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Inter-ministerial taskforce on finance, employment, and welfare support holds kick-off meetingMay 07, 2024

The Financial Services Commission held a kick-off meeting of the inter-ministerial taskforce on finance, employment, and welfare support with related government ministries and agencies on May 7. The inter-ministerial taskforce was formed to facilitate close cooperation and coordination among related authorities in providing finance, employment, and welfare-related support to vulnerable groups in a more comprehensive and integrated way. At today's meeting, the authorities reaffirmed their strong commitment to closely work together to make available comprehensive support programs that can address the financial, employment, and welfare needs of vulnerable individuals. The taskforce will regularly hold meetings with related organizations and experts to draw up specific measures that will help to boost the effectiveness of joint support programs. Based on these meetings, the taskforce plans to finalize and announce a comprehensive set of measures in the first half of this year.
Authorities launch insurance reform committee and hold kick-off meetingMay 07, 2024

The Financial Services Commission and the Financial Supervisory Service held a kick-off meeting of the insurance reform committee together with related authorities, research institutions, and industry groups on May 7. The insurance reform committee was launched with aims to restore public confidence and seek new and innovative growth drivers for the future. At today's meeting, participants discussed the operating plan for the committee, major industry-wide concerns, and ways to make improvements and seek new growth drivers for the future. The insurance reform committee will regularly meet to draw up improvement measures and hold a policy conference tounveil final measures in early 2025.
Vice Chairman holds teleconference with global investment banks to discuss domestic market situation and key policy issuesMay 07, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a teleconference meeting with global investment banks on May 7 to exchange views on the current economic and financial market situations in Korea. With regard to the current financial market situation, Vice Chairman Kim said that domestic financial markets remain stable, despite various uncertainties at home and abroad, since domestic financial companies are equipped with adequate levels of loss absorbing capacity and that the government is also sufficiently prepared to handle crisis situations through various market stabilization programs amounting to KRW94 trillion. After discussing some of the progress and plan for key policy areas, such as the normalization of the real estate project finance market, effective management of household debt growth, bolstering prudential management of nonbank financial institutions, and the Corporate Value-up Program, Vice Chairman Kim said that it is important for the Korean government and financial sectors to frequently communicate with global investors and overseas market participants to more accurately explain our market stabilization and reform efforts to helpimprove confidence in Korean financial markets.
Vice Chairman attends seminar on Corporate Value-up Program May 02, 2024

Vice Chairman of the Financial Services Commission Kim Soyoung attended a seminar outlining the draft guidelines on the Corporate Value-up Program co-hosted by the Korea Exchange, Korea Capital Market Institute, and relevant organizations held on May 2. Vice Chairman delivered congratulatory remarks on the government's will to achieve capital market reforms, while elaborating on the plan to boost valuations of listed companies.
FSC to promote investments in climate technology sector Apr 30, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended the technology fund agreement ceremony on April 30. This agreement ceremony is a second follow-up measure for expanded financial support measures for climate crisis response after its first follow-up measure the ceremony for the establishment of the Future Energy Fund, which supplies venture capital for the expansion of renewable energy facilities, including offshore wind power.The FSC plans to invest a total amount of KRW9 trillion in the climate technology sector through its various funds like Innovation Growth Fund and Growth Ladder Fund. Among those funds stands the Climate Technology Fund, which Industrial Bank of Korea and five major commercial banks are to commit a total of KRW1.05 trillion into its master fund by 2023, and invest KRW3 trillion in climate technology companies through private capital matching. The master fund is managed by Korea Growth Finance.
Vice Chairman holds meeting on ESG finance and outlines details of domestic ESG disclosure standardsApr 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 4th taskforce meeting on ESG finance on April 22 and outlined basic principles and key details of an open draft on domestic ESG disclosure standards. In this opening remarks, Vice Chairman Kim laid out basic principles behind the open draft, stating that the draft standards have been prepared to meet global consistency and that they strike a reasonable balance between the needs of investors and those of businesses. A full version of the open draft on domestic ESG disclosure standards is expected to be made public on April 30. The FSC expects that the introduction of ESG disclosure standards will help to boost the competitiveness of our economy and businesses, while laying foundation for a more sustainable growth.
FSC and MSS hold kick-off meeting to improve financing conditions for SMEsApr 22, 2024

