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KoFIU holds meeting to promote best practices in suspicious transaction reportingAug 29, 2023

The Korea Financial Intelligence Unit (KoFIU) held a meeting with financial industry groups and the financial companies selected fortheiroutstanding STR practices on August 29 to reward their compliance work and promote best practices in STR. At the meeting, financial industry groups presented their own measures for bosltering STR and shared plans for making improvements.KoFIU Commissioner Rhee Yunsu said that the government will step up efforts to more effectively deal with the newly emerging types of money laundering crimes by maintaining close cooperation between related authorities. The KoFIU will continue to hold meetings on STR every six months to help improve financial institutions' STR practices and strengthen their compliance capacity.
FSC announces current status in effort to soft-land loan forbearance measures for SMEs and small merchantsAug 29, 2023

Secretary General Lee Se-hoon of the Financial Services Commission gave a media briefing on the current situation regarding the effort to soft-land the loan forbearance measures put in place for SMEs and small merchants that have been hit by COVID-19 on August 29. The maturity extension and payment deferment programs introduced in April 2020 in the wake of the COVID-19 pandemic have been extended for six months each time until now, and the loan forbearance programs are currently operating under the 5th extension plan announced in September 2022. The number of borrowers as well as the total amount of outstanding loan balance subject to the maturity extension and payment deferment programs has been declining steadily. At the end of September 2022, there were about 430,000 borrowers with some KRW100 trillion in loan balance on the programs, but the numbers declined to 390,000 borrowers with KRW85 trillion by the end of March 2023 and KRW350,000 borrowers with KRW76 trillion by the end of June 2023.
FSC holds meeting on promoting overseas expansion of domestic financial infrastructureAug 28, 2023

The Financial Services Commission held a meeting with relevant institutions to discuss ways to promote overseas expansion of domestic financial infrastructure models on August 28. FSC Vice Chairman Kim So-young presided over the meeting and delivered opening remarks where he said that export of domestic financial infrastructure can be a major advantage in the future when financial companies try to establish their business presence abroad and build local networks in overseas markets. In this regard, Vice Chairman Kim talked about the need to explore ways to utilize official development assistance (ODA) as a means to promote export of domestic financial sectors.
FSC Chairman speaks about importance of ensuring job security at financial industry's joint job fair openingAug 23, 2023

The financial industry's joint job fair event is held at Dongdaemun Design Plaza in Seoul for two days from August 23 to 24. The seventh annual event is participated by 64 employers from the financial industry offering career information and job opportunities for young adults. FSC Chairman Kim Joo-hyun attended the opening ceremony on August 23 and delivered congratulatory remarks in which he emphasized the importance of providing job security to young adults. In this regard, Chairman Kim said that the number of financial institutions participating as employers is the largest ever this year and they will make available comprehensive support for jobseekers throughout the process of career preparation. The authorities expect that about 17,000 young jobseekers will attend the job fair this year.
Authorities hold meeting to check financial sector's exposure to China's real estate market crisisAug 22, 2023

The FSC held a meeting with relevant institutions and private sector experts on August 22 to monitor domestic financial institutions' exposure to the real estate market risk in China and check the soundness of financial companies' foreign currency liquidity situation. At the meeting, participants shared a common view that China's current real estate crisis is unlikely to spread wider into a systemic risk and that its impact on domestic securities and foreign exchange markets will be limited. However, the authorities agreed on the need to strengthen market monitoring to be prepared for a possible long-term deterioration in China's economic conditions. FSC Vice Chairman Kim So-young said that the government and relevant authorities need to stay vigilant about global financial market situations and closely monitor external risks and uncertainties to ensure that appropriate policy response takes place in a timely manner.
Vice Chairman delivers congratulatory remarks at international sustainability reporting seminarAug 17, 2023

Vice Chairman Kim So-young attended the international sustainability reporting seminar hosted by the Korea Accounting Institute and the Korea Sustainability Standards Board on August 17 and delivered congratulatory remarks. In his speech, Vice Chairman Kim emphasized the importance of ESG disclosures as they provide measurements on companies' ESG activities and provide them to investors. Speaking about some of the particular characteristics of Korea's economy such as the high level of external dependency and resiliency in crisis situations, Vice Chairman Kim said that the authorities will take into account particular traits of domestic industrial structures as well as the realistic burdens of businesses and investors' needs in formulating ESG disclosure rules. The FSC plans to draw up ESG disclosure standards after collecting opinions from various stakeholders.
Vice Chairman holds media briefing on capital market reform agendasAug 17, 2023

