On December 4, 2018, Il Hong Seok, a Kim & Chang foreign attorney, spoke at the Seventh Credit Finance Association Forum under the theme of “Crisis of Credit-Specialized Financial Companies and the Search for Sustainable Growth.”  

In his speech on “Regulatory Improvement Plan for the Development of the Credit Card Market,” he presented a plan to overcome the crisis of the credit card market and to further develop the market.

Mr. Seok explained the status of credit card companies in the current legal system, and analyzed reasons behind why the credit card market was recently hit with a crisis.  To improve the system for the credit card business, he proposed various strategies, such as correcting reverse discrimination against the credit card industry, improving the system for franchisee fees, easing conditions for maintaining additional services, expanding into the money transfer business to generate a new source of revenue, selling information, opening credit card network for a new payment method, and expanding the scope of ancillary services.

The forum, hosted by the Credit Finance Association, was attended by experts in the credit card business, and provided an opportunity for sharing plans on how to grow and overcome the crisis facing the credit financing companies, including credit card companies.