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S. Korea, OECD hold conference on 'digital finance'

March 18, 2024 - 11:09 By Yonhap
Kim So-young(left), vice chairman of the Financial Services Commission, delivers opening remarks at a Seoul forum co-hosted by the FSC, the Korea Institute of Finance and the Organization for Economic Cooperation and Development on digital finance on Monday. (Financial Service Commission)

South Korea and the Organization for Economic Cooperation and Development opened a joint conference in Seoul on Monday to discuss ways to help Southeast Asian countries develop and transform their financial systems.

The conference will be held for two days and discuss potential problems arising from the digitalization of financial systems in the Association of Southeast Asian Nations member countries and ways to address them, according to South Korea's financial regulator, the Financial Services Commission.

"The event, to be held for two days, is expected to be an opportunity for financial authorities, financial regulators, central bank officials, and other financial officials from Asia and OECD member states to check and share their views on latest developments in the global digital finance," the FSC said of the forum, titled "OECD-FSC-KIF Roundtable on Digital Finance in ASEAN."

FSC Vice Chairman Kim So-young noted that digital finance is enabling positive innovations but also stressed the need to prepare for possible risks in his opening remarks.

"Innovations through digital technology are bringing positive effects, such as a rise in the productivity of the financial sector," Kim told the meeting.

"But there also need to be active steps to establish an adequate regulation system to manage potential risks that new technologies may bring and to protect consumers," he added, according to the FSC.

Kim also vowed increased cooperation with ASEAN countries.

"(We) will continue strengthening our cooperation with other global partners, including ASEAN countries and international organizations, to share latest trends in finance and maintain our system in line with the international regulation norms," Kim was quoted as saying. (Yonhap)