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S. Korea: BOK Chief Calls for Risk Management in Digital Financial Innovation
Source: http://www.koreaherald.com
Source Date: Friday, March 03, 2017
Focus: Institution and HR Management
Country: Korea (Republic of)
Created: Mar 10, 2017

The head of South Korea's central bank asked heads of major banks on Friday to strengthen efforts to reduce possible risks in embracing innovation in digital finance.

Bank of Korea Gov. Lee Ju-yeol said innovation in digital finance could offer various benefits, but it could also pose risks to the financial industry.

South Korean banks "should pay attention to risk management as they develop a new business territory for digital technologies,"

Lee said in a meeting with heads of major banks in Seoul.

His comments came as banks and other players begin to embrace financial technology, or fintech, a possible game changer in the banking industry.

In November, South Korea said it would launch a government-civilian consortium on "blockchain" for joint research and pilot projects.

Blockchain is a key technology for the digital currency bitcoin, enabling data sharing across a network of individual computers. As a kind of distributed ledger, it records and tracks practically all bitcoin transactions.

Lee said finance ministers and central bank governors from the world's 20 major economies, including South Korea, could discuss ways to ensure security and transparency in digital financial innovation when they meet in Germany later this month.

He said the meeting could become a starting point for international discussions in setting up an international regime meant to guarantee security in digital financial innovation.

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