The participants in the Korea-China Financial Forum held at Shangri-la Hotel in Qingdao City in China on Aug. 30 including President Park Young-ho of the Busan International Financial Center, Deputy Mayor Liu Janagun of Qingdao City and President Li Yang of NIFD and others from the two countries organizations related to the securities industry and research institutions pose for a photo session. (Photos: KSD)
President Lee Byung-rae of Korea Securities Depository(KSD).
Securities depository gets ready to launch new system in Sept. 2019, making sure it is safe and stable after 8-month test-run when completed in January; KSD also holds financial forum in Qingdao, China, on financial industry cooperation between Korea and China.
Korea Securities Depository (KSD) has been doing all it can to develop an electronic securities transaction system for the successful launch of the electronic securities system in Korea one year from now, said President Lee Byung-rae.
The development of the system will be completed in January, the test-run of which will be conducted by related organizations for 8 months to ensure that it has top-level safety and security measures when it is officially launched in September 2019, President Lee said.
Before the system is used, KSD will make sure that it is adapted well by market participants through the upkeep of communications and cooperation from the launching stages to the expanded use stages. KSD will also run ads and conduct public relations moves to prevent any occurrences of confusion in the market, said the CEO.
Next, KSD will hire more employees in a bid to follow the government’s policies to create new jobs while not charging fees to firms successfully create jobs. KSD has also been turning irregular employees to regular employees through the KSDream Co., an affiliate launched in August.
The company has been at the forefront of the moves to introduce the new technologies from the 4th Industrial Revolution, including blockchain, Big Data, and AI, among others, and plans to complete the pilot work in the electronic voting system based on blockchain and the blockchain PoC for the bond out-of-market issuance approval system, which is being developed to make blockchain a key technology for KSD’s operations.
In the meantime, KSD, jointly with Busan Metropolitan City and Qingdao City, China and NIFD held the 2018 Korea-China Financial Forum at the Shangri-la Hotel in Qingdao, China, on Aug. 30. NFID is the National Institute for Finance and Development, set up in 2005 by the Chinese government to develop China’s financial industry to manage, as well as supervise, the financial industry as a representative financial research institute in China.
The financial forum, the third to be held so far, had some 150 attendants including such figures as President Lee Byung-rae of Korea Securities Depository, President Park Young-ho of the Busan International Financial Center, Deputy Mayor Liu Jangjun of Qingdao City, and President Li Yang of NIFD and others from the two countries organizations related to the securities industry and research institutes.
President Lee in his keynote speech said the forum has played a role for the development of the financial industry of both Korea and China through cooperation and exchanges.
The paper presentations took place in three sessions with Hwang Sei-woon, a senior research staff for research of capital market and Mei Xinyu, senior research staff of NIFD presenting their papers on the subject of the current status of the Korea-China financial cooperation and its future development direction in the age of the internationalization in the first session.
In the second session, attorneys Choo Won-shik of the Kwangjang Inc., and Chang Young-soo of KSD presented papers on the issue of securities outside the stock markets in Korea and China and listing them on the international securities market.
In the third session, Wu Xuchan, deputy manager of China People’s Bank, Tang Tao, NIFD deputy manager and Professor Ahn Yu-wha of Sungkyunkwan University, presented their papers on the subject of the plan for the exchanges of the asset management industry in Korea and China in the age of Fintech.
KSD plans to provide its support to the growth of Busan as a financial center by spurring its capital market with diverse policies in cooperation with the China Social Science Academy and the financial authorities in Korea and China.