Photo News - Financial Services Commission

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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.
FSC holds a roundtable meeting with financial investment businessesOct 19, 2023

FSC Vice Chairman Kim So-young held a roundtable meeting with the financial investment sector and had talks on the progress of capital market reform measures and future plans. At the meeting, Vice Chairman Kim discussed the merits of recent capital market reforms, and said that further advancement ofourcapital markets can facilitate development and growthofall market participants, including the financial investment industry, listed companies and the exchange. In this regard, the FSC will continue to work on making improvements to Korea's capital markets by seeking to update regulationsregardingnew security types and STOs, convertible bonds and treasury stocks, and so on.
FSC holds meeting to check financial market situationOct 18, 2023

Vice Chairman Kim So-young of the Financial Services Commission presided over a meeting with the Financial Supervisory Service and industry representatives on October 18 to review financial market situations, potential risk factors and ways to handle them. At the meeting, the authorities discussed downside external risks such as the possibility of continuing high interest rates caused by a prolonged policy tightening in the U.S. and uncertainties surrounding the Israel-Hamas conflict and measures to avert excessive money moves in domestic financial markets in the final three months of the year. To prevent excessive competition from taking place between financial companies, the banks' liquidity coverage ratio (LCR) requirement will be kept at 95 percent until June 2024, an extension of six more months from initially planned. In addition, banks will be allowed to issue bonds more flexibly according to each bank'sownneeds and financial situation. At the meeting, Vice Chairman Kim said that the eased rules intended to prevent excessive competition between financial companies should not be used as a means for the race to boost assets and external growth.
Taskforce on ESG finance holds 3rd meetingOct 16, 2023

The FSC held the third meeting of the taskforce on promoting ESG finance on October 16. Set up in February this year, the taskforce on ESG finance consists of representatives from businesses, investors, academia, experts and relevant institutions, and is aimed at exploring various policy tasks on the issues encompassing ESG disclosure, assessment and investment. At todays taskforce meeting, the authorities discussed the roadmap for introducing an ESG disclosure system in domestic market. FSC Vice Chairman Kim So-young delivered opening remarkswherehe spoke about the significance ofandunderlyingprinciplebehind introducing an ESG disclosure system in Korea.As domestic firms aredirectly and indirectly affected by global value chains,Vice Chairman Kim said thatit is necessary to lay a regulatory foundation to help them adjust to the strengthening of relevant regulations in major overseas markets. Vice Chairman Kim said that introducing an ESG disclosure system willalso encouragedomestic firms to seek more technological innovation in line with the shifting global paradigm toward digital transformation and low carbon society.
Authorities hold meeting on financial measures to boost housing supplyOct 05, 2023

FSC Standing Commissioner Kwon Dae-young held a meeting with related ministries, policy financial institutions and financial industry representatives on October 5 to check the implementation plan of the financial measures intended to boost housing supply. The authorities expect that the real estate PF market normalization fund, which will be available for operation from this month, is expected to facilitate restructuring of real estate development projects, and this will help to bring in new money from the private sector through investments in the NPL market. Despite challenging circumstances, FSC Standing Commissioner Kwon said that the collective effort made by the public and private sectors will in time help to alleviate difficulties of both real estate development projects and the supply of housing for the public.
FSC Chairman delivers congratulatory remarks at Korea-Japan startup fund launching eventOct 04, 2023

FSC Chairman Kim Joo-hyun attended the Korea-Japan collaboration startup fund ("Future Flow Fund") launching event during his visit to Tokyo, Japanon October 4 and delivered congratulatory remarks. In his speech, Chairman Kim said that he hopes to see more joint collaboration projects in the futureacross wide-rangingfinancial sectorsincludingbanking, insurance, capital market and fintech.
FSC Chairman attends Korea-Japan banking industry MOU signing event and joint seminarOct 04, 2023

FSC Chairman Kim Joo-hyun attended the Korea-Japan banking federations' MOU signing event and joint seminar on green and digital transformation during his visit to Tokyo, Japan on October 3. At the event, Chairman Kim delivered congratulatory remarks expressing his hope for strengthening of mutual cooperation between the banking industries of Korea and Japan in the areas of sustainable finance and digital finance.
FSC Chairman meets with Korean financial companies operating in JapanOct 04, 2023

FSC Chairman Kim Joo-hyun met with a group of Korean financial company representativesoperating in Japan on October 2 and held talks on the financial industry and market situation in Japan and listened to their challenges and suggestions.
FSC Chairman delivers speech at Nikkei Sustainable Forum in TokyoOct 03, 2023

FSC Chairman Kim Joo-hyun attended the Nikkei Sustainable Forum held in Tokyo, Japan on October 2 and delivered a speech highlighting the importance of strengthening bilateral cooperation on startup and venture business investment. Japanese Prime Minister Fumio Kishida, in his opening speech, expressed welcoming remarks for Chairman Kim's visit to Japan and participation in the forum.
FSC Chairman visits Japan and meets with FSA CommissionerOct 03, 2023

FSC Chairman Kim Joo-hyun visited Tokyo, Japan and held a meeting with Japan's Financial Services Agency Commissioner Teruhisa Kurita on October 3. The meeting between the chief financial authorities of two countries is the first time in eight years since 2015. At the meeting, the financial authorities of Korea and Japan agreed to resume the so-called "shuttle meeting" and discussed potential areas for deepening ties and cooperation in financial sectors.
Vice Chairman meets with Deputy Governor of Bank of ThailandSep 25, 2023

FSC Vice Chairman Kim So-young met with the Bank of Thailand's Deputy Governor Ronadol Numnonda and held talks on Korea's policy experience with internet-only banks on September 25. The Bank of Thailand requested for a meeting with the FSC to seek policy consultationas it has been seeking to introduce a guideline on virtual banks. At the meeting, Vice Chairman Kim explained the Korean government's experience of embracing internet-only banks as well as some of their achievements and asked for Bank of Thailand's cooperation and support to allow Korean financial companies to participate in the future licensing process for virtual banks in Thailand. Prior to the high-level meeting between Vice Chairman Kim and Deputy Governor Numnonda, a working-level staff meeting was held for sharing more detailed information about Korea's policy experience with internet-only banks.