FSC Chairman visits central inclusive finance support center and holds talks on microfinance support programsAug 07, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited the central inclusive finance support center operated by Korea Inclusive Finance Agency in Seoul on August 7 and held talks on the provision of various microfinance support programs to seek ways to bring about improvements to their implementation. At the meeting, Chairman Kim outlined the government's plans to strengthen policy finance assistance for vulnerable groups in four specific ways. First, for those experiencing difficulties with excessive debt servicing burdens, bold and preemptive debt workout support will be made available. Second, active assistance will be provided to facilitate vulnerable individuals to be able to economically stand on one's own feet. Third, a steady supply of microfinance assistance will help to ease financial challenges caused by high interest rates. Fourth, financial crimes undermining the livelihood of vulnerable individuals, such as vishing scams and unfair trading activities in the capital market, will be strictly handled under the principle of no tolerance. In this regard, Chairman Kim said that the government will promptly prepare and announce a comprehensive set of measures to upgrade microfinance support in the third quarter of this year.