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Center for Industrial Future Strategy Takes Off at KAIST
KAIST to Host Conference on the Financial Technology Industry
To take place in the Korea Federation of Banks building on May 21, 2015, Seoul Around 200 individuals to be present including Oh-Kyu Kwon, the former Minister of Finance and Economy and Chang-Hyun Yun, the former president of Korea Institute of Finance KAIST will hold a conference to discuss prospects for Korea’s financial technology industry (FinTech) and to address the rapid changes taking place in both national and global finance markets. The conference will be held in the Convention Hall of the Korea Federation of Banks building in Myeongdong, Seoul on May 21, 2015 with a theme entitled “The Challenge and the Task of Korean FinTech Industry in the Global Finance Market.” Around 200 individuals including Oh-Kyu Kwon, the former Minister of Finance and Economy, Jiwon Jung, a member of a standing committee of Financial Services Commission, and Steve Kang, the President of KAIST will attend the meeting. The term “FinTech” originates from the combination of two words, finance and technology, to describe a new form of financial system based on Information Technology (IT). The precise definition and boundary of FinTech is not fully established yet, but this will provide Korea with an opportunity to take the lead in the finance industry with its cutting-edge IT. The conference will focus on the methods by which Korean FinTech companies can acquire a competitive edge in the global finance market. The keynote speaker, Tong-Suk Kim, the Dean of College of Business, KAIST, will speak about “The Challenge and the Task of Korean FinTech.” The talk will emphasize how the FinTech industry can create an innovative industry, destroying the existing paradigm of payment system and Internet-only banks. The keynote speech will be followed by a talk on “The Requirements for Establishing Korean FinTech Ecosystem” by Jong-Hyun Kim, a researcher at Woori Finance Research Institute, Korea. Additional talks, which will be given by KAIST professors, are: “Korean Economy and the Role of FinTech” by Professor Young-Sun Kwon of the Department Business and Technology Management; “Korean FinTech in ICT Perspective” by Professor Yoon-Joon Lee of the Department of Computer Science; “The Current State and Possibilities of Korean FinTech” by Professor Byung-Tae Lee of the School of Management Engineering; and “The Task and Challenge of Promoting FinTech Industry” by Professor Byung-Chun Kim of the School of Management Engineering. Also, Professor Chang-Hyun Yoon of the School of Business Administration, University of Seoul, will give a talk on “The Crisis in Korean Finance Industry and the Role of FinTech.” The conference will also hold a discussion session on “The Promotion Methods for Korean FinTech Industry.” Participants for the discussion will include Jae-Sung Song from the Ministry of Science, ICT and Future Planning, Dong-Hwan Kim from the Financial Services Commission, Jeon Jin from Samsung Economic Research Institute (SERI), Hyo-Jin Lee of 8Percent, In-Chang Hwang from the Korea Insurance Research Institute, and Jae-Kyu Lee from Koscom. Byung-Chun Kim, the Director of KAIST’s Financial Engineering Research Center, who organized the FinTech conference said, “FinTech industry will evolve from simply attempting to attract consumers to understanding the lifestyle patterns of consumers to provide customized service and information.”
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