On Monday, October 11, 2024, SolBridge International School of Business hosted a guest lecture by Jong-ho Baek, Director at Hana Institute of Finance. Mr. Baek delivered an insightful presentation on the structure and significant transformations within South Korea's financial industry. Drawing on his professional experience at the Korea Deposit Insurance Corporation and his doctoral degree in Statistics from UCLA, he offered students a comprehensive insight into the evolving financial landscape in Korea.

Lee Jiwon, a fourth-year student at SolBridge, reflects on her experience attending the captivating lecture:

The lecture highlighted the stability and growth of Korea’s financial market, particularly emphasizing the resilience it demonstrated after the 1997 Asian financial crisis and the 2008 global financial crisis.

The session then explored the transformative impact of digital technology on the financial sector, with a particular focus on the rapid expansion of mobile banking, which has become a cornerstone of modern financial services in Korea. As more consumers turn to mobile platforms, the industry has seen a shift toward a more accessible, user-friendly banking experience. Additionally, the lecture highlighted the growing role of artificial intelligence (AI) and the development of digital asset ecosystems, showcasing how these advancements are reshaping the way financial services are delivered and managed.

One of the more intriguing aspects of the lecture was the discussion on the intense competition between fintech and big tech companies, which has spurred the rise of “super-apps” that integrate various services into a single platform. This trend is leading to an accelerated digital transformation across the financial landscape, pushing traditional financial institutions to innovate and adapt rapidly in response to evolving consumer demands.

Overall, the lecture provided valuable insights into the global expansion of Korea’s financial industry, offering perspectives on how it might continue to evolve in the coming years. It prompted deeper reflection on the future directions for Korea’s financial sector, especially in light of emerging technologies that promise to further revolutionize the industry. Ultimately, the session reinforced the importance of embracing innovation in digital finance, making it an enlightening experience that underscored the dynamic changes shaping Korea’s financial landscape.