Photo News - Financial Services Commission

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FSC Chairman holds meeting and introduces a plan for MyData 2.0Apr 04, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with financial MyData service providers and related organizations and introduced a plan for MyData 2.0 in financial services on April 4. At the meeting, Chairman Kim said that the successful launching of MyData platform service enabled the subsequent introduction of loan transfer services and insurance comparison and recommendation services. In this regard, Chairman Kim said that the measures included in the plan for MyData 2.0 will enable more versatile utilization of data by MyData service providers andhelp them improve their service quality for consumers. With this improvement in service usability, Chairman Kim added that MyData in financial services will be able to provide practical assistance to people for their asset management.
Vice Chairman meets with the construction sector to ensure continuous provision of financing support for stabilityApr 04, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission met with officials from the construction sector on April 4 and held talks on continuing challenges caused by high inflation and interest rates and the availability of diverse support measures intended to stabilize the real estate project financing market. In this regard, Vice Chairman Kim said that the government first put in place market stabilization programs amounting to KRW50 trillion-plus in the second half of 2022, and has since prepared additional financial support programs for a total of KRW85 trillion-plus. Vice Chairman Kim also said thatthe authorities will make sure to promptly implement and provide additional support in the form of loan guarantees amounting to a total of KRW9 trillion planned for property developments under PF loans and non-housing development projects. The FSC plans to continue to engage with related industries and expert groups to closely monitor the progressofmarket stabilization efforts and seek additional measures if needed.
Vice Chairman holds meeting to ensure seamless preparation for implemeting new legislation on individual debtor protectionApr 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related organizations and industry groups on April 3 to make sure that authorities, industry groups and related organizations are thoroughly preparing for the implementation of a new legislation on personal credit management and debtor protection, which is set to go into effect from October 17. In his opening remarks, Vice Chairman Kim said that the aim of this legislation is to promote the use of personal debt workout process made available from individual financial institutions to help prevent delinquent debtors from falling deeper into a debt spiral and help them to quickly recover and regain footing. With this law in place, Vice Chairman Kim said that there is now a complete legal framework established to make sure that individual debtor protection mechanisms are available from both the public and private sectors.
FSC Chairman holds meeting to discuss ways to promote reverse mortgageApr 03, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with related organizations and experts on April 3 and discussed ways to promote reverse mortgage as a way to tackle challenges of an aging society. In opening remarks, Chairman Kim said that it is necessary to find more innovative ways to guarantee income after retirement, especially when the elderly population in Korea is expected to surpass 10 million from next year and the proportion ofold-age income poverty has been higher than in other major economies. In this regard, Chairman Kim said that the government has been working to promote the use of reverse mortgage as a key policy agenda by broadening the type of housingeligible under the programand increasing the maximum loan amountfor beneficiaries.
Vice Chairman holds meeting to discuss measures to improve tech financingApr 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related organizations and industry groups on April 3 and discussed measures to improve tech financing to help small- and medium-sized tech companies to boost productivity. To ensure that technology firms' access to financing is more readily available,technology assessment criteriainthe banking sector will be revamped to bolster banks' lending to tech companies even when there is not sufficient level of collateral orpriorsales data. Other measures include strengthening the autonomy of tech credit bureaus (TCBs), requiring TCBs to conduct on-site surveys and write detailed assessment rating reports, providing incentives to boost the quality of tech assessment, and bolstering rules on tech financing to prevent illegitimate activities. In his speech, Vice Chairman Kim said that the authorities will seek to upgrade tech financing in a qualitative way to help resolvefinancing difficulties of tech companies.
Financial taskforce on future launched to effectively cope with future challengesApr 02, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over an event celebrating the launch of a financial taskforce on effectively dealing with future challenges on April 2 along with industry associations, thinktanks, and related organizations. The financial taskforce on future challenges will tackle issues related to climate change, demographic shift, digital transformation, and so on, with a focus on the future role of financial sectors. In his opening remarks, Vice Chairman Kim said that new challenges consist of the known unknowns, which demand rigorous analysis and measured responses from both the public and private sectors. The financial taskforce on future challenges will be organized into three subgroups (demographic, climate, and technology groups) to more closely study issues in each area, and hold a joint seminar in the second half of this year.
Vice Chairman holds meeting on Corporate Value-up Program and discusses new incentive programsApr 02, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related organizations and industry groups on April 2 to discuss new incentive programs for the Corporate Value-up Program. The meeting was held with a focus on listed firms' accounting and dividend practices. For companies that already have excellent corporate governance structure in place that is able to effectively monitor and check management practices, the authorities will grant an exemption from the periodic external auditor designation requirement. In addition, the companies that have been awarded for their outstanding value-up efforts will be able to receive a mitigation in penalties resulting from an audit review.
Vice Chairman delivers special lecture to young adultsApr 01, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission delivered a special lecture to young adults on April 1 at an eventcommemoratingthe milestone ofmore thanone millionsubscribers to the youth savings account program. Since its launch on June 15, 2023, there were 2.31 million young adults who have applied to sign upfor the youth savings account program and among them, a total of 1.05 million young adults have successfully opened up new youth savings accounts.
FSC Chairman meets with bank CEOs and holds talks on promoting innovation in the banking industryApr 01, 2024

Chairman Kim Joo-hyun of the Financial Services Commission met with the CEOs of major commercial banks and held talks on ways to promote innovation and seek progressin the banking industry on April 1. In his opening remarks,Chairman Kim expressed appreciation for the banking sectors contribution of KRW2.1 trillion in financial assistance programs for vulnerable sectors, and emphasized the need to continue to push for innovation in the banking sector through competition. In this regard,Chairman Kim said that the government will take bold steps to reform regulations onbanks ancillary services.
FSC Chairman holds event commemorating five years of operating financial regulatory sandbox programMar 29, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over an event commemorating five years of operating the regulatory sandbox program during which more than 300 "innovative financial services" have been designated. Since the regulatory sandbox program was first introduced in April 2019, the companies selected for "innovative financial services" have made significant contributions to the growth of the fintech industry by creating 2,220 new jobs and securing KRW6.03 trillion in new investments. In his speech, Chairman Kim praised highly about the milestone achieved over the past five years and pledged that the authorities will continue to work on making improvements to the operation of the sandbox program and provide strong support for innovative companies and technologies.
Vice Chairman holds talks on strengthening protection for consumers against the threat of illegal private lending and fraudulent activitiesMar 29, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from consumer protection organizations and industry groups on March 29 and discussed ways to strengthen protection for consumers. At the meeting, Vice Chairman Kim and participants discussed the need to raise awareness about illegal private lending and debt collection activities and to increase cooperation among related organizations to better inform consumers about their threat and protect them.
Vice Chairman speaks about promoting the use of artificial intelligence in the financial sectorMar 28, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a kick-off meeting of the council on promoting artificial intelligence in the financial sector joined by related organizations, research institutions, and financial companies on March 28. In his opening remarks, Vice Chairman Kim laid out some of the issues that need to be discussed in subsequent council meetings, such as the rules on network separation,governance and safety issues concerning generative AI, and challenges and opportunities of promoting the use of AI in the financial sector. In this regard, the FSC plans to operate working groups composed of experts and relevant industry officials to further discuss the use of AI in financial services.