By Kim Rahn
About 120 heads of Asia's leading financial companies have gathered in Seoul to discuss financial development in the region at the 2013 Institute of International Finance (IIF) Asia CEO Summit. The event opened Wednesday for a three-day run at the Westin Chosun Seoul Hotel.
The summit is an annual meeting of Asia's financial institutions organized by the IIF, the world's only global association of private financial companies that discusses issues in different countries.
This year's event was hosted by KB Financial Group, while last year's meeting was held by the Bangkok Bank in Thailand.
Participants from overseas companies include Timothy D. Adams, president and CEO of the IIF; Nobuyuki Hirano, president and CEO of Mitsubishi UFJ Financial Group; Hiroshi Watanabe, president and CEO of the Japan Bank for International Cooperation; and Hung Tran, executive managing director of the IIF.
Among domestic figures are KB Financial Chairman Euh Yoon-dae; Financial Services Commission Chairman Shin Je-yoon; Financial Supervisory Service Governor Choi Soo-hyun; Bank of Korea Governor Kim Choong-soo; and Korea Institute of Finance President Yun Chang-hyun.
In four sessions, the participants will talk about economic outlook in Asia and global markets as well as challenges and opportunities that Asian financial systems are facing.
They will also discuss regulation and system improvement to develop Asian bond markets and reform financial rules.
Dozens of figures will deliver addresses and take part in the sessions as panelists to discuss ways to develop Asia's financial industry six years after the global financial crisis.
"The IIF Asia CEO meeting is a chance to have in-depth discussions on various issues in economy and finance. We hope participants of this year's event can come up with opinions that will contribute to the development of global finance," a KB official said.
The Seoul summit is also meaningful as it shows the heightened position of Korea's financial industry, he added.
The IIF was established in 1983 for cooperation among banks in response to the debt crisis of developing regions in South America and Eastern Europe. Headquartered in Washington, it has 450 commercial banks, investment banks, insurance firms and investment management companies from 70 countries as members.