Seo Yoo-sek's Vision for Financial Innovation

In a groundbreaking New Year's address, Seo Yoo-sek, president of the Korea Financial Investment Association (KOFIA), laid out a comprehensive plan to revolutionize the financial infrastructure and propel domestic financial investment firms into the digital asset arena. "Our mission is clear: innovate the financial infrastructure and unlock new growth avenues for our domestic financial investment companies in the digital asset market," Seo declared, signaling a year of ambitious initiatives.

Expanding the Digital Asset Market

Seo announced a significant push into the virtual asset sector, with plans to legalize token securities and introduce virtual asset exchange-traded funds (ETFs). "The upcoming year will see us expand our virtual asset ETF business," he emphasized, highlighting the sector's potential to redefine investment landscapes. Token securities and virtual asset ETFs are poised to offer investors novel opportunities for portfolio diversification and growth.

Global Expansion and Investor Protection

Beyond digital assets, Seo committed to bolstering the international presence of South Korean financial firms. "We're dedicated to transforming our large securities companies into Asia's top players by enhancing their global capabilities and streamlining institutional processes," he stated. This initiative aims to elevate South Korea's financial sector on the world stage. Moreover, Seo stressed the importance of investor protection and self-regulation, ensuring market stability and confidence through stringent oversight and compliance measures.

Looking Forward: New Initiatives and Market Integration

Seo outlined several key projects for the year, including the rationalization of dividend taxation, the enhancement of corporate value in the capital market, and the expansion of domestic financial investment companies' role in pension fund management. Additionally, the introduction of junior individual savings accounts (ISAs) and improvements to the trust business system are on the agenda. "Our goal is to support the younger generation through the junior ISA system and enhance the trust business system," Seo explained. The launch of the alternative trading system "Next Trade" is also a priority, with efforts focused on minimizing market confusion and ensuring a smooth transition to the new system.