Lee Dongchul Inaugurated as 14th Chairman of Korea Financial Services Association... "Institutional Support for Card Companies' Use of Stablecoins"

Aligning With Inclusive and Productive Finance Initiatives
Easing Leasing, Installment, and Rental Limit Regulations
Pursuing Expansion of Investment in New Technology Finance

The Korea Financial Services Association announced on June 16 that it held an extraordinary general meeting and appointed Lee Dongchul, former Vice Chairman of KB Financial Group (head of Global & Insurance Division / Digital & IT Division), as its 14th Chairman.

Lee Dongchul, the newly appointed President of the Korea Federation of Credit Finance. The Asia Business Daily DB

Chairman Lee's term is three years, and he officially begins his duties as of today.

In his inauguration speech, Chairman Lee stated, "I will strengthen the competitiveness of the financial services sector in line with the government's inclusive and productive finance initiatives," adding, "I will strive to serve as a strong pillar for inclusive finance to better reach socially vulnerable groups."

He continued, "I will work to secure sustainable future growth engines for the card industry," and added, "We will pursue practical regulatory rationalization, such as supporting card companies' use of stablecoins and easing data usage regulations."

He also mentioned plans to secure growth engines for the leasing, installment finance, and new technology finance sectors.

Chairman Lee said, "We will proactively work on effective regulatory improvements, such as the reasonable easing of rental limit regulations and the introduction of various innovative financial services, through close consultation with the financial authorities."

He continued, "We will promote institutional improvements to expand investment in the new technology finance sector," and added, "We will propose to the financial authorities and push for National Assembly legislation to enable the establishment of investment purpose companies for new technology associations and the formation and operation of global funds."

Born in 1961, Chairman Lee graduated from Korea University’s Department of Law and obtained his New York State Bar qualification from Tulane Law School in the United States. He previously served as Executive Director of Strategic Planning at KB Financial Group, Executive Vice President of Management Planning at KB Life Insurance, Chief Strategy Officer (CSO) at KB Financial Group, CEO of KB Kookmin Card, and most recently as Vice Chairman of KB Financial Group (head of Global & Insurance Division / Digital & IT Division).

An association official said, "He has accumulated extensive experience and expertise by holding key positions across the entire financial industry. He is considered the right person to contribute significantly to the industry's development, equipped with strategic insight and excellent communication skills regarding recent digital and artificial intelligence (AI) innovation trends."

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