Photo News - Financial Services Commission

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FSC Chairman meets with heads of financial holding companiesNov 20, 2023

Chairman Kim Joo-hyun of the Financial Services Commission met with the heads of major financial holding companies along with Governor Lee Bok-hyun of the Financial Supervisory Service on November 20. At the meeting, the authorities held talks on ways to bolster financial companies' social responsibilities and strengthen transparency in their corporate governance structure. Speaking about the recent challenges facing small business owners amid the high interest rate and high price environment coupled with a slowing growth in the global economy, Chairman Kim said that it is crucial to come up with ways to help reduce the increased interest payment burden for small business owners and the self-employed. Starting with today's meeting, the FSC and the FSS plan to hold subsequent meetings with each individual sector, such as the banking, financial investment and insurance sectors, to ensure mutual understanding.
FSC and MAFRA sign MOU to strengthen cooperation on pet insuranceNov 19, 2023

The Financial Services Commission and the Ministry of Agriculture, Food and Rural Affairs signed a memorandum of understanding pledging to strengthen cooperation on promoting the development ofpet insurance services. Against the backdrop of recent growth in demand for veterinary visits by pet owners, the government announced a plan to seek improvements to the country's pet insurance industry in October this year. As a follow-up to this plan, the authorities signed an MOU to facilitate closer collaboration between the insurance and veterinary industries. At the MOU signing event, FSC Chairman Kim Joo-hyun said that pet owners will have more eased access to pet health care services in the future.
FSC and KIPO hold 5th intellectual property finance forumNov 13, 2023

The Financial Services Commission and the Korea Intellectual Property Office held the 5th joint forum on intellectual property finance on November 13. In 2022, the volume of firm financing secured from intellectual property amounted to about KRW8 trillion, which was used by some 5,330 SMEs and startup and venture businesses in their business operations. Speaking about the importance of promoting IP financing for businesses, FSC Vice Chairman Kim So-young said that it is important to cultivate many innovative businesses, so that they can help to propel and rekindle our growth potential. To this end, Vice Chairman Kim said that the government will provide active support to promote IP financing to ensure the growth of innovative companies.
FSC Chairman visits financial welfare and personal bankruptcy support centersNov 07, 2023

FSC Chairman Kim Joo-hyun visited the financial welfare support center set up to help young adults in Seoul and the personal credit rehabilitation and bankruptcy support center managed by Korea Legal Aid Corporation on November 7. During his visit to the two support centers, Chairman Kim expressed appreciations for their efforts in helping to provide support for young adults and vulnerable groups and held talks on the need to prevent and root out unlawful debt collection practices targeting vulnerable debtors. In this regard, Chairman Kim said that the government will work to make sure that relevant microfinance policy supports are provided to lower income and vulnerable individuals in a timely manner.
FSC Chairman meets with heads of financial industry associationsNov 06, 2023

FSC Chairman Kim Joo-hyun met with the heads of financial industry groups and the Korea Exchange on November 6 and held talks on current market situation and ways to help alleviate the high interest burden facingsmall merchants and the self-employed. At the meeting, Chairman Kim also discussed the government's decision to ban short selling on all domestic listed stocks announced a day before and asked for close cooperation from the industry.
FSC and FSS hold media briefing on decision to ban stock short selling until H1 2024Nov 05, 2023

The Financial Services Commission held a meeting on November 5 where the authorities decided to ban all stock short selling in domestic markets (all KOSPI, KOSDAQ and KONEX listed items) effective from Monday, November 6, 2023 until the end of June 2024. FSC Chairman Kim Joo-hyun and FSS Governor Lee Bok-hyun gave ajointmedia briefingafter the meeting andexplainedthe government's decision toban short selling.While short selling ban is in place, the government will promptly work on measures to improve the short selling system through close consultation with market experts and relevant institutions. Details about the improvement measures will be open to public discourse and the authorities will actively participate in the legislation process at the National Assembly.FSC Chairman Kim Joo-hyun said that the top priority of the governments capital market policy is to create a fair and efficient market to protect investors and ensure confidence in the market. In this regard, Chairman Kim said that the government will do all it can to bring improvements to the countrys short selling system, so that it can develop into one in which every investor can have confidence.
Vice Chairman meets with former Dutch prime minister Jan Peter BalkenendeNov 02, 2023

