Photo News - Financial Services Commission

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FSC Chairman meets with fintech entrepreneurs and fintech lab operatorsNov 19, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended this year's second fintech open networking day event and delivered congratulatory remarks on November 19. The biannual event organized by the FSC brings together fintech businesses, financial companies, and investment organizations to seek ways to promote collaboration and boost investment in digital finance. Prior to the scheduled event, FSC Chairman Kim held talks with financial holding companies' fintech lab operators and fintech entrepreneurs to listen to their needs and suggestions. To help fintech businesses to continue to grow and scale up and to promote digital transformation of financial companies, Chairman Kim said that it is necessary to make regulatory improvements regarding financial companies' fintech investment and ownership rules. Moreover, to help make sure that digital payment services can continue to grow with a sense of legal stability in the future in the areas of authentication, big data, and artificial intelligence, Chairman Kim said that relevant regulations on electronic financial services and digital authentication system need to be upgraded. To continue to promote overseas expansion of outstanding domestic fintech companies, Chairman Kim said that the government will provide support through established overseas networks and joint investment promotion activities.
FSC Chairman holds meeting to review stock market situationNov 18, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with related authorities and market experts to check recent situation in the stock market in the wake of U.S. presidential elections. At the meeting, participants assessed that there have been significant movements of global investments toward the U.S. and increased volatility in stock markets around the world since the election of President Donald Trump. Amid uncertainties regarding the new U.S. administration's policy directions, participants assessed that it is possible that stock markets may experience increased volatility in the future. To help ease current volatility in the domestic stock market, the Korea Exchange and related organizations will start to implement the value-up fund worth KRW200 billion from this week and will seek to raise a second batch of value-up fund in the size of KRW300 billion. With increased uncertainties at home and abroad, FSC Chairman Kim said that financial authorities will continue to stay vigilant and closely monitor market developments, and asked related organizations for a swift implementation of investments through the value-up fund. Chairman Kim also said that financial authorities are prepared to employ appropriate market stabilization measures when considered to benecessary.
Vice Chairman holds market monitoring meeting and announces plans to extend the availability of market stabilization programsNov 13, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting on November 13 with related organizations and market experts to go over economic and financial market conditions at home and abroad in the wake of U.S. presidential elections and Feds monetary policy pivot and discuss policy responses to ensure market stability. At the meeting, Vice Chairman Kim said that it is necessary to maintain backstops in order to be prepared for the potential of rising uncertainty and volatility in the market. Therefore, Vice Chairman Kim said that the market stabilization programs currently in place will continue to be operated at the same level in 2025. At the meeting, Vice Chairman Kim also announced plans to extend the period of the temporarily eased regulations currently in place to facilitate a soft-landing in the real estate project finance market. As the restructuring and liquidation of real estate development projects are currently taking place, the availability of the temporarily eased regulations, which is set to expire at the end of 2024, will be extended until June 2025, with specific plans for normalization expected to be determined in the first half of 2025 after considering market conditions.
Korea-Poland MOU on banking supervision signed to support overseas expansion of Korean financial servicesNov 13, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with Jacek Jastrzebski, Chair of the Board of the Polish Financial Supervision Authority (KNF) at his office in Seoul Government Complex on November 13 where the two sides signed a memorandum of understanding (MOU) on banking supervision. This marks the first such visit to Korea by Chair of the Board of the Polish Financial Supervision Authority (KNF). At the meeting, Chairman Kim showed strong commitment to boost cooperation going forward and talked about the significance of the progress made this year in enhancing financial cooperation between the two countries with the shuttle meetings held between chief financial authorities of the two countries and the signing of an MOU on banking supervision. The MOU on banking supervision signed between the FSC and the FSS of Korea and the Polish Financial Supervision Authority (KNF) is expected to facilitate overseas expansion of Korean banks corporate loan operations to Poland and other EU member countries in the surrounding region, such as Hungary, the Czech Republic, and Slovakia.
Vice Chairman holds foreign media briefing on capital market reformsNov 11, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a media briefing on the progress and plans regarding capital market reforms in Korea for foreign media on November 11. At the meeting, Vice Chairman Kim discussed recent progress in bringing about more fairness and transparency to market transactions, improving investors' access to capital markets, and promoting corporate management practices respecting shareholder values. Vice Chairman Kim also laid out plans and additional measures for the future and said that making improvements to capital markets and policy efforts for the Corporate Value-up Program will be pursued in a consistent manner with a long-term perspective.
Vice Chairman delivers congratulatory remarks at 6th annual IP Finance ForumNov 07, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended the 6th annual Intellectual Property Finance Forum organized by the Korean Intellectual Property Office and the Financial Services Commission and delivered congratulatory remarks on November 7. With the scale of IP finance amounting to more than KRW10 trillion as of August 2024, government authorities, financial institutions and relevant industry officials gathered at the forum to discuss progress made in IP finance and appropriate policy directions moving forward. Speaking about the growing significance of intellectual property as a key source of competitiveness and added value for companies and the country, Vice Chairman Kim said that the FSC will work to support the growth of innovative tech companies by introducing a deep tech fund this year that will make investments in tech companies.
