Vice Chairman Kim So-young presided over the 5th financial risk response taskforce meeting jointly with relevant institutions on October 13 and held discussions on potential risks of the digitalization and platformization of financial services and response strategies. In his opening remarks, Vice Chairman Kim stated that fintech and big tech firms equipped with digital technologies have changed the structure of financial markets around the world, facilitating innovation in financial services and improving consumer convenience. However, Vice Chairman Kim said that financial authorities need to preemptively respond to the potential risks in order to ensure financial stability and consumer protection.