Hwang Sung-yup, CEO of Shinyoung Securities, has been elected as the seventh chairman of the Korea Financial Investment Association (KOFIA). His election is attributed to his deep understanding of the broader financial investment industry, gained through more than 30 years at mid-sized Shinyoung Securities, and his "soft charisma" that enables smooth communication between financial regulators and the industry. With this election, the KOFIA chairmanship returns to a securities firm CEO after being held by an asset management company representative.
Hwang was elected in a runoff vote at an extraordinary general meeting held at the Financial Investment Center in Yeouido, Seoul, on Wednesday. No candidate secured a majority in the first round, leading to a runoff between Hwang and candidate Lee Hyun-seung. Hwang won with 57.36% of the vote, defeating Lee who received 41.81%. His term runs from January 1 next year through December 31, 2028, a three-year tenure.
In his acceptance speech, Hwang identified pension system reform as his first priority upon taking office. "Korea introduced the default option for retirement pensions two years ago, but improvements are needed like the U.S. 401K or Australia's pension system," he said. "When the pension system improves, it connects the capital market, national strategic industries, and people's retirement security."
During his candidacy, Hwang had pledged to reform pension regulations by expanding the range of default option products and shortening the review process.
Hwang also expressed his intent to redirect funds currently concentrated in real estate and bank deposits toward capital markets, aiming to shift the key partner for national strategic industries from banks to capital markets. "I'm very interested in how to channel unproductive liquidity into capital markets," he said. "It's unhealthy that the entire nation's funds are too concentrated in direct investment."
Regarding the government's recent identification of "seohak gaemi" (Korean retail investors in foreign stocks) as a major factor behind the high exchange rate, Hwang said, "Telling seohak gaemi not to invest in U.S. stocks because of exchange rates is not a good approach. We need to move toward long-term investment with a balance between direct and indirect investment."
Hwang cited strengthening global competitiveness as a key priority for the financial investment industry. "Large firms will enhance their global competitiveness while small and mid-sized firms will strengthen their participation in innovation, so that no company is left behind and we achieve balance," he said. "Rather than fighting each other in a small fishbowl, we should make the financial investment ecosystem work well in a larger one."
Hwang emphasized that now, 16 years after the merger of the securities, asset management, and futures industry associations into KOFIA, is a "golden time" requiring discussion of a "K-Capital Market 10-Year Blueprint." He plans to pursue a "K-Capital Market Forum" modeled after Australia's Financial Centre Forum. He also plans to establish a standing policy consultative body between KOFIA and financial authorities as an active communication channel.
Hwang made clear his commitment to serving only one term. "I will fulfill my duties over three years, and one term is sufficient," he said. "I will not accept any retiring advisor treatment, and will revise the system to reflect industry opinions on the positive functions of advisors."
Born in 1963, Hwang graduated from Hwimun High School in Seoul and Seoul National University's business administration department. He joined Shinyoung Securities in 1987 and was appointed CEO in June 2020, having worked as a "Shinyoung man" for 38 years. Industry sources say his election was supported by the strong backing of the Seoul National University Class of 1982 network in the financial investment industry. Jung Young-chae, former CEO of NH Investment & Securities, and Park Jung-rim, former CEO of KB Securities, both considered leading candidates for the position, announced their decisions not to run, reportedly serving as strong allies for Hwang, their classmate from the Class of 1982.
