Lee Dong-chul pledges close watch on payment market shifts; first private-sector head in 7 years

[Provided by KB Financial Group]
[Provided by KB Financial Group]

"Since stablecoins are directly tied to payments, I will work to ensure that card companies play a leading role in the discussions."

Lee Dong-chul, the incoming 14th chairman of the Credit Finance Association of Korea, made the remarks Friday.

The association's chairman candidate recommendation committee held its second meeting Wednesday and nominated Lee, a former vice chairman of KB Financial, as its sole candidate for the chairmanship after he secured a majority of votes. His appointment will be confirmed at an extraordinary general meeting scheduled for June 16, and he will serve a three-year term.

"Legislation on stablecoins has yet to be drafted, but it is an issue that could reshape the payment system, so I will closely monitor how the legislative debate unfolds and respond accordingly," Lee said in a phone interview with The Herald Business. He would be only the second private-sector figure to lead the Credit Finance Association. The first was Kim Deok-su, a former president of KB Kookmin Card who served as association chairman from 2016 to 2019, making Lee the first such appointment in about seven years. Born in 1961, Lee graduated from Korea University with a degree in law, completed an LL.M. at Tulane University Law School in the United States, and is licensed as a New York attorney. He joined KB Kookmin Bank in 1990 and went on to serve as executive managing director of KB Financial's strategy and planning division, executive vice president of KB Life Insurance's management planning division, and chief strategy officer of KB Financial before becoming president of KB Kookmin Card. His strong performance at KB Kookmin Card earned him a promotion to group vice chairman.

Drawing on his experience across both the holding company and its affiliates, Lee said he would focus on "coordinating and providing support so the association can help the industry navigate its challenges, while also actively engaging with relevant authorities."


forest@heraldcorp.com