Photo News - Financial Services Commission

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Vice Chairman speaks about promoting the use of artificial intelligence in the financial sectorMar 28, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a kick-off meeting of the council on promoting artificial intelligence in the financial sector joined by related organizations, research institutions, and financial companies on March 28. In his opening remarks, Vice Chairman Kim laid out some of the issues that need to be discussed in subsequent council meetings, such as the rules on network separation,governance and safety issues concerning generative AI, and challenges and opportunities of promoting the use of AI in the financial sector. In this regard, the FSC plans to operate working groups composed of experts and relevant industry officials to further discuss the use of AI in financial services.
Vice Chairman holds meeting to discuss ways to upgrade personal credit data managementMar 28, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related organizations and industry associations on March 28 to have talks on ways to improve the personal credit data management system with aims to support the credit recovery of vulnerable individuals and prevent vishing scams. At the meeting, Vice Chairman Kim discussed the significance of the improvement measures and pledged to promptly implement follow-up measures to assist the vulnerable. The FSC also announced proposals for revisions to relevant rules under the Credit Information Use and Protection Act, with aims to assist the credit recovery of vulnerable groups, prevent vishing scams, and overhaul regulations on data usage.
FSC Chairman visits Poland and AustriaMar 28, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited Warsaw, Poland and the United Nations Industrial Development Organization (UNIDO) in Vienna, Austria from March 24 to 28.Chairman Kims visit to Poland will help to strengthen foundation for financial cooperation between Korea and Poland, especially at a time when bilateral trade and cooperation in the defense materials and nuclear plant sectors are expected to grow. Having an enhanced level of cooperation with the UNIDO will also help the FSC to more systematically support domestic financial companies and fintech businesses to expand their operation in developing countries.
Vice Chairman holds meeting on loan transfer program with relevant groupsMar 26, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related industry groups and financial institutions on March 26 to review the progress of loan transfer services and ways to improve their operation. At the meeting, Vice Chairman Kim said that the introduction of loan transfer platform service for credit loans in May 2023 was the first of its kind in the world, and that after 300 days since then, we have successfully launched loan transfer platform services for housing loans as well. In this regard, Vice Chairman Kim praised the collective effort shown by financial institutions and the officials who have been behind the successful launch of the loan transfer platform services.
Global Money Week held from March 18 to 24Mar 19, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a seminar on financial education and spoke about the importance of providing financial education programs that are more age-specific and appropriate for one's lifespan needs. This year's Global Money Week (GMW), an international awareness-raising campaign led by the OECD, which aims to bolster financial awareness among young people, is held from March 18 to 24 on the theme of "protect your money, secure your future." The Financial Supervisory Service and other relevant organizations will make available a variety of financial education programs to diverse groups of audiences during the Global Money Week.
FSC Chairman meets with banking sector and discuss measures to boost climate financeMar 19, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over a meeting with officials from relevant government and industry organizations and heads of major commercial banks and policy financial institutions on March 19 and unveiled a set of measures intended to boost climate finance. In his opening remarks, Chairman Kim said that unprecedented challenges posed by climate change today require us to act not only for securing the competitiveness of our enterprises but also for guaranteeing security for future generations. In this regard, Chairman Kim highlighted today's meeting as an important first step towards countering climate risks as it demonstrates collective effort made by the government, policy financial institutions, and the banking sector. At the meeting, a set of measures intended to boost green investment to speed up low carbon transition was also introduced by the Ministry of Environment.
Vice Chairman holds market monitoring meeting and discuss market conditionsMar 18, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related organizations and industry groups on March 18 to go over current market situations and expectations for the future. At today's meeting, officials had discussions about current market situation, recent increases in default rates, and prudential management and loss absorbing capacity in the nonbank sector. During the meeting, Vice Chairman Kim said that thanks to our continuous efforts to ensure market stabilization, domestic financial markets have been made resilient to external shocks to a certain degree. In this regard, Vice Chairman Kim urged authorities to continue to stay vigilant to market contingencies and risks in the future. To be adequately prepared for potential risks arising from the real estate project finance loans, Vice Chairman Kim asked authorities to bolster prudential management over related sectors.
Vice Chairman delivers opening remarks at OECD-FSC-KIF Roundtable on Digital Finance in ASEANMar 18, 2024

The Financial Services Commission held a joint roundtable meeting on digital finance in ASEAN with the Organization for Economic Cooperation and Development (OECD) and Korea Institute of Finance (KIF) for two days on March 18-19. During the opening session, FSC Vice Chairman Kim Soyoung delivered opening remarks where he said that financial innovation based on digital technologies has been making positive impact on boosting the level of productivity in the financial industry. However, Vice Chairman Kim stressed the need to establish appropriate rules and ensure protection for consumers in response to newly emerging risks.
Vice Chairman holds meeting with institutional investors to promote active participation in the Corporate Value-up ProgramMar 14, 2024

Vice Chairman Kim Soyoung ofthe Financial Services Commission presided over a meeting with institutional investors on the Corporate Value-up Program on March 14.At the beginning of the meeting, Vice Chairman Kim delivered opening remarks, highlighting the three main principles behind the governments continuous push to end Korea discount(a) establishing a fair and transparent market order, (b) making Koreas capital market more accessible, and (c) promoting shareholder values in corporate management. In this regard, Vice Chairman Kim said that the Corporate Value-up Program is a part of the governments consistent efforts to upgrade our capital market with a focus on encouraging listed companies to make voluntary steps to make improvements and increase valuations.At the meeting, officials held discussions on how the stewardship code for institutional investors will be updated to promote their role in the Corporate Value-up Program and developing a new Korea value-up index.
Prompt credit recovery support to be available from todayMar 12, 2024

Chairman Kim Joo-hyun of the Financial Services Commissionattended the eventcommemorating the launch of prompt credit recovery supporton March 12.The credit recovery support will be provided to the borrowers who accrued delinquent payment history of up to KRW20 million between September 1, 2021 and January 31, 2024 andwillhave fully paid off their late payments by May 31, 2024.Starting from today, borrowers with delinquent payment history can check their eligibility on the website of individual credit rating and information companies. For those who have already paid off their late payments, their credit scores will be increased automatically without the need to apply for this separately.FSC Chairman Kim Joo-hyun said that the credit support programs being introduced today will help many people and businesses to regain footing and make a fresh start.
FSC Chairman meets with Vietnam's Finance MinisterMar 08, 2024

Chairman Kim Joo-hyun of the Financial Services Commission met with Vietnam's Minister of Finance Ho Duc Phoc at his office in Seoul on March 8 and held talks on strengthening financial cooperation between Korea and Vietnam. At the meeting, Chairman Kim talked about the potential of enhancing bilateral exchanges in capital market areas and suggested establishing an expanded level of cooperation between the two organizations as well as between the main bourse operators of the two countries. In addition, Chairman Kim explained about Korea's recent capital market reform initiatives and sought active cooperation from Vietnam's finance ministry in helping to resolve the challenges and difficulties of Korean financial companies doing business in Vietnam.
Vice Chairman holds 6th consultative body meeting on policy financeMar 06, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 6th consultative body meeting on policy finance held on March 6 with officials from related government ministries and policy financial institutions participating. At the meeting, the authorities discussed launching of a fund specifically designated to support middle market enterprises in the size of KRW5 trillion with contribution made from the banking sector. The authorities also discussed this year's plan to raise at least KRW3 trillion for operatinginnovative growth fund, which has been set up for operation since last year with aims to boost future growth engines and cultivate innovative venture businesses.