Financial Supervisory Service Governor Lee Chan-jin said on the 1st that, regarding digital security at large retail platforms such as Coupang, "we will work with related agencies to prepare policy reforms, including a supervisory framework comparable to that for financial institutions."
In a New Year's address the same day, Lee said, "we will build a digital finance ecosystem centered on user protection," making the comments in that context. The remarks are seen as mindful of the recent large-scale leak of Coupang member information.
Lee said, "the faster the digital transition accelerates, the more important it is to strengthen financial security and protect digital asset users," adding, "by reinforcing the financial sector's IT risk monitoring system, we will activate immediate inspection and response mechanisms in the event of major incidents such as hacking or data breaches."
Lee said, "this year, Korea's economy is gradually showing signs of recovery, leaving behind the early confusion and slump of last year, but it is still too early to view the current situation with optimism," adding, "a shift to 'productive finance' is essential to solve the problems facing our economy and lay the groundwork for a new leap forward." He continued, "through revitalizing the capital market, we must channel liquidity concentrated in real estate and overseas stocks into corporations," emphasizing, "with bold support for venture and innovative companies, we should diversify the industrial structure and secure future growth engines."
Lee emphasized, "we will help the economy sustain growth through protecting financial consumers, stabilizing financial markets, and successfully shifting to productive finance," adding, "we will establish a supervisory system that puts financial consumers first and provide robust support to low-income and vulnerable groups through warm finance."
He added, "if, in this process, financial consumers are not fully protected in their rights, public trust will be undermined and the fruits of productive finance will be halved," saying, "we will continue organization-wide efforts, such as concentrating inspection capabilities on high-risk issues that raise concerns about consumer harm." He also said, "we will respond sternly so that stock manipulation is unthinkable, restore trust in the capital market, and promote productive finance that supports real growth."