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Supervisor of Banks Daniel Hahiashvili was invited by the South Korean Financial Services Commission (FSC) to deliver a speech at the opening session of Fintech Week being held in Seoul. In his speech, the Supervisor outlined the main steps being taken by the Bank of Israel to develop financial innovation, and emphasized the Bank of Israel’s commitment to continue advancing such innovation.
During the speech, the Supervisor stated:
“… As regulators or policy makers, we can tremendously influence the development of financial services, their level of innovation, and—no less important—their safety. As new technologies such as AI, quantum computing, DLT, and biometrics become more present in our lives, our role as regulators to enable this transformation becomes more crucial.”
The full text of the Supervisor’s speech is attached.
Following the speech, the Supervisor invited participants to learn more about the variety of Israeli companies that participated in the event. Fintech Week served as a platform for many international financial institutions, including banks, payment companies, and many fintech companies, to present their products, with an emphasis on financial innovation.
During his visit to South Korea, which was conducted with the support of Israeli Ambassador to South Korea Akiva Tor and with the help of Israel’s economic attaches in Seoul led by Tamar Meron Kosher, the Supervisor met with his South Korean counterpart Lee Joonsoo, senior officials of the Bank of Korea, and leading companies in the South Korean banking and credit card fields.
During those meetings, the Supervisor discussed recent developments in the financial risk environment and the opportunities and challenges facing the Banking Supervision Department, and learned about the steps being taken to develop competition in the South Korean financial market, with an emphasis on the role of the credit card companies.
Credit: Bank of Israel Spokesperson’s Office.
