Jongsub Lee is a South Korean finance professor, researcher, and policy advisor whose career often addresses topics in digital finance, including decentralized finance (DeFi), stablecoins, and central bank digital currencies (CBDCs). ^{[1] [4]}

Education

Lee earned a Master of Science in Financial Engineering from the School of Engineering at Columbia University in 2004. He subsequently completed his doctoral studies at New York University's Stern School of Business, where he was awarded a Ph.D. in Finance in 2005. ^{[4] [5]}

Career

Lee began his career as Head Financier with the Republic of Korea Air Force from 1998 to 2001. He later worked at RiskMetrics Group between 2004 and 2005 as a product specialist focusing on credit risk tools. In 2007, he spent a summer as an associate at Deutsche Bank. In 2010, Lee joined the University of Florida as a faculty member, where he remained until 2018. That year, he moved to Seoul National University’s Graduate School of Business, serving on the faculty and later becoming a full professor in 2024.

Alongside his academic work, Lee has held numerous editorial positions. He has served as associate editor for the Asian Review of Financial Research since 2020, the Pacific-Basin Finance Journal since 2021, The Financial Review since 2023, and the International Review of Finance since 2023. At the Asia-Pacific Journal of Financial Studies, he has served as an associate editor since 2020 and was appointed editor-in-chief in 2024.

Lee served as vice president and director of the Korean Securities Association from 2020 to 2024 and was appointed director of the Korean Finance Association in 2022. In 2025, he was appointed vice president of the Korean Financial Management Association and the Korean Financial Engineering Association, as well as director of the Korean Association for Public Management.

He has served on the Ministry of Economy and Finance’s fiscal policy council since 2022, participating in the Financial Services Commission’s digital innovation and digital asset policy initiatives between 2022 and 2024, and sitting on the Government Employees Pension Corporation’s asset management committee from 2022 to 2024. Since 2023, he has been an advisor to the Korea Institute of Public Finance and the Korea ESG Standards Institute, as well as a member of the Busan Blockchain Regulation-Free Zone operations committee. In addition, Lee has served as a board member at Haitai Confectionery since 2023 and at Volkswagen Financial Services Korea since 2024. ^[6]

Panels

Banks, Stablecoins, and CBDCs

During a panel discussion at KBW in November 2024, experts explored the approaches of central banks and commercial banks regarding stablecoins and central bank digital currencies (CBDCs). Panelists included Lee, Hakan Eroglu (BIS Innovation Hub), Kaweewut Temphuwapat (SCBX), and Anna Yim  (Standard Chartered Bank). They acknowledged the rise of stablecoins, especially after the collapse of algorithmic variants, and noted that fiat currencies and traditional banking assets now back many of them. The discussion highlighted the distinctions between CBDCs and stablecoins, debating their roles as substitutes or complements in the financial ecosystem. Various experts shared insights on innovations in payment solutions, the regulatory landscape, and potential use cases for CBDCs, particularly in improving the efficiency of cross-border payments and financial systems. They emphasized the necessity for collaboration between commercial banks and central banks to navigate the evolving landscape of digital currencies, while also addressing concerns regarding privacy and regulatory compliance. Participants proposed that, while the future remains uncertain, continuous innovation and communication within the sector would be essential for adapting to changes in the financial environment. ^[7]

Oracle Networks

At the October 2023 GSU-RFS Fintech Conference, Lee and Daniel Rabetti presented their findings on the integration of Oracle networks in decentralized finance (DeFi) protocols and their effects on financial and information interconnectedness. They discussed the emergence of decentralized finance from 2021, highlighting a shift towards maturity in the market with a total value locked in protocols valued at around $15 billion. The researchers analyzed how the adoption of Oracle technologies could enhance the interoperability and economic performance of DeFi protocols, drawing parallels to concepts in international economics. Their empirical study indicated that protocols using Oracles generally experienced positive economic impacts, such as increased transactional activity and resilience during market crises, evidenced by a faster recovery from events like the Luna crash and the FTX collapse. However, challenges regarding security and integration risks persisted, prompting consideration of governance mechanisms necessary for the successful implementation of such technologies in the evolving financial landscape. ^[8]