Photo News - Financial Services Commission

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Authorities hold meeting on stock market volatilityAug 05, 2024

The Financial Services Commission and the Financial Supervisory Service held an emergency meeting to review increased volatility in domestic stock markets together with officials from the Korea Exchange and Korea Center for International Financeon August 5. Both the Kospi and Kosdaq markets experienced large drops in two straight trading sessions astheconcernabout a weakening U.S. economy led toforeign selloffs in large scale. Although this market volatility issimilarly observed inother stock markets around the world, participants at the meeting assessed that the rout is particularly pronounced across the Asian markets, including Korea, Japan, and Taiwan. In this regard, FSC Chairman Kim Byoung Hwan said that considering our economy's growth fundamentals and the capacity to withstand challenges, market participants need to make decisions more rationally. Chairman Kim also urged officials to stay vigilant to closely monitor situations in stock market and foreign exchange market and be prepared to promptly take actions to stabilize marketwhendeemed necessary.
FSC Chairman holds meeting and outlines ways to effectively manage debt risksAug 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with macroeconomic and financial market experts on August 5 to review financial risks in four specific sectors, which include debt risks in the household, real estate project finance, and small business sectors, and the soundness of the nonbanking sector, and discussed ways to effectively manage these risks. At the meeting, Chairman Kim discussed the government's plans to more effectively tackle debt risks in the four specific areas to ensure sustainable growth and resilience in the economy and to guarantee financial market stability. While consistently implementing the various debt management mechanisms currently in place, such as the expanded application of the stressed debt service ratio (DSR) rule, Chairman Kim said that the government will swiftly work to introduce measures that will help to make a transition away from the current debt-reliant model to an equity-centered approach. Chairman Kim also said that the goal of these measures is not to keep the total volume of debt below a certain level in absolute quantity but to stably manage the size of debt at a level deemed to be appropriate and commensurate with that of the real economy.
FSC Chairman meets with small business owners and holds talks on debt workout supportAug 01, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with a group of small merchants and self-employed business owners to listen to their needs and challenges and have talks on the progress of the debt workout program (called "New Start Fund") specifically set up to help small businesses in the wake of the coronavirus pandemic. At the meeting, Chairman Kim said that it is important to directly engage with small business owners and listen to their needs to be able to draw up more practical and effective solutions for assistance. While taking into account comments gathered from today's meeting, Chairman Kim said that authorities will continue to work on ways to expand and improve the availability of support for small merchants and self-employed business owners. In close coordination with the banking sector and financial institutions in the private sector, Chairman Kim said that authorities will work to draw up additional relief measures for small businesses.
FSC Chairman and FSS Governor vow to maintain close communication and cooperationAug 01, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with Governor Lee Bok-hyun of the Financial Supervisory Service on August 1 for the first time in his capacity as the Chairman of the FSC and exchanged views on the importance of effectively managing risks emanating from high levels of household debt, real estate project finance, debt burden on small businesses, and the prudential management in the nonbanking sector. Chairman Kim and Governor Lee also exchanged opinions on the significance of megatrends in the global economy, such as shift in global supply chains,changing demographic structure, climate risk,technological advance, and so on, and their impact on the financial industry and market. In this regard, the two leaders agreed to seek bold reform in regulations to promote external growth of our financial industry, while continuing to work on making further improvements to our capital marketsystemand ensuring protection for financial consumers. While stressing the importance of trust as a key principle in financial sectors, the two leaders pledged to closely communicate and cooperate going forward.
10th FSC Chairman Kim Byoung Hwan takes officeJul 31, 2024

Kim Byoung Hwan took office as the 10th Chairman of the Financial Services Commission on July 31, 2024. In his inaugural statement, the new FSC Chairman stressed the importance of ensuring market stability as a key priority of his policy agendas. Making sure that market discipline is strictly observed in financial markets and seeking regulatory reforms to meet the needs of changing financial market conditions are also included in his agendas. When formulating and enforcing financial rules and regulations, Chairman Kim said that the FSC needs to always have a consumer-oriented approach and perspective and look beyond the financial sector to seek more comprehensive and structural ways to solve problems.
Vice Chairman speaks about significance of youth savings account programJul 23, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended theevent commemoratingone-year anniversary of the youth savings account program joined by young adults, a panel of experts, and officials from the financial industryon July 23and held talks on the progress and plans for future program operation. Since launching the program a year ago, about 1.33 million individuals have signed up for the youth savings account program as of the end of June 2024 with the retention rate of about 90 percent. As this shows that one in five young adults is currentlytaking advantage ofthe program, Vice Chairman Kim said that financial authorities will continue to closely work with the banking sector and seek improvements in policy implementation to make sure that the youth savings account program can play a central role in providing young adults with opportunities of wealth accumulation. At today's event, a discussion with expert panelists and other experimental programs, such as financial consulting and a quiz challenge, also took place for young adults.
Vice Chairman visits London to promote progress of Korea's capital market reform measures to global investorsJul 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission visited London, the United Kingdom (UK) from July 16 to 19 in an effort to promote Koreas capital market reform and corporate value-up programs to global investors and to strengthen financial cooperation between Korea and the UK. During his trip to London, Vice Chairman Kim held an IR event with global investors, met with the Lord Mayor of the City of London, and had meetings with officials from FTSE Russell and Korean financial companies operating in the UK. Vice Chairman Kims trip to London marks the governments continuous efforts tocommunicate Koreas capital market reform measures with global investors and to bolster bilateral relations with the UK in financial sectors. The FSC plans to continue to make efforts to actively promote overseas expansion of our financial industry and boost inbound foreign investments.
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.