The Financial Services Commission and the Ministry of SMEs and Startups co-hosted a kick-off meeting of the consultative body intended to address financing challenges of SMEs along with related organizations and research institutions on April 22. The joint consultative body was launched to more closely examine financing conditions of SMEs and associated risks. FSC Chairman Kim Joo-hyun presided over the meeting and spoke about the importance of providing support for SMEs in ways that can help to boost their sales while lowering financing costs. In this regard, Chairman Kim said that the joint consultative body will closely examine financing situations and challenges facing SMEs in major industries and help to formulate more effective support measures. At today's kick-off meeting, participants had discussions on the credit situation of domestic businesses, operating conditions of SMEs and related financial risks, and the financing condition of listed SMEs. The FSC and the MSS will hold consultative body meetings on a regular basis to continue to closely monitor related risks and prepare more effective support measures.
Financial authorities to strengthen market monitoring and ensure adequate response capacityApr 19, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over a meeting with officials from related organizations on April 19 to go over financial market situations and discuss response strategies amid increased volatility in financial markets caused by uncertainties surrounding U.S. monetary policy and the ongoing crisis in the Middle East. On April 19, market movements showed rising volatility due to weakening expectation for Fed's interest rate reduction in the U.S. and the escalating conflict in the Middle East. However, since domestic bond market and short-term money market conditions remain stable, participants at the meeting shared a common view that the rise in market volatility will be temporary. Nonetheless, as there are continuinguncertainties regarding the direction of global interest rate movements and the conflict situation in the Middle East, FSC Chairman Kim urged officialstostay vigilant and make sure to have all necessary tools and contingency plans ready to ensure market stability. The FSC and the FSS will strengthen market monitoring and ensure prompt implementation of market stabilization measures ifdeemed necessary.
FSC Chairman speaks about the importance of investing in future energy solutionsApr 17, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended an agreement signing event among Korea Development Bank and five major commercial banks for the creation of a future energy fund on April 17. Korea Development Bank and five major commercial banks will make contributions to create a future energy fund worth a total of KRW9 trillion until 2030 for the purpose of investing in renewable energy facilities. At the event, Chairman Kim spoke about the relatively low level of power generated by renewable energy sources in Korea when compared to an OECD average. In this regard, Chairman Kim said that the future energy fund will serve as a stepping stone and help to pump-prime investments to build more renewable energy facilities. The future energy fund will be set up in the first half of this year and begin to make investments starting from this year.
Vice Chairman meets with ISSB Vice Chair and holds talks on sustainability disclosure standardsApr 16, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission met with Sue Lloyd, Vice Chair of the International Sustainability Standards Board on April 16 and held talks on global sustainability disclosure standards and increasing cooperation between the two organizations. At the meeting, the two sides exchanged views on the importance of establishing standards for sustainability disclosure and agreed to work for a mutually cooperative relationship between the Korean government and the IFRS and the ISSB.
Vice Chairman meets with IASB Chair and holds talks on ways to increase cooperationApr 15, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission met with Andreas Barckow, Chair of the International Accounting Standards Board on April 15 and held talks on ways to increase cooperation. At the meeting, the two sides exchanged views on the recently introduced IFRS 18 and its impact on accounting practices. With regard to the selection of an IASB board member from the Asia-Oceania region, Vice Chairman Kim sought close cooperation from the IASB Chair for selectinga Korean national to the board membership.
FSC Chairman holds meeting to check market situation in wake of Iran-Israel conflictApr 15, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with senior FSC officialson April 15 to check financial market conditions and discuss response measures in the wake of the Iran-Israel military conflictin the Middle East. At the meeting, participants shared a common view that the current conflict situation in the Middle East is unlikely to have a direct impact in the short-term, as domestic financial companies' exposures to these countries remain low and the financial sector's foreign exchange financing conditions remain stable. However, as there are great uncertainties regarding how the situation will unfold in the future, participants pledged to strengthen market monitoring, ensure prompt implementation of market stabilization programs currently in place, and seek close cooperation with relevant ministries to draw up additional response measures if needed. Since financial market conditions remain solid and the government is equipped with a sufficient level of response capacity, Chairman Kim said that market participants need not worry too much about the current situation.