By Kim Jae-won
Staff reporter
The Korea Financial Investment Association (KOFIA) seeks to enforce international competitiveness of the local financial investment industry by expanding the customer base of the capital market. To achieve this goal, the organization plans to establish a self-regulatory system focused on enhanced risk management and investor protection.
KOFIA is a non-profit organization founded in February 2009 under the Financial Investment Services and Capital Market Act, whose main functions are ensuring fair business practice among members, the fair trading of securities, and investor protection.
All securities, asset management, and futures firms in Korea are members of the organization and are subject to its self-regulatory operations.
KOFIA is also a think-tank for the financial investment industry, dedicating its efforts to take a leading role in promoting the development and globalization of local capital market.
Korea's Financial Investment Services and Capital Market Act was enacted to advance the Korean financial market by improving the competitive edge of the nation's capital market and financial investment industry.
In response, the Korea Securities Dealers Association, the Asset Management Association of Korea, and the Korea Futures Association merged to form the Korea Financial Investment Association (KOFIA).
By performing such functions, the organization hopes that it can play a key role in establishing Korea as a world-class financial powerhouse. The financial industry has become a high value-adding industry and future economic growth engine.
Being aware of this fact, KOFIA has sought to reproduce the international success of the Korean semi-conductor, ship construction and steel industries with the financial sector, adding extra drive to the growth of the Korean economy.
In order to make the financial investment industry more globally competitive, KOFIA has vowed to lead the development of Korea's capital market by educating better professionals and providing the best services, while also interacting with our investors to establish a healthy investment atmosphere.
KOFIA' s vision is to be a global financial investment association, which is trusted by investors and members leading the advancement of the capital market and financial investment industry.
It has a mission of developing a reliable, advanced self-regulatory system. It aims to create an efficient, low-cost self-regulatory system that complements public regulation and ensures member cooperation.
KOFIA also hopes that it can build the foundation for an advanced capital market, nurturing qualified financial investment experts who are globally competitive while strengthening investor protection and education.