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Writer Invest Seoul Day18-12-20 10:56 View297

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「5th International Financial Cooperation Forum」 Held

 

 

The 5th International Financial Cooperation Forum, which had the theme ‘Financial Inclusion through Fintech and Its Implcations' was held on December 4 (Wed) at Four Seasons Hotel, Seoul. The International Financial Cooperation Forum provides an opportunity for Korean and overseas financial institutions and other parties concerned to share information on major financial issues, strengthen their personal networks and plan cooperative projects. Established in 2013, the Council on International Financial Cooperation, the host organization of the forum, is a consultative group consisting of 21 public and private financial institutions that aims to support successful overseas expansion by Korean financial enterprises.

 

This year’s forum was the largest ever, and was attended not only by high-level officials from foreign financial authorities including Vice Chairman Ha Huy Tuan of Vietnam's National Financial Supervisory Commission and Vice Chairman Vu Thi Chan Phuong of Vietnam's State Securities Commission, but also by other officials of foreign financial institutions and authorities visiting Korea. Officials from international organizations including the IMF, WB, and UN ESCAP(Economic and Social Commission for Asia and the Pacific) visited the forum to discuss fintech in the Middle East, Northern Africa and Southeast Asia.

 

In welcoming remarks, Vice Chairman of Korea's Financial Services Commission Kim Yong-beom explained that the topic of “financial inclusion through fintech” was selected to address the acceleration of innovation in the financial sector through fintech, which is the combination of innovative technologies such as artificial intelligence or blockchain with finance.

Kim Yong-beom went on to stress that fintech is already playing a key role by enabling the financially vulnerable to access financial services at a lower cost through digital technology,. And G20 has already taken note of digital financial inclusion as a major task,. It is important to strengthen international cooperation for continuous development of fintech.added. He also encouraged the participants to make joint efforts to share information on the fintech industry and technology, prepare an optimized regulatory framework, and stabilize the financial system.

 

Source of Press Release: www.fsc.go.kr

 

 

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