Photo News - Financial Services Commission

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FSC Chairman speaks about importance of cyber and information security amid digital innovation in financial sectorJul 17, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended the 13th data protection day commemoration seminar hosted by the Financial Security Institute on July 17 and delivered a keynote speech on the importanceofcyber and information security amid digital innovation in the financial industry. In his speech, Chairman Kim said that digital operation or making use of digital technologies has become an inseparable aspect of financial services and an important part of growth strategies for financial companies. While digital technologies were adopted to increase user convenience in the past, Chairman Kim said that from now on they should be utilized to boost accountability in financial sectors and to promote responsible ways to grow by maintaining high standards for cyber and information security. In this regard, Chairman Kim said that it is necessary to have a rules-based overhaul of the cyber and information security framework,seekproactive ways to guarantee data security (e.g. through a bug bounty program), and strengthen operational resilience in digital services.
Vice Chairman speaks about megatrends and introduces policy frameworks on future financeJul 08, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended a policy seminar on future finance hosted by Korea Institute of Finance and delivered a keynote address introducing policy frameworks to effectively cope with demographic shift, climate change, and technological advance on July 8. Alongside the task of responding to the issues that need to be addressed urgently amid rapidly changing financial environments and market conditions, Vice Chairman Kim said that it is becoming ever more important for the financial authorities to set their sight on a medium- to long-term horizon in formulating financial policy strategies, since financial policy can have a significant impact on the structural and macro-level changes taking place. In this regard, the future finance taskforce has been working to come up with policy frameworks to effectively cope with demographic shift, climate change, and technological advance, based on systematic analyses intended to minimize risks and seek opportunities for growth over a medium- to long-run. The taskforce will continue to carry out discussions during the second half and announce more comprehensive measures at the end of this year.
Vice Chairman holds seventh consultative body meeting on policy finance supportJul 04, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the seventh consultative body meeting on policy finance support with officials from related government ministries and policy financial institutions on July 4. At today's meeting, officials discussed the latest status in the provision of policy finance support to the five key strategic sectors and announced plans to newly supply KRW3.5 trillion to support the development of artificial intelligence technology and related ecosystem. Until the end of 2024, Korea Development Bank will make available KRW3 trillion in low interest rate loans to AI related sectors, with a preferential interest rate reduction of up to 1.2 percentage points granted to those engaged in AI modeling, AI cloud computing, and other key AI application sectors, such as AI robotics and automated driving technologies. Moreover, KDB will newly create a fund (tentatively called "AI Korea Fund") worth KRW500 billion to invest in the development of AI technology and ecosystem. In this regard, Vice Chairman Kim said that the availability of this investment support will help promising AI firms to expand their business operations or make transitions to move forward. The availability of expanded and prompt policy finance support is also expected to promote competition and provide a source of relief in the AI sector, Vice Chairman Kim said.
One-stop microfinance platform to be introduced and support for employment and welfare services to be bolsteredJun 27, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with officials from related government ministries and organizations on June 27 and announced a launching of a one-stop integrated microfinance platform from June 30 and the government's plan for bolstering the provision of joint financial, employment, and welfare assistance forthose in need. The one-stop integrated microfinance platformwill offercomprehensive microloan support programs forthose in needand providevarious referral services tailored tothespecific needs of each individual, helping to connect them tofurther assistance throughemployment, welfare, and/or debt workout programs. In his opening remarks, Chairman Kim discussed the significance of launching this platform as a way to bolster support for financial inclusion. Along this line, Chairman Kim said that the FSC will also seek to strengthen supportto help thevictims of illegal private lending activities in close coordination with the Ministry of Justice and the Financial Supervisory service.
Vice Chairman holds this year's first financial education council meetingJun 26, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over this year's first financial education council meeting with officials from related government ministries and public and private organizations on June 26. At the meeting, authorities discussed plans for pursuing financial education campaign for young adults and the result of financial literacy survey on consumers. At the beginning of the meeting, Vice Chairman Kim delivered opening remarks where he outlinedplans for pursuing financial education campaign for young adults. In this regard, Vice Chairman Kim said that some of the key financial policy initiativesimplementedby the government, such as the youth savings account program, expanded benefits for individual savings accounts (ISAs), and the Corporate Value-up program, are all intended to promote accumulation of assets for the public. To ensure that these programs can work effectively for the people, Vice Chairman Kim said that it is crucial to have financial education programs that can help to improve financial literacy of individuals.
FSC holds signboard unveiling ceremony for Digital Financial Policy BureauJun 25, 2024

