Hwang Seong-yeop, president of the Korea Financial Investment Association, took office as the seventh president on the 2nd, saying, "The next 10 years will be a time when the financial investment industry complements banking and, furthermore, takes root as an industry in its own right," and added, "We intend to discuss a 10-year blueprint for the K capital market."
President Hwang said, "With a bank-centered financial structure alone, the Korean economy will find it difficult to move to the next stage," and emphasized, "For a major shift toward a capital market-centered system, we must make clear the reason for the financial investment industry's existence." Hwang cited key tasks including redesigning the pension and capital market structure, establishing a long-term investment culture, and channeling nonproductive liquidity into the capital market.
In particular, revisiting the "fishbowl theory" he emphasized during the election process, he said, "If the fishbowl is small, there is fighting, but if the fishbowl is large, we grow together. What we need to do is enlarge the fishbowl itself." To that end, President Hwang proposed: ▲ strengthening global competitiveness of large firms ▲ expanding participation in innovation by small and midsize firms ▲ designing balance so that no business sector is left out.
President Hwang stressed that the Korea Financial Investment Association should serve as a "platform" and become the engine for solving problems. He said, "We will set a resolute regulatory philosophy that boldly eases small regulations and firmly manages major risks to resolve member firms' inconveniences."
He also outlined plans for communication with the financial authorities. President Hwang said, "We will think together about which issue is the 'kingpin' that moves the structure and where to press so the market and authorities move together." He added, "The Korea Financial Investment Association cannot complete change on its own," and said, "We ask for the active cooperation of member firms, the National Assembly, and the authorities."