Ladies and Gentlemen,
Welcome to the 23rd Seoul International Finance Forum hosted by The Financial News.
The drama 'Pachinko' is gaining popularity these days, which depicts the pain and
suffering Koreans experienced in Japan from the Japanese colonial period to the 1980s.
While this drama was produced by Apple TV+ (Plus) in the US, it is being broadcast
all over the world through Apple TV+.
Apple as we know it is a computer and mobile phone company. But now it looks like
a TV station or drama production company. Apple has also been running the Apple Pay
business for a long time. By looking at Apple, you might be able to see what kind of
world we live at the moment. Our world is affected by so-called Big Blur, meaning
boundaries between industries and industries have disappeared.
According to statistics, tens of millions of people use Starbucks' mobile payment system,
and they have been charged billions of dollars, or more than trillions Won. In the Big
Blur era, the real competitors of banks would be non-banking companies such as
Starbucks. In Korea, big tech companies such as Naver, Kakao, and Coupang are
breaking down financial barriers.
Existing financial institutions are also responding quickly. Some banks have entered
the budget phone market, while others have partnered with game companies. This would
a good example in which the financial sector inverted its territory.
Reflecting this trend, The Financial News has set the theme of this year's forum as
'Big Blur Era, the Future of Finance: Game Rules have changed. We hope that this year’s
forum will provide the best experience for the audience.
Distinguished guests from home and abroad,
Economist Joseph Schumpeter argued that the dynamism of capitalism stems from
“creative destruction.” Big Blur, which breaks down barriers between industries,
is the right phenomenon of creative destruction. It is ultimately expected that the economy
and finance will develop one step further and consumer welfare will increase thanks to Big Blur.
Special guests has graced the event today. In particular, I would like to express my
deepest gratitude to Chairman Yoon Jae Ok of National Policy Committee and Chairman
Ko Seung Beom of Financial Services Commission. Also, I would also like to thank
John Frank, Vice Chairman of Oaktree Capital Management, who co-hosted this event with us.
Last, I would also like to express my sincere gratitude to Professor Mauro Guillen of
the University of Cambridge's Judge Business School, UK, for his valuable keynote speech.
COVID-19 seems to be coming to an end. Please take care of your health.
Jeon, Jae Ho
Chairman, fn Media Group