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Vice Chairman speaks about promoting financial innovation with AI at joint AI conference held with BOK and BISDec 17, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended the AI conference jointly organized by the FSC, the Bank of Korea, and the Bank for International Settlements in Seoul on December 17 and spoke about the promises and opportunities of embracing AI technology in financial services. The conference was held under the theme of "AI, Finance and Central Banking: Opportunities, Challenges, and Policy Responses," and it brought together a diverse group of experts and authorities from at home and abroad. During the opening session, Vice Chairman Kim delivered opening remarks where he spoke about the importance of maintaining an appropriate balance between the policies promoting the use of AI and the efforts to establish proper standards to ensure the safety and ethical use of AI technology in financial services. During his speech, Vice Chairman Kim also touched upon recent political uncertaintiesin Koreaand said that the FSCismaking utmost efforts to closely work with relevant ministries in ensuring stability in the financial system.
Vice Chairman holds 5th insurance reform committee meetingDec 16, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 5th insurance reform committee meeting with officials from related authorities, research institutions, and industry groups on December 16. At the meeting, authorities discussed various policy reform agendas and expressed a common view on the need to consistently seek policy improvements according to the previously planned schedule. Speaking about the recent volatility in financial markets, Vice Chairman Kim said that insurance companies should step up risk monitoring and work to ensure soundness in their liquidity conditions and prudential management.
FSC Chairman visits IBK startup incubating platform in Daejeon and meets with startup entrepreneursDec 13, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a startup incubating platform operated by Industrial Bank of Korea in Daejeon on December 13 and held talks with a group of local startup entrepreneurs on ways to promote local venture and startup businesses. At the meeting, Chairman Kim emphasized the important role played by IBK startup incubating factory in creating a ladder of growth and opportunities in our economy. Speaking about current economic and market situations, Chairman Kim said that the government is making utmost efforts to promptly resolve market uncertainties and to continue to pursue policies that can support businesses. To continue to bolster support for localventure and startup businesses, Chairman Kim said that relevantauthorities and organizations areplanning to expand the availability of startup incubating facilities in different regions.
Vice Chairman presides over meeting of AI council in financial sectorDec 12, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the artificial intelligence (AI) council meeting in the financial sector on December 12 with officials from related authorities, research institutions, and financial companies. At the meeting, authorities introduced a set of measures aimed at promoting the use of generative AI in the financial sector. In his opening remarks, Vice Chairman Kim said that these measures will provide practical assistance to financial companies through the establishment ofthe infrastructure needed for the use of AI, ensuring the supply of financial big data needed for embracing AI technology, and making necessary changes in the financial sector's AI guidelines.
FSC Chairman meets with UK Ambassador to KoreaDec 11, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with Colin Crooks, Ambassador of the United Kingdom to the Republic of Korea at his office in Seoul Government Complex on December 11 and communicated the government's market stabilization efforts and stable management of market situations amid recent political uncertainty. At the meeting, Chairman Kim said that when compared to the past political instability situation in 2016, the government is currently equipped with much stronger capacity in market stabilization tools, and will continue to carry out major policy agendas according to their set schedules. The FSC will continue to maintain active communication with foreign financial authorities and globalinvestors.
FSC Chairman meets with foreign financial companies to assure market stabilityDec 10, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with officials from foreign financial companies on December 10 to have talks on recent political and economic situations in Korea and to assure that the Korean government has sufficient capacity to ensure stability in financial markets. At the meeting, Chairman Kim emphasized that despite increased political uncertainties, the country's economic issues are being managed in a consistent and stable manner with the Deputy Prime Minister leading the government's economic team. In this regard, Chairman Kim said that the government has maintained a high level of preparedness for the implementation of market stabilization measures, and that key policy agendas, such as the soