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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.
Vice Chairman visits inclusive finance support center and holds talks on small-sum living expense loan programJun 12, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission visited the central inclusive finance support center in Seoul on June 12 and held talks on the operation of the small-sum living expense lending program made available for vulnerable individuals. During his visit, Vice Chairman Kim emphasized the important role of microfinance assistance in seeking solutions to the problem of inequality and promoting inclusiveness in financial services. To help address these issues, the small-sum living expense loan program was launched in March 2023 to help improve access to microloan opportunities for vulnerable individuals who have low-credit backgrounds and often fall prey tothe danger ofillegal private lending activities. Since the introduction of this program, a total of 182,655 individuals received lending assistance worth about KRW140.3 billion as of the end of May 2024. To strengthen support made available through this program, authorities will allow theborrowers to have access to the small-sum living expense loanfor the second timeif their initial loan has been fully repaid. Moreover, authorities will also strengthen the provision of debt adjustment support for those having difficulties in paying back their loans.
Authorities hold meeting to check progress in implementing measures to seek a soft-landing in the real estate PF marketJun 05, 2024

The Financial Services Commission held a meeting with related authorities and industry groups on June 5 to review progress in the implementation of various measures intended to stabilize the real estate project finance market. For the application of upgraded standardstoevaluate financial viability of real estate development projects, financial industry groups will make relevant changes to their best practice guidelines and internal rules to be able to perform evaluation on development projects based on the upgraded standards and submit results to the Financial Supervisory Serviceuntilthe end of July this year. At the meeting, participants discussed various stabilization efforts made by individual financial sectors. For instance, savings banks are working to set up an additional fund worth more than KRW460 billion, while the specialized credit finance sector has set up another fund worth about KRW260 billion. Meanwhile, the delinquency rate on real estate project finance loans as of end-March 2024 rose to 3.55 percent (up 0.85 percentage points) from 2.70 percent at end-December 2023. Authorities saw that the rise indelinquencyrate was attributable to the strengthening of risk management by financial companies, and that the relatively high delinquencyrates exhibited by securities firms and savings banks werealsomanageable consideringhighlevels ofcapital ratios andreserves set aside in these sectors.
FSC signs MOU to promote AI-driven anti-vishing effortsJun 03, 2024

The Financial Services Commission signed a memorandum of understanding (MOU) with related ministries and organizations to strengthen cooperation for promoting AI-driven anti-vishing efforts on June 3. FSC Chairman Kim Joo-hyun signed the MOU, which will facilitate AI developers in the private sector to make use of the actual phone conversation data used in vishing scams for the purpose of developing AI-driven anti-vishing programs. With the MOU in place, cooperation between the telecommunications and financial sectors will be strengthened to promote development of diverse types of anti-vishing programs using AI technologies. In addition, there will be government-driven research and development projects that will seek to find ways to more effectively prevent and combat vishing scams.
FSC commemorates one-year anniversary of launching loan transfer serviceMay 29, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over a meeting with users of the loan transfer service and officials from related organizations and financial companies to commemorate one-year anniversary of launching the loan transfer service and have discussions to seek further improvements on May 29. At the beginning of the meeting, FSC Chairman Kim Joo-hyun praised the successful introduction of loan transfer servicefirst for credit loans in May 2023 and then expanded to home-backed mortgage loans and jeonse loansduring the first year of its operation. As a result, Chairman Kim said that about 200,000 individuals were able to use this program to switch their existing loans worth about KRW10 trillion in total for lower interest rates, and on average were able to save about KRW1.62 million a year in interest payments. To continue to meet consumer demands, Chairman Kim said that financial companies need to think beyond just offering lower interest rates and take steps to help improve consumer convenience in accessing and operating loan transfer service, for instance, by offering on-site application process for the elderly to make the program more accessible and inclusive for all.
FSC holds first taskforce meeting on microfinance assistanceMay 28, 2024

Standing Commissioner Lee Hyung-ju of the Financial Services Commission presided over the first taskforce meeting on microfinance assistance with related organizations, industry officials, and private sector experts on May 28.The taskforce plans to hold a series of meetings to prepare specific measures on microfinance assistance to help the working class and self-employed business owners. At the meeting, FSC Standing Commissioner Lee said that macro-level uncertainties, such as sluggish growth in household income, coupled with structural changes, such as growth in e-commerce, have presented added strain on vulnerable groups. To address this, Standing Commissioner Lee said that it has now become more urgent than ever to make sure the availability of thorough protection for self-employed business owners. Thus, to make sure that microfinance assistance can provide effective solutions, the taskforce will focus on (a) helping to strengthen debt service capability of vulnerable individuals, (b) providing tailored support for debt restructuring, (c) making sure a steady supply of funds for microfinance assistance, and (d) seeking ways to boost convenience and make improvements in the administration of microfinance assistance.