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Cross-border and Digital Payments: UK and South Korean Perspectives

When: Monday, June 16, 2025, 9:30 AM - 4:00 PM
Where: Room LG.1, Centre for Commercial Law Studies, Queen Mary University of London, 67-69 Lincolns Inn Fields, London WC2A 3JB

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A one-day workshop in London on 16th June, 2025. Organised by Miriam Goldby of the Centre for Commercial Law Studies (CCLS), Queen Mary University of London; Alistair Milne of Loughborough Business School, Loughborough University; and Seyoung Park of Global Centre for Banking and Financial Innovation (GCBFI), Nottingham University Business School, University of Nottingham. The organisers acknowledge financial support from the National Research Foundation of Korea (NRF) grant funded by the Korea government (Ministry of Science and ICT) (RS-2024-00343129).

A lot of attention is rightly paid, nowadays, to the impact of digital innovations in all areas of finance: including retail payments, financial markets and cross-border transactions. Much of this discussion is technology focused, highlighting the potential impact of advances such as APIs, distributed ledgers, QR codes and NFC (near field communications), artificial intelligence, quantum computing, digital replacements for paper documents and manual processes. Relatively less attention is given to how existing institutional structures and arrangements for payments and financial transactions shape these digital innovations, arrangements that vary hugely from one jurisdiction to another and lead to quite different outcomes.

This workshop seeks to redress this balance, bringing together leading scholars in law, economics and finance to discuss the impact of new digital technologies on financial transactions. They will offer perspectives from two major jurisdictions: South Korea, one of the most digital savvy nations in the world and the first to introduce a faster payments solution for bank-to-bank transfers a quarter of a century ago; and the UK the pioneer of open banking and the leading global centre for trading of foreign exchange, money market and fixed income instruments. The workshop seeks to dig deep into the challenges of digital financial innovation through this cross-disciplinary and cross-jurisdictional insights. It closes with a practitioner panel.

Attendance is free, but places are limited and must be booked in advance.

Schedule:

9.30 - 10.05 Registration plus tea/ coffee

Session 1: Chair Seyoung Park, GCBFI, Nottingham University Business School

10.05 Welcome Miriam Goldby, CCLS, Queen Mary University London

10.10-10.30 Keynote 1. Meryem Duygun, GCBFI, Nottingham University Business School & INFINITY, University of Nottingham, “From Cash to Clicks: The Impact of Pix on Digital Payments and Financial Inclusion

10.30 -12.00 Two papers/ presentations (Digital currencies)

Joon Hyug Chung, Law School, Seoul National University, “CBDC and Stablecoins”.

David Skeie, Gilmore Centre, Warwick Business School – “The Economics of Digital Currencies”

12.00 -12.45 Lunch

Session 2: Chair: Anna Grossman, Loughborough University London

12.45 -14.15 Two papers/presentations (Cross border transactions)

Alistair Milne, Loughborough Business School, “Digital foreign exchange clearing and settlement”

Douglas Arner, CCLS Queen Mary University of London, "International Money and Payments: The Intersection of Geopolitics, Technology and Law"

14.15 - 14.45 Tea break

Session 3: Chair Rhys Bidder, King’s College Management School.

14.45- 15.00 Keynote 2. Michael Mainelli, Z/Yen

15.00-15.50 Policy panel session. (UK and south Korea – digital financial cooperation and integration)

Panellists: Mr. Jinho Lee, Financial Services Commission and EBRD; Ms. Gyuhwi Kang, Bank of Korea; Hugh Morris Z/Yen; Olaf Ransome, 3C Advisory

15.50 Close.

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