Vice Chairman Kim So-young of the Financial Services Commission visited Hong Kong on September 8 on the final leg of his weeklong trip to Indonesia, Vietnam and Hong Kong intended to boost financial cooperation with the region.
IR event with Global Investors
Vice Chairman Kim held an IR event for global investors to explain key policy updates regarding recent improvements made to Korea’s capital and foreign exchange markets. Since the beginning of this year, the government has introduced a series of regulatory reform measures intended to increase regulatory consistency with global standards and improve investment environment for global investors. The government has been making continuous efforts to communicate with various stakeholders to inform its reform measures. As a part of this effort, an IR event was held in Hong Kong to attract more capital inflows into Korean capital markets and facilitate companies to raise funds. About 40 participants from 20 global asset management companies and insurance companies attended the event showing a high level of interest. Vice Chairman Kim gave a comprehensive presentation on the government’s key market reform efforts, including the abolishment of foreign investors’ registration requirement, improvements made to companies’ dividend payout procedure, adoption of an ex-ante disclosure rule for insider transactions and so on. Vice Chairman Kim then underscored the government’s strong willingness to make changes to capital markets and upgrade investment environment to ensure a virtuous cycle from investment to growth to reinvestment. Global investors in attendance had favorable views about the event, saying that it was such a great opportunity to meet with the regulators in person and exchange opinions on important policies.
Meeting with Deputy Chief Executive of Hong Kong Monetary Authority
Vice Chairman Kim held a meeting with Deputy Chief Executive Arthur Yuen of the Hong Kong Monetary Authority to exchange views on recent global market trends and discuss ways to expand financial cooperation between Korea and Hong Kong. At the meeting, the two leaders exchanged views on China’s real estate market situation and held talks on what it takes to develop into a global financial hub. Since Hong Kong has successfully established itself as a global financial hub, Vice Chairman Kim sought advise for developing Korea into a global financial center. As there are many Korean financial companies exploring ways to expand their business operation in Hong Kong and there are also a lot of Korean financial experts looking for opportunities to work in Hong Kong, Vice Chairman Kim asked for active support and interest from the HKMA.
* Please refer to the attached file for details.