The key leaders of the financial industry including commercial banks, financial associations, legislators and government officials totaling some 1,300 pose for a photo session at the new year’s gathering for the financial community held at Hotel Lotte in downtown Seoul on Jan. 3. They included Speaker Shin Jae-cheol of the National Assembly, DPM Kim Dong-yeon, Gov. Lee Ju-yeol of the Bank of Korea and Chairman Yoon Jong-kyoo of KB Financial Group, and Chairman Kim Jung-tae of Hana Financial Group, among others. (Photo: NewsWorld)

The heavy hitters in the financial industry swore to work towards economic growth and the creation of jobs in the new year, despite the uncertainties facing the national economy, including rising interest rates and ballooning household debt. 

The commitments were made at a New Year’s gathering for those in the financial community, led by Vice Speaker Shin Jae-cheol of the National Assembly, Deputy Prime Minster Kim Dong-yeon as well as the minister of Strategy and Finance, Gov. Lee Ju-yeol of the Bank of Korea, Vice Chairman Kim Yong-bum of the Financial Services Commission (FSC), Commissioner Choi Hong-shik of the Financial Supervisory Service. A slew of other high-ranking government officials and legislators were also in attendance at the gathering, including some 1,300 important figures in the nation’s financial circles. 

They exchanged new year’s greetings at Hotel Lotte in downtown Seoul on Jan. 3, where the Dasan Financial Awards were also presented to the winners for their contributions to the national economy hosted by the Korea Economic Daily and the Financial Services Commission.

Many of the participants agreed that the national economy would continue on its current growth trajectory, but the financial industry would have to grapple with intensified competition ushered in by the “new industrial revolution” and Fintech dismantling the walls dividing the financial industrial sectors. Deputy Prime Minister Kim Dong-yeon urged the financial community to do its best to help economic growth to reach 3 percent in real terms and 3 percent in potential growth in the new year.

He also asked the financial industry to reform various financial systems for the industry to be able to do what is supposed to under normal conditions. 

Gov. Lee of the central bank said the global economy is likely to grow more this year than last year, with the new year being the 10th year anniversary of the global financial crisis. The role of the financial community cannot be overemphasized in sustaining the momentum for economic recovery while calling on the financial industry to back reformative growth for the economy and provide support to business firms to create jobs, the central bank governor said.

Vice Chairman Kim of FSC said we will focus on finance for all kinds of reformative financial growth so the financial support would be provided at the right time in the cycle of ,business growth stages including growth, recovery and survival.

“We need the financial people’s solid support as they are the ones who guard the worksites as a support group for the national economy,” the FSC vice chairman said.

He urged the financial industry to help lead the industry to break into more productive and reformative areas and be more trustworthy in the eyes of the public. Commissioner Choi of the FSS said financial firms should change their operations to be based more on customer services, always having in mind that they are their companions for growth, not just customers.

Chairman Yoon Jong-kyoo of KB Financial Group, the winner of Dasan Grand Financial Award for 2017, said he projects the national economy will sustain its growth path until the first half of next year, and he will lead the group to take the period as a chance for its further growth.

President Wi Sung-ho of Shinhan Bank said he will manage the bank and 2018 will be the initial year for full-fledged digital operations, particularly overseas.