The Korea Fintech Industry Association (hereinafter referred to as the Association) held an Electronic Finance Business Association seminar on the topic of ‘Strategic Responses of Electronic Finance Businesses Amid Changes in the New Government’s Financial Policy’ at 3:00 PM on June 18th in the conference room on the 3rd floor of the Post Tower in Yeouido, Seoul.
This seminar was hosted by the Electronic Finance Business Association under the association, and was organized to discuss the industry's response to recent changes in financial policy and share issues related to financial security and reform of related laws and regulations.
The seminar began with a keynote speech by Attorney Hyun-Jung Kim of Pacific Law Firm. Attorney Kim covered ▲ information security-related trends and legal systems ▲ security paradigm shifts in the digital financial environment ▲ security inspection and financial security inspection strategies ▲ the role of electronic financial institutions, etc., and emphasized the importance of a balanced response between technological advancement and security regulations.
Next, Kim Si-hong, a specialist from Gwangjang Law Firm, gave a presentation on 'Reorganization of the Electronic Finance Industry and Resetting of the Scope of Business.' He explained ▲Current status of the electronic finance industry and institutional issues ▲Discussions on industry integration and new establishment ▲Redesign of business areas ▲Directions for improvement of the regulatory system, etc., and raised the need to eliminate functional duplication between industries and make the system more realistic.
The second half of the seminar was devoted to the discussion of the main agenda items of the Electronic Financial Business Association. The first agenda item was a comprehensive review of the Electronic Financial Transaction Act. The association pointed out that the current laws, which have not changed since their enactment in 2007, do not reflect the diversity and speed of the current fintech industry, and is gathering opinions from the industry on the current dual legislative strategy, such as the revision of the Online Platform Act and the Electronic Financial Transaction Act.
In addition, the agenda item ‘Legislative response to stablecoin payment’ was also discussed. The association plans to establish a preemptive legislative response strategy through advice from a relevant law firm, considering the issue of consistency with domestic payment and settlement laws.
In addition, the council discussed various agenda items related to system improvement, such as ▲adjusting the external management ratio of PG settlement funds (50% reduction plan), ▲strengthening user protection measures, ▲operating mutual aid businesses and establishing statutory organizations.
Association Chairman Lee Geun-ju said, “We will continue to make efforts at the association level to ensure that the revision of the Electronic Financial Transaction Act is promoted in a direction that is in line with the changing times,” and added, “I hope that our member companies will actively participate so that the opinions of the industry can be reflected in the first revision.”
Kim Jong-hyun, CEO of Kookmin, who was appointed as the new chairman of the council, said, “The electronic finance industry has recently been facing various issues such as the use of AI technology, network separation regulations, and mandatory settlement funds,” and added, “We will continue to discuss current issues in the industry through policy forums and seminars and faithfully fulfill our role as a bridge with financial authorities.”
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