According to the financial sector, the five largest financial groups—KB, Shinhan, Hana, Woori, and NH Nonghyup—will meet with the Financial Services Commission next week to discuss inclusive finance initiatives.
The meeting aims to refine the comprehensive evaluation system for inclusive finance, rationalize regulations on the soundness of financial institutions, and enhance credit infrastructure. Discussions are expected to focus on integrating inclusive finance into the internal systems of financial companies, with proposals to designate a CIFO to institutionalize inclusive finance at the governance level. The goal is to establish inclusive finance as a core element of financial management, linking its performance to employee evaluations and incentive systems.
Additionally, the meeting will address frameworks for credit assessment systems, integrated support measures for finance, employment, and welfare, soundness regulations, and the use of alternative information.
The Financial Services Commission has noted that many vulnerable groups face restrictions in accessing financial services due to insufficient financial history. As a solution, they are considering recognizing non-financial histories, such as telecommunications payments, tax payments, and shopping records, to include these marginalized groups in the financial system.
Financial groups are also expected to raise concerns regarding the challenges of promoting inclusive finance. Ko Seok-hun, Vice Chairman of Shinhan Financial Group, participated in a public forum on inclusive finance on June 17, where he called for incentives, such as fee reductions, for financial institutions burdened by soundness requirements, as well as increased flexibility in data utilization.
The Financial Services Commission plans to announce conclusions from the discussions through a series of meetings focused on the transition to inclusive finance.
* This article has been translated by AI.
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