The Financial Services Commission held the 12^th regular meeting on June 21 and finalized the 6^th financial hub development plan for 2023-2025.

The 6^th three-year plan to promote financial hubs in Korea contains the following four key task areas which will allow the government and the financial sector to quickly respond to the changing global financial environment and actively make use of the areas where the Korean financial industry has a comparative advantage.

Task #1: Continue to seek innovation in financial regulations and boost support for fintech businesses to enhance global competitiveness of Korean financial companies amid digital transformation.

Task #2: Establish relevant infrastructure to be able to make the most use of the changing trends in financial environment and revamp the foreign exchange trading system.

Task #3: Overhaul regulations to help increase global investors’ investment in domestic capital markets and boost global competitiveness of capital markets and asset management market.

Task #4: Make utmost use of the financial industry globalization taskforce to provide active support for domestic financial companies’ business expansion overseas and to create synergetic effects with the efforts to promote foreign financial companies’ entry in domestic market.

* Please refer to the attachment for details.