Chin Devised Real-Name Financial Transaction System
By Lee Hyo-sik
Staff Reporter
Chin Dong-soo, 60, president of the Export-Import Bank of Korea (Korea Eximbank), was designated Monday as the nation's top financial regulator, replacing outgoing Financial Services Commission (FSC) Chairman Jun Kwang-woo.
He was the chief architect of the real-name financial transaction system 15 years ago. He also played a key role in the breakdown of the Daewoo group when he was the financial policy secretary for President Kim Dae-jung in 1999.
Chin, the former IMF director for Korea, is one of the seasoned surgeons for corporate restructuring. Throughout his 30-year career at the former finance ministry and the Strategy and Finance Ministry, he was deeply involved in charting financial policies.
Later, his public service career was challenged in the waning days of the Roh Moo-hyun administration. As vice financial minister, he opposed the use of the state-run Exim Bank as a conduit to remit funds to North Korea. His refusal was widely respected in the financial market, although Roh forced him out later.
Born in 1949 in Gochang, North Jeolla Province, Chin began his career at the finance ministry in 1975. He also gained diverse experiences and enhanced his financial expertise by working at the World Bank and the Financial Supervisory Commission.
In 2005, Chin served as a Public Procurement Service administrator and became vice minister in the following year under the previous Roh Moo-hyun administration. He was chosen to head Korea Eximbank early last year by President Lee Myung-bak.
Current FSC Chairman Jun has been widely criticized for his poor performance in dealing with the worldwide financial market turmoil triggered by the U.S. subprime mortgage meltdown last summer. Jun was among ministers and heads of economy-related bodies to be replaced in recent months.