Promotion Organization

Development Process

The Committee on Financial Informatization Promotion (CFIP) is a consultative body between the BOK and financial corporations, established pursuant to Article 17 of the Framework Act on Intelligent Informatization, to plan and carry out financial informatization projects. In September 1984, the Financial Computerization Committee, its precursor, was formed to oversee the national backbone computer network project for the financial sector. In 1996, following the amendment of related laws, the committee was reorganized and renamed the “Financial Informatization Steering Subcommittee.” In August 2009, it was relaunched as a self-regulated private-sector consultative mechanism and was given its current name.

CFIP

The CFIP, chaired by the deputy governor of the BOK, is composed of up to 40 members. The CFIP has a Secretariat and a Working Committee to support its work. The Working Committee, in turn, has four subcommittees under it: the Standardization Committee, the Safety Committee, the Financial Inclusion Committee, and the Digital Innovation Committee. As of the end of 2023, 18 banks, seven non-bank financial institutions (NBFIs), and six finance-related institutions participate in the CFIP, in addition to the BOK.