Three contenders vying for CREFIA chief position

By Kim Bo-eun

From left, Kim Joo-hyun, Lim Yoo, Jeong Su-jin

The Credit Finance Association of Korea (CREFIA) has narrowed the pool of candidates for its new chairman to three.

They are Kim Joo-hyun, former president of the Korea Deposit Insurance Corporation; Lim Yoo, former senior executive of CREFIA; and Jeong Su-jin, former KEB Hana Card CEO.

They are all considered strong candidates given their backgrounds.

Kim passed the civil service examination the same year as the Financial Services Commission Chairman Choi Jong-ku. Lim, meanwhile, may have an advantage due to his knowledge of affairs concerning CREFIA, as a former executive of the association. Jeong's experience as the chief of a credit card firm is expected to earn him credit.

Ten candidates had initially applied for the position.

A candidate with a background in the public sector had been considered likely to be elected. However, the union representing workers in the finance sector protested against this at a press conference last month.

Members said former chiefs of the association that had served in the public sector had come under the influence of government authorities, such as the Financial Services Commission.

CREFIA's union also issued a statement that said: "We are against parachuting former government officials, which endangers the association of coming under the control of financial authorities, instead of representing companies in the private sector."

CREFIA is set to hold a committee meeting on June 7 for a final vote.

The committee has seven officials from credit card companies and seven from capital firms, who are members of the association's board, and an auditor.

The next chairman will be confirmed at a meeting in mid-June and serve a three-year term.

Current Chairman Kim Duk-soo's term ends June 15. Kim became the first chairman of the association from the private sector. He is a former CEO of KB Kookmin Card.

Credit card companies are more eager to get better representation via the association, due to recent developments over their transaction fees. They have been irked by the Moon Jae-in administration's policy to lower fees for the self-employed and small and medium enterprises. The policy was designed so that larger vendors would make up for the gap by paying more.