FSC Vice Chairman Kim So-young held a media briefing on the progress and achievements of the governments capital market reform agendas on August 17.Vice Chairman Kim said thatthe government has taken bold steps to resolve the problem of the so-called Korea discount by enhancing investor protections, removing outdated regulations and overhauling rules to foster innovation in the market. Despite the presence of difficult economic and financial conditions, there have been some favorable outcomes achieved thank to active cooperation between relevant institutions and industries. In the second half of 2023, Vice Chairman Kim said thattheauthoritieswill continue to maintain its policy priority on restoring investors trust, strengthening capital markets function and ensuring financial stabilitywhile seamlessly implementing the measures already introduced.
FSC Chairman announces export finance support measuresAug 16, 2023

FSC Chairman Kim Joo-hyun presided over a meeting with the heads of majorcommercial banks, policy financial institutions along with the relevant government ministries on August 16 and announced a set of measures aimed at boosting support for domestic export businesses. Key details of the measures include (a) proving strategic support for domestic export businesses to more effectively prepare them for the rapidly changing global trade structure, (b) strengthening the medium- to long-term competitiveness of the strategic export sectors by expanding the size of export finance and (c) reducing the burden of using trade finance for some 2,500 outstanding export businesses selected by the government. At the meeting, Chairman Kim said that the measures have been prepared to reinvigorate our export industry, promote active participation by commercial banks and broaden the eligibility of support to include middle market enterprises.
FSC holds meeting to check household debt situationAug 10, 2023

The FSC held a meeting with the relevant authorities and industry organizations on August 10 to check the current household debt situation. With regard to the recent growth in the amount of household loans since April, the authorities assessed that it has been caused in part by the thaw in the housing market and that the current level of expansion does not pose a threat to financial stability at the moment. However, the authorities agreed that it is necessary to preemptively control the growth of household debt by looking into lenders' lending practices and provision of policy mortgage loans and exploring various measures to seek qualitative improvement in the structure of household debt. At the meeting, FSC Secretary General Lee Se-hoon said that although household debt is not at an alarming level currently, it is important to have a long-term perspective and preemptively manage risks associated with household debt. In this regard, Secretary General Lee said that the authorities will continue to work on both quantitative and qualitative management of household debt so that it does not pose a threat to financial stability or act as a structural hindrance to the growth of our economy.
FSC announces plan to improve special tech listing procedures for high-tech companiesJul 27, 2023

FSC Secretary General Lee Se-hoon presided over a meeting with the relevant government ministries and private sector entities on July 27 and announced a plan to improve the special listing procedures for technology companies. The plan includes 14 specific reform items from the stage of listing application to listing review to post-listing management. Speaking about the measures at the meeting, Secretary General Lee said that the authorities plan to regularly monitor the implementation status and work to ensure that the special tech listing procedures can help propel the growth momentum for innovative companies and our economy and bring more opportunities for investors.
FSC holds meeting on managing risks associated with excessive end-year money moves in pension funds marketJul 26, 2023

FSC Standing Commissioner Kwon Dae-young presided over a meeting on July 26 with officials from the Ministry of Employment and Labor, the Financial Supervisory Service and the financial industry groups to discuss potential risks of excessive money moves in the pension funds market toward the end of this year. Although the pension funds market conditions remain stable currently, there may be expanded market volatility if excessive competition to attract funds takes place toward the end of this year. As such, the financial industry groups agreed to actively respond to contain this risk by taking necessary measures such as paying off retirement pensions in stages and spreading out maturities. At the meeting, Standing Commissioner Kwon said that the financial authorities will continue to closely monitor money moves in the pension funds market and communicate with the relevant financial sectors to ensure that there is no market anxiety caused by abrupt movements of funds.
FSC holds talks with youth policy advisory groupJul 24, 2023

The FSC held a meeting with the 2030 youth policy advisory group on July 24 and had talks on strengthening the availability of financial education programs and ways to better help young adults to build up assets. At the meeting, FSC Vice Chairman Kim So-young spoke about some of the difficulties experienced by young adults, such as widening asset gaps, worsening job insecurity and housing instability. Against this backdrop, Vice Chairman Kim said that fraudulent dealings in the home rental market and illegal private lending practices are acting as additional barriers for young adults in building their assets. In this regard, Vice Chairman Kim said that it is necessary to provide support for financial education to ensure that young adults can see the value in accumulating assets with a medium- to long-term perspective, instead of seeking a highly leveraged or high-risk approach to managing their assets. To help promote financial education programs and introduce more youth-centered financial products, Vice Chairman Kim said that the government along with the relevant institutions and financial sectors should work closely together with the young people.