Cho Yong-byoung, chairman of the Korea Federation of Banks, met with a delegation from Germany's Bundestag to discuss cooperation between the two countries' banking industries in areas including digital finance and financial consumer protection.
The federation said on the 18th that Cho held the meeting at the Bank Hall in Seoul with a delegation led by Christian Goerke, acting chairman of the Bundestag's finance committee. Members of the finance committee and Joern Beissert, deputy chief of mission at the German Embassy in Seoul, also attended.
"Korea and Germany are important partners that have sustained economic cooperation and exchanges over a long period," Cho said. "Korea's banking industry is pursuing financial innovation using artificial intelligence and digital technology, while also working to protect financial consumers, maintain financial stability and support corporate innovation and growth."
The federation also briefed the delegation on key initiatives being pushed by domestic banks, including "productive finance" aimed at channeling funds into the real economy, inclusive finance and efforts to build public trust in the financial sector. The two sides exchanged views on the role of banks in supporting economic growth and industrial transition, assistance for financially vulnerable groups and measures against financial fraud.
They agreed in particular on the need to expand exchanges between the two countries' banking industries and mutual market entry by financial firms in areas of shared interest such as digital finance and financial consumer protection.
The federation said it plans to continue expanding communication with legislatures, governments and financial sectors in major countries and to support domestic banks in broadening their overseas business bases.
