Former KB Financial Vice Chairman Lee Dong-cheol Takes Helm at Korea Credit Finance Association, Backs Stablecoin Use by Card Firms

Former KB Financial Group Vice Chairman Lee Dong-cheol has taken office as the 14th chairman of the Korea Credit Finance Association. He said he would seek new growth drivers for the credit finance industry, including support for card companies' use of stablecoins and eased regulations on data use.

The association said June 16 that it appointed Lee at an extraordinary general meeting held the same day. His three-year term began immediately.

In his inaugural address, Lee said he would bolster the competitiveness of the credit finance industry in line with the government's push for inclusive and productive finance. He also pledged to expand the sector's role in inclusive finance for vulnerable groups and lay the groundwork for sustainable growth.

Lee identified stablecoins and data use as future growth engines for the card industry. "We will pursue practical regulatory rationalization, including support for card companies' use of stablecoins and an easing of regulations on data use," he said.

As discussion of stablecoin use broadens in the virtual asset market, calls are also growing for institutional changes that would let the card industry connect stablecoins to payment and settlement infrastructure. A legal and regulatory framework allowing card companies to use stablecoins could also affect broader debate over the digital transformation of the payments market.

Lee also cited building a growth foundation for the leasing, installment finance and new technology finance sectors as a key task. He said he would work with financial authorities to ease rental-limit regulations and promote the introduction of a wider range of innovative financial services.

For the new technology finance sector, Lee said he would push for institutional changes to expand investment. Those steps include proposing to financial authorities the establishment of special purpose vehicles by new technology investment partnerships, as well as the formation and management of global funds. He also plans to pursue related legislation in the National Assembly.

Born in 1961, Lee graduated from Korea University with a law degree and later qualified as a New York state attorney at Tulane University Law School. He previously served as executive director of strategic planning at KB Financial Group, vice president of corporate planning at KB Life Insurance, senior executive vice president for strategy at KB Financial Group, chief executive officer of KB Kookmin Card and vice chairman of KB Financial Group.