The Korea Financial Investment Association said on the 6th that it is taking part in discussions on regulatory and policy issues facing the global fund industry as a board member of the International Investment Funds Association, and will share South Korea's market experience with its international peers. The association also plans to sign a memorandum of understanding with the Investment Trusts Association, Japan, to expand exchanges between the two countries' asset management industries.
The association said it is attending the 39th IIFA annual general meeting, which opened the previous day in Toronto, Canada. The IIFA is a global body of 43 investment fund associations from 41 countries. The Korean association was re-elected to the board through a vote in July and will serve for the next two years on the board and on working committees covering sustainability, international regulation, and pensions, savings and investment.
About 50 fund industry officials from 24 organizations in 19 countries are attending this year's meeting. Participants are taking up international regulatory and policy coordination in response to growth in the global fund industry, the expansion of digital and hybrid advice models, and the shift of household savings into long-term, productive investment.
In a panel discussion, the Korean association is addressing financial literacy and investor protection challenges arising from the spread of digital investing, and is presenting South Korea's investor education framework and market experience. During the meeting, it also plans to sign the MOU with Japan's asset management association to broaden cooperation, including exchanges of information and personnel on the two countries' asset management markets and regulatory systems, as well as joint events.
"Through our work as an IIFA board member, we will take an active part in the major changes and debates in the global asset management industry and share South Korea's market experience with the international community," said Hwang Sung-yeop, chairman of the Korea Financial Investment Association. "We will make sure the results of our cooperation with overseas associations lead to stronger global business for our member firms and greater competitiveness for Korea's capital markets."