The Financial Services Commission held the signboard unveiling ceremony to commemorate the launch of the Digital Financial Policy Bureau on June 25. At the ceremony, FSC Chairman Kim Joo-hyun took time to have pep talks with the staff of the newly launched Digital Financial Policy Bureau and called for strong commitment to continue toseek innovation and serve as a control tower for digital finance. After having a ceremony, Chairman Kim met with virtual asset service providers and held talks on theprogress andpreparation for implementing the Act on the Protection of Virtual Asset Users from July 19.
One-stop debt workout service for financial debts and missed mobile payments expected to help up to 370,000 vulnerable debtorsJun 20, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited the central inclusive finance support center in Seoul on June 20 and held talks with the counseling staff about the demand and expectation for the one-stop integrated personal debt workout service newly made available by the Credit Counseling and Recovery Service (CCRS).Starting fromJune 21, debtors can receive one-stop debt adjustment on their financial debts and missed mobile phone bill payments from the CCRS. Until now, debtors were required to applywithindividual telecommunication service providers to be able to get support for spreading out their late payment dues in five-month installments. However, from June 21, the CCRS will offer an integrated and one-stop debt adjustment on their financial debts and missed mobile payments through which debtors may be eligible to receive up to 90 percent of relief in principal payments depending on their individual payment capabilities. During his visit, FSC Chairman Kim Joo-hyun said that the government will continue to provide active support to help vulnerable debtors to recover financially and regain footing on their own.
MOU to create syndicated loan signed by 5 banks and 5 insurance companies as part of measures to seek soft-landing in real estate project finance marketJun 20, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended a memorandum of understanding (MOU) signing event held among five banks and five insurance companies on June 20. The agreement signed today is for creating a syndicated loan of up to KRW5 trillion, which is part of the measures to seek a soft-landing in the real estate project finance market unveiledpreviously. The syndicated loan set up by major banks and insurers in the amount of KRW1 trillion at first, with a potential for gradual expansion thereafter, will supply loans to development projects that are deemed to be viable without any risk of legal complications or conflicts between lenders. In his remarks, Vice Chairman Kim emphasized the significance of the commitment shown by private sector financial companies as this syndicated loan is being set up exclusively with funds contributed by commercial banks and insurance companies without any backstop from the public sector. In this regard, Vice Chairman Kim said that the support made available by syndicated loan is expected to provide a pump-priming role forthe normalization ofthe real estate project finance market.
Stronger financial cooperation sought with AfricaJun 17, 2024

The Financial Services Commission and the Korea Federation of Banks will invite and host the banking industry associations of Nigeria, Botswana, and Mauritiusand the Southern African Development Community from June 17 to 19 to seek stronger financial cooperation between Korea and Africa. The KFBsigned memoranda of understanding (MOUs) with the banking associations of Nigeria, Botswana, and Mauritiuson June 17to seek stronger cooperation and mutual development of the banking industries.FSCChairman Kim Joo-hyun attended the MOU signing event and delivered congratulatory remarks where he emphasized the importance of todays agreement as a beginning for seeking stronger cooperation between Korea and Africa. In this regard, Chairman Kim said that he hopes to see Koreas strong advantage and know-hows in the field of digital finance being able to make great contributions to Africas economic development going forward. Chairman Kim added that Koreas financial industry will also benefit and grow from this process.
FSC Chairman speaks about significance of public-private partnership in promoting export financing support for SMEs and MMEsJun 17, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended an agreement signing event held between Shinhan Bank and Korea Trade Insurance Corporation, which is aimed atpromotingcooperationbetween the two organizations in providingexport financing support for SMEs and MMEs on June 17. Under the agreement, a total of KRW1 trillion in export financing support will be made available for small- and medium-sized enterprises (SMEs) and middle market enterprises (MMEs) to help them to more effectively cope with the changing structure in global supply chains, explore new markets, and build production facilities in overseas markets. At the event, Chairman Kim said that it is particularly significant that the two organizations can share andexchangekey information andcloselycooperateonvarious support programs made available to SMEs and MMEs. Chairman Kim added that this kind of public-private partnership should be promoted to more effectively support overseas operationand business expansionof domestic enterprises.
12 Financial Companies to Provide KRW15 Trillion in Export Financing SupportJun 17, 2024

The Financial Services Commission and the Ministry of Trade, Industry and Energy held a meeting with major shipbuilders and financial institutions on June 17 to have talks on expanding export financing support for the shipbuilding industry. At today's meeting, measures to expand refund guarantee for shipbuilding contracts have been introduced through which 12 major banks and policy financial institutions will make available export financing support worth about KRW15 trillion to shipbuilders in the form of refund guarantees. With the recent rebound in the shipbuilding industry, five major banks will resume providing refund guarantees to mid-sized shipbuilders for the first time in eleven years. With the agreement signed today, Korea Trade Insurance Corporation will increase the guarantee ratio on refund guarantees from the previous level of 85 percent to 95 percent, which in turn will help to lower the guarantee burden on banks from the previous level of 15 percent to 5 percent. At the beginning of the meeting, FSC Chairman Kim Joo-hyun delivered opening remarks highlighting the significancethat commercial banks arenowable to resume the issuance of refund guarantees to shipbuilders. Chairman Kim added that the financial authorities will continue to closely communicate with industry officials to help resolve difficulties.
Vice Chairman holds media briefing on short sale reform measuresJun 13, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a media briefing to announce the finalized version of short sale reform measures intended to prevent illegal short selling activities and protect investors on June 13. Under this plan, naked short selling activities will be prevented through establishment of electronic short sale processing and monitoring systems. Institutional and corporate investors will be required to set up internal control standards. The currently divergent stock borrowing conditions for institutional investors and retail investors will be made equal to create a level playing field. The severity of penalties on illegal short sales will be strengthened to ensure more effective enforcement of administrative sanctions.