FSC Chairman meets bank CEOs

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“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.

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“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.”

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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.

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