FSC Standing Commissioner and Deputy Chairman for InternationalCooperation Choi Hoon attended the Financial Stability Board (FSB) plenarymeeting held in Paris, France on November 7. At the meeting, financialregulators from 25 FSB member countries and international organizations discussedthe current vulnerabilities in the global financial system, recent developmentswith stablecoins, and ways to enhance the effectiveness of the RegionalConsultative Groups (RCGs).

Mr. Choi spoke about the need to strengthen internationalcooperation to effectively monitor and respond to developments in stablecoins, whileemphasizing that a global risk monitoring system should be based on flexibilityand adaptability to analyze their effects on the stability of financialmarkets.

Speaking on the increasing connectivity in the global financialsystem, Mr. Choi said that establishing a comprehensive and effective globalfinancial regulatory network should take into account regional discrepancies inorder to prevent regulatory arbitrage.

Mr. Choi added that as the host country of the RCG for Asia in2020, Korea will hold workshops on topics relevant to the needs of the regionalregulators, such as fintech development and its supervision.