The FSC held the 7th financial regulatory innovation committee meeting on April 5 and discussed measures to ease rules on the loan-to-deposit ratio (in KRW) for local branches of foreign banks, promote online insurance comparison and recommendation platform services and make the current procedure of "duty to explain" financial products more consumer-oriented. Previously, foreign bank branches with a total volume of loans (in KRW) worth KRW2 trillion or more had to maintain 100 percent or lower in their loan-to-deposit ratio. However, this 100 percent or less threshold will be required from foreign bank branches whose total size of loans (in KRW) amounts to KRW4 trillion or more. At the meeting, FSC Chairman Kim Joo-hyun talked about the need to continue to push forward with the financial regulatory reform agendas in line with digital transformation even against the backdrop of increased market uncertainties following steep rate hikes and the recent bank turmoil abroad. In this regard, Chairman Kim said that authorities will work to effectively balance financial market stability and financial regulatory reform in order to further enhance the global competitiveness of Korea's financial industry.