“Government and the financial sector must work together to push our economy to the next level,” mentioned FSC Chairman Shin Je-Yoon during a meeting with bank CEOs on August 5th.
“Mortgage loans and credit loans which have been the main sources of profit for banks are exposing their limits. Retail finance targeting self employees and conventional manufacturers has turned into a red ocean,” said Mr. Shin.
“Banks that fail to overcome such limits and find blue oceans are destined to face harsh competition and low profitability.”
Chairman Shin went on by saying it is time for the banking industry to develop a new source of profit by financing startups with creative and innovative technology. He urged bank CEOs to lead the change that actually helps financial consumer’s daily life.