Yoon Chang-hyun, Professor of Business at the University of Seoul presented the topic 'Global Financial Policy and Analysis of the Direction of Korean Financial Policy' in the ‘Korea Business Policy Forum from the Perspective of Global Standards’ at the Korea Press Center Foreign Correspondents' Club on the 27th, Wednesday.

Professor Yoon portrayed that the present situation of Korean financial industry is gloomy. The financial industry is confronted by significant limitations. The new trend represented by Fin Tech is promoting unbundling in the financial industry.

A new situation is appearing that after disassembling the service packages which have been provided by large financial institutions, some parts of those services are provided better through lower cost and higher efficiency structure than those of large banks, he explained. 

He explained that this is why financial institutions including existing banks need to be tensed up more. Under the circumstances where SNS, mobile, big data and AI become new hot topics in the new financial industry, the current status of our financial industry shows many worrisome aspects.

Professor described that the move of the government indicates that it seems to pursue the instrumentation of the financial industry. Such tendency can be well seen from a direct example that the government took measures to cut down credit card fees to support the self-employed, cutting the credit card fee by 1.4 trillion won. 

Not only that, its protection-oriented policies such as financial support for small loans, financial consumer protection, debt relief and interest rate cut, as well as its policies such as supporting small and medium-sized venture businesses through the creation of venture capital funds, may confirm the fact that the role of financial institution is emphasized as a tool to support other industries, he added.

However, he pointed out that there will be a chance for the financial industry to survive the competition only if it continues its effort to reinforce its own competitiveness as a high-quality service industry, but not simply as a tool of financial role. 

He expressed that in the situation where new opportunities are created by the Korean Wave in recent years, also the financial industry should make efforts for overseas expansion, and in order to establish such infrastructure, the reinforcement of its own competitiveness can be a very important agenda.

Also through diverse measures to reinforce the competitiveness of financial industry, the government should drive the policy of reinforcing the industrial competitiveness other than just the instrumentation of the financial industry., he added. 

Professor Yoon emphasized that through such efforts, the financial industry can find its own place and play a better role. Various efforts to strengthen its own competitiveness of the financial industry are requested badly more than ever.

<Professor Yun, Chang-Hyun>

-A professor of finance at the Dept. of Business Administration in the University of Seoul. From 2015 to 2017, as Chairman of Public Fund Oversight Committee of Korea managing the 167 billion dollars worth of public fund which started after the 1997 economic crisis of Korea.

-As the President of Korea Institute of Finance from 2012 to 2015 which is the best and biggest research institute in Korea in the field of financial policy and markets. He also advised the Korean government in many ways as members of National Economic Council of Korea, National Competitiveness Committee, Social Integration Committee, Korea Deposit Insurance Committee etc. 

-As presidents of Korea Derivatives Association and Korean Economy Research Association. He wrote many articles and columns in various newspapers and magazines. He received ph.D in Economics at the University of Chicago in 1993. He received B.A. and M.A in Economics in Seoul National University.

Lee Kyung ah [WikiLeaks Korea]

andrea.lee@wikileaks-kr.org

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