Vice Chairman Kim So-young of the Financial Services Commissionmet with Jan Peter Balkenende, former prime minister of the Netherlands, Paul Iske, professor of management at Maastricht University and Boohwan Byun, senior analyst at ABN AMRO Bankat his office inSeoul on November 2.Duringthe meeting, Vice Chairman Kimheld talks onthe Korean government's financial hub policy and effort to promote sustainable finance through ESG disclosure rules.
FSC Chairman delivers congratulatory address at 6th accounting day commemoration event and confers awards to recipientsOct 31, 2023

FSC Chairman Kim Joo-hyun attended the 6th accounting day commemoration event held in Yeoui-do, Seoul on October 31 and delivered a congratulatory speech expressinghis appreciation to the accounting industry's effortsto promoteadvancement of Korea's accounting system. At the event, Chairman Kim gave awards to those who made contributions to improve accounting transparency.
Vice Chairman visits local branch of inclusive finance support center Oct 31, 2023

FSC Vice Chairman Kim So-young visited the Gwangjin-gu branch of the inclusive finance support center in Seoul on October 31 and checked the operation of microfinance support programs underway. During his visit, Vice Chairman Kim met with users who make use of various support programs including microfinance and debt adjustment as well as call center staff. During the conversation, Vice Chairman listened to their difficulties and discussed further improvements. Vice Chairman Kim expressed his gratitude for dedications made by the call center employeesand pledged to take their opinions into account when formulating policies.
FSC Chairman attends Korea emergency response simulation exercise to protect electronic financial system from cyberattackOct 30, 2023

Chairman Kim Joo-hyun of the Financial Services Commission presided over the meeting of the Central Disaster Management Headquarters joined by related financial institutions and private sector experts at the Korea Development Banks Digital Square located in Hanam-si, Gyeonggi-do on October 30. At the meeting heldas part of the Korea emergency response simulation exercise aimed at keeping electronic financial system safe from cyberattack, Chairman Kim and the participants checked how to respond to the possible disruption of the electronic financial system caused by a distributed denial-of-service (DDoS) attack. Chairman Kim asked for paying special attention to digital infringement and threats, underscoring the importance of a prompt implementation of proper actions against illegal practices. In closing, Chairman Kim remarked that the authorities willseek more efforts tomakeimprovements andstrengthen response in order to effectively cope with cyberattacks.
FSC Chairman delivers congratulatory remarks at 8th annual finance day commemoration eventOct 24, 2023

FSC Chairman Kim Joo-hyun attended the annual finance day commemoration event on October 24 and delivered congratulatory remarks. The publicly designated day intended to raise public awareness on finance and confer awards to those who have made contributions to the financialindustryis in its eighth year this year. In his speech, Chairman Kim talked about the evolving meaning of finance, saying that whereas in the past the focus was on the obligation of the debtor, but that now it has been shifted to the fulfillment of opportunities. In the future, Chairman Kim said that the meaning of finance can further evolve to signify integration and inclusion. In this regard, Chairman Kim said that the government will work to make sure that the financial industry is always there to provide support to the public.
Vice Chairman speaks about ways to deal with changing global financial environmentOct 20, 2023

FSC Vice Chairman Kim So-young attended a policy seminar co-hosted by the Korea International Economic Association and the Korea Institute for International Economic Policy on October 20 and delivered a keynote address. In his speech, Vice Chairman Kim said that due to changing paradigm in the global financial environment such as digital transformation and the spread of sustainable finance, it remains difficult for the financial industry to seek a way out of the low growth patterns without finding a new growth driver. In this regard, Vice Chairman Kim said that the authorities have been promoting various inbound and outbound strategies to export Korea's financial services infrastructures abroad and bring innovative overseas-based financial services into domestic market. In order to lead the global financial market, Vice Chairman Kim said thatinnovationshould continuebased on strong public-private partnership and cooperation.