FSC Vice Chairman Kim So-young presided over the 1st taskforce meeting on promoting overseas expansion of domestic financial industry on March 13 together with financial industry associations, related authorities and research institutions. As a follow-up to the FSC's annual work plan announced in January, the taskforce has been set up to find measures to support overseas expansion of domestic financial sectors and ways to improve relevant regulations. At the beginning of today's meeting, FSC Vice Chairman Kim So-young spoke about some of the new challenges financial sectors face in Korea such as the slowing pace of economic growth and aging population and said that an external expansion of the financial industry is critical to effectively deal with these challenges. In the subsequent taskforce meetings, authorities will discuss ways to support domestic financial companies to expand and make investments overseas, overhaul regulations to attract more investment inflows into domestic markets and work to facilitate global financial companies' entry and business operation in Korea. The taskforce plans to hold a series of seminars with each sector to collect comments and policy suggestions from financial companies.