be fully launched in the new year, and expand productive finance to back the innovation needs of industries and corporations."
He went on to say, "We must also identify growth engines such as our own innovation in AI (artificial intelligence), advanced use of data, stablecoins, stronger asset management services, and an expansion of platform finance."
He also highlighted consumer trust. Cho said, "On the foundation of soundness, we must enhance transparency in governance, strengthen the effectiveness of internal controls, and establish a preemptive financial consumer protection system," proposing, "With these efforts, let's allow consumer trust in the financial industry to accumulate naturally."
He added, "It is urgent for the financial industry to put in place a systematic support framework so that the people's economy, dampened by a high exchange rate and high inflation, can cast off burdens and strengthen its resilience," and, "We need to bolster inclusive finance by expanding tailored funding support for low-income people, young people and the self-employed, and by easing debt burdens."
To the executives and employees of the Korea Federation of Banks, he said, "At a time when new growth engines are required for our economy, society's expectations for the role and responsibility of finance are higher than ever," and appealed, "Please lead change with the stance of 'Ilmadangseon (一馬當先),' meaning 'a horse that opens the way at the forefront.'"