Vice Chairman presides over kickoff meeting of virtual asset committeeNov 06, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the first meeting of the virtual asset committee with officials from related ministries and organizations and committee members from the private sector on November 6. As an advisory group set up by the Virtual Asset User Protection Act, the committee consists of 15 members from both the public and private sectors and meets on a quarterly basis to offer policy advise on the virtual asset market and related matters. At the beginning of the meeting, Vice Chairman Kim delivered opening remarks emphasizing the importance of striking a proper balance between innovation and stability, which has been a key priority of the government with the implementation of the Virtual Asset User Protection Act from July this year. At today's meeting, the committee discussed key market trends at home and abroad and the issues that need to be tackled to move ahead with the second phase enactment of legislation on virtual assets. In particular, the committee discussed the issue of whether to permit corporate entities to have access to and own virtual assets through the issuance of real-name accounts since demand for virtual asset-related business opportunities has been growing in diverse areas, such as issuance of non-fungible tokens, establishment of mainnet, and digital wallets. The committee also looked into potential risk factors and concerns over money-laundering when allowing corporate ownership of virtual assets.
MOU signed on CBDC and deposit token based digital financial servicesNov 06, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended a memorandum of understanding (MOU) signing event held on November 6 among the Ministry of Science and ICT, the Financial Services Commission, and the Bank of Korea for seeking cooperation on the demonstration of digital financial services based on central bank digital currency (CBDC) and deposit tokens. To facilitate demonstration, the FSC has allowed the seven banks that showed willingness to participate in the pilot test to issue deposit tokens under the financial regulatory sandbox program. At the MOU signing event, FSC Chairman Kim said that the demonstration stage will help with identifying how CBDC and deposit tokens willbring aboutconvenience and benefits for consumers. In this regard, Chairman Kim stressed the need to set up and operate systems from the perspective of end users and closely look into and work to resolve unforeseen risks along the way.
Vice Chairman holds open seminar to seek improvements for the sale of highly complex investment productsNov 05, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over an open seminar for seeking remedies for large-scale investor losses caused by misselling of Hong Kong H-index based equity-linked securities (ELS) products with market experts and consumer groups participating on November 5. At the seminar, Vice Chairman Kim said that it is now important to comprehensively look into the situation of the sale of highly complex investment products in order to bring about improvements through which a proper balance can be established between the principle of consumer protection for financial companies and that of self-accountability for financial consumers. To this end, Vice Chairman Kim said that authorities will come up with comprehensive measures which will take into account what has been discussed at today's meeting.
FSC Chairman visits a semiconductor equipment manufacturing facility and pledges comprehensive support for middle market enterprisesNov 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a semiconductor equipment manufacturer, Texon's production facility located in Hwaseong, Gyeonggi Province on November 5 and held talks with a group of middle market enterprises (MMEs) on the need to expand financing support for them. As the first recipient of investment from the MME-exclusive investment fund, Texon has been planning to boost investment for its semiconductor and data center facilities. At the meeting, Chairman Kim outlined the availability of various types of financing support programs made available for MMEs and said that authorities will continue to seek ways to help MMEs by increasing the volume of P-CBO (primary collateralized bond obligation) issuance and lowering the cost of financing for MMEs.
Vice Chairman holds insurance reform committee meetingNov 04, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the fourth insurance reform committee meeting with related authorities, research organizations, and industry groups on November 4. At the meeting, participants discussed ways to strengthen supervision over prudential management of insurance businesses with the implementation of IFRS17 from 2023. Speaking about the importance of ensuring accuracy and transparency in accounting practices, Vice Chairman Kim demonstrated strong commitment to root out unreasonable or arbitrary accounting practices in the insurance industry.
Vice Chairman meets with ECB supervisory board member and signs MOU on financial innovation with Bank of LithuaniaOct 31, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission visited Frankfurt, Germany and Vilnius, Lithuania from October 28 to November 1 in order to seek stronger financial cooperation with the European countries following bilateral summit meetings held in 2023. In Germany, Vice Chairman Kim visited the European Central Bank and held a high-level meeting with ECB's supervisory board member Patrick Montagner to elicit consensus on the scope of cooperation prescribed in the draft memorandum of understanding (MOU) on banking supervision, which is expected to be signed by the end of this year. In Lithuania, Vice Chairman Kim met with Simonas Krėpta, member of the Board of the Bank of Lithuania (BOL), and signed an MOU on financial innovation aimed at promoting bilateral cooperation to facilitate exchange of fintech businesses between the two countries.