“We need finance, but not a bank.”
This is what Microsoft Chairman Bill Gates said in 1994, and this could be a prophecy
for the era of Big Blur.
The big blur phenomenon, in which the boundaries between industries are collapsing,
is becoming clearer around the world. The spread of COVID-19 and the resulting digital
transformation served as a catalyst. Big blur refers to the blurring of boundaries.
The business area has completely been changed, and the game rules have also changed.
The financial market is no exception. Traditionally, financial companies competed with
each other within the boundaries of their business. However, now competition with
non-financial companies has become more important. This is because non-face-to-face
digital finance is rapidly growing due to the spread of COVID-19. Looking at the domestic
financial market, so-called big tech companies such as Naver and Kakao have jumped over
the fence and entered the financial market, resulting in unprecedented competition between
new and old financial institutions. This is a typical big blur phenomenon in which the boundary
between banking and other industries is collapsing.
In response to big tech companies, traditional financial companies are also trying various
digital transformations. Shinhan Bank launched a trial service of the delivery app ‘Dang Gyeoyo’.
KB Kookmin Bank is running a budget phone business. The financial authorities are also pushing
for institutional reforms, such as expanding the dual business.
The financial sector is still in its initial stage. Efforts to establish a playing ground and comply
with fair competition rules are urgently needed. Only then, we can create a sustainable
Big Blur ecosystem.
Accordingly, the Financial News will hold the
'23rd Seoul International Finance Forum' under the theme of 'Big Blur Era, the Future of Finance”
at the Grand Ballroom of the Westin Josun Seoul on April 21st (KST).
We expect this forum to be a valuable place to talk about how we could develop
the Korean financial industry in the era of big blur with
world-renowned domestic and foreign scholars and experts.
Title : The 23rd Seoul International Finance Forum
Theme : Big Blur Era, the Future of Finance:Game Rules have changed
Date : Thursday, April 21, 2022
Venue : Grand Ballroom(1F), The Westin Josun Hotel, Seoul
Host : The Financial News, Oaktree
Sponsor : Ministry of Economy and Finance, Financial Services Commission, Financial Supervisory Service,
Korea Deposit Insurance Corporation, Korea Federation of Banks, Korea Exchange,
Korea Financial Investment Association, Korea Life Insurance Association,
General Insurance Association of Korea, The Credit Finance Association of Korea,
Korea Securities Depository, Korea Securities Finance Corp., Koscom
Contact : The 23rd Seoul International Finance Forum Bureau