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| Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, fourth from left, meets with chiefs of five major financial groups for the first time since taking office in early May at the Korea Federation of Banks in central Seoul, Friday. From left are Woori Financial Group Chairman Son Tae-seung, Shinhan Financial Group Chairman Cho Yong-byoung, Financial Services Commission (FSC) Vice Chairman Kim So-young, Choo, KB Financial Group Chairman Yoon Jong-kyu, Hana Financial Group Chairman Ham Young-joo and NongHyup Financial Group Chairman Son Byung-hwan. Yonhap |
By Anna J. Park
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho vowed to streamline unnecessary and excessive regulations in the financial sector, leaving only those regulations that are required for maintaining financial companies' financial soundness and protecting consumers.
The comment was made during Minister Choo's first official meeting with chairmen of the country's five major financial groups ― Shinhan, KB, Woori, Hana and NongHyup ― since taking office on May 11.
"In the past, the financial sector's status as a key industry had been largely undercut, as the country's prevalent view of the sector was as a mere target of regulations," Choo said during the meeting.
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| Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, right, speaks during a meeting with five major financial group chiefs held at the Korea Federation of Banks in central Seoul, Friday. Financial Services Commission (FSC) Vice Chairman Kim So-young sits beside Choo. Yonhap |
"Now, the financial industry is continuously being asked to innovate and enhance competitiveness, facing the global tide of digital transformation." The minister added that he expects the industry could position itself as a state-of-the-art industry that creates sustainable added value through innovation and quality jobs.
He also called on the financial groups to take preemptive measures to gird themselves for increased global uncertainties and market volatility. The minister said the government is also closely monitoring the market, as it sees various risk factors, ranging from soaring inflation, threat of economic recession and high prices of energy and raw materials.
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| Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, right, shake hands with KB Financial Group Chairman Yoon Jong-kyu, as he enters into the meeting place at the Korea Federation of Banks in central Seoul, Friday. The chairmen of four other major financial groups stand next to them. Yonhap |
Friday's meeting was hosted by the government to listen to voices from the financial market leaders, in preparation for the Yoon government's five-year economic policy goals and visions that will be announced in June.
Participants at the meeting include Financial Services Commission (FSC) Vice Chairman Kim So-young, Shinhan Financial Group Chairman Cho Yong-byoung, KB Chairman Yoon Jong-kyu, Woori Chairman Son Tae-seung, Hana Chairman Ham Young-joo and NongHyup Chairman Son Byung-hwan.
