Chairman Kim Keun-soo of Crefia.

The Credit Finance Association (Crefia) has been working hard to find new growth engines with the appearance of diverse fintech business firms and banks adopting fintech in their operations in increasing numbers.

Fast emerging new simple settlement services and credit cards to be introduced by Internet banks will be a threat to existing credit card firms, which is why Crefia Chairman Kim Keun-soo called for the association to do its upmost to come up with measures to help its members, including credit card firms and savings banks, in such areas as the use of Big Data, settlement services and security matters.

Crefia has been doing a good job in its diverse R&D results, focusing on the credit sector. 

Last year, the institute published a number of research reports on topics such as settlement service expansion and the environment for such moves; the use of tokens for simple settlement services; the conditions for the creation of the value of Fintech; and the significance and plans by major global financial institutions to take up Fintech in their operations.

The institute also held forums to find out where the credit market is headed and also find ways to deal with the changes in the financial market by the credit market operators.

During the second forum that the institute held in May last year, the experts from the credit finance industry talked about Fintech and its effects on the financial industry, credit card firms in particular, and the best way to adapt it the industry.

In the 3rd forum held last July, the major issues taken up included changes in the financial market environment and the direction of financial policies; and experts talked about an appropriate increase in fees. 

Officials of Crefia said the institute and academics would hold forums on credit finance on a regular basis to take up financial issues related to the creation of new value by the financial institutions through the adoption of Fintech in their lines of businesses.

A scene from  a meeting  held at Crefia to discuss its problems on hand.(Photos:Crefia)