COVID-19 has rattled the economies around the world and Korea is no exception.

In light of the prolonged crisis, however, South Korea, an IT powerhouse, is seeking a paradigm shift in its finance sector.

To gauge the impact of the virus on the financial and investment sectors and to discuss how to rejuvenate the coronavirus-hit economy with innovative ideas and technology, The Korea Herald, South Korea’s largest English newspaper, holds its first finance forum on Wednesday in Seoul.

Under the tagline, “Korean Economy on Road to Revolution,” the forum invites the country’s policymakers, leading financiers and diplomats to discuss different aspects of the Korean economy in the pandemic and post-pandemic era. The forum is set to take place at Yeong Bin Gwan of The Shilla Seoul.

“The Korea Herald, the nation’s largest English newspaper with 67 years of history, is presenting its first finance forum to introduce the strength of the Korean economy and its potential as a leader in digitalization of the finance market,” said Kwon Chung-won, CEO of Herald Corp. and the publisher of The Korea Herald.

“Distinguished policymakers and economists will also be offering their insights into different aspects of the Korean economy in the post-pandemic era, including the digital transformation of the finance sector and our capacity to strengthen economic cooperation with our most trusted nations.”

The forum’s keynote speaker Financial Services Commission Vice Chairman Doh Kyu-sang will address Korea’s policy direction in dealing with the economic effects of the pandemic and its drive for digital innovation in the finance sector.

Soh Hoon Sahib, special representative of the World Bank Group Korea Office, is set to give a lecture on COVID-19 and its impact on international development, as well as Korea‘s role as a digital hub of the finance market.

Lee Hyoung-joo, director general of the financial innovation bureau at the FSC will also talk about the rise of digital finance and the policy drive behind nurturing the growth of the sector.

Jeong Young-sik, senior research fellow for international finance at the Korea Institute for International Economic Policy, will wrap up the event by suggesting overseas strategies for Korean banking and investment groups heading to Southeast Asian countries and highlight the role of the regional partnership between South Korea and ASEAN in strengthening ties in the financial sector.

To mark the newspaper’s first finance forum, Rep. Youn Kwan-suk, chairman of the National Assembly’s National Policy Committee; Kim Kun-ik, first senior deputy governor of the Financial Supervisory Service; and Her Excellency Maria Castillo-Fernandez, EU ambassador to South Korea, will also attend.

The conference will be livestreamed on YouTube for those who will not be able to be physically present at the conference due to the pandemic.

By Kim Young-won (wone0102@heraldcorp.com)