He once again mentioned fintech, even kindly comparing it to "African-level financial competitiveness." This was emphasized in a recent speech as part of his financial reform efforts. He even criticized the fintech-related ministries at the beginning of the year, suggesting that fintech is indeed important.

But you may not know it. In some African countries, mobile fintech is more widespread than in Korea. For example, M-Pesa, a mobile banking service for mobile money transfers, claims 43% of Kenya's population as customers, and its transactions account for 25% of the country's GDP.

This is not because ‘African-level’ IT is better than ours. Rather, it is easier to use mobile devices, which are steadily increasing, instead of the severely inadequate financial infrastructure.

It's a paradox.

The fact is that new businesses in the future financial sector are developing faster in countries where even visiting a bank is as difficult as picking a star, compared to Korea, where banks are so plentiful (that's what it means to trip over them) that they're practically impossible to find. Crucially, Korea's lag isn't due to a lack of banks, but rather an abundance. It's not that there aren't any, but that there are too many. Why, when we have a convenient banking system (and banks are even more convenient)?

It's reality.

South Korea, a financial powerhouse, has a fintech industry that rivals even Africa's, to the point where the president even sat down with a financial expert and reprimanded him. What can we do when even buying a single coat from My Love from the Star is difficult because we can't solve a single, thorny ActiveX issue? Credit cards are readily available everywhere, and interbank remittance systems are well-established, so how can fintech and other such things work?

It's a revolution.

A literal financial revolution is needed. Fintech, a portmanteau of "finance" and "technology," originated about 15 years ago with the concept of financial convergence. Since the 2000s, with the proliferation of mobile phones, convergence services between financial institutions and IT have expanded, but their uneasy coexistence has been limited. Why? Because there has been no revolution.

Combining disparate elements is inherently challenging. Rather than meld together to create something new, they seek to seize the initiative first. This is because their own livelihoods come first. The existing financial system, where fees are a primary source of income, cannot be overthrown overnight, and IT, which lacks financial expertise, cannot be indefinitely deregulated.

The government's role is not to "reprimand" but to create an institutional environment that revolutionaryally links finance and IT. If TransferWise, a British service created to eliminate euro exchange fees, is considered a currency-cheating crime in Korea and crowdfunding services must be registered as loan sharks, who would want to step forward and provide fintech services?

To achieve a financial revolution, the government must deregulate while also ensuring safeguards against financial crime. It must also ensure trustworthiness, particularly regarding security, a constant concern. Only then can we become a fintech powerhouse, at least to the level of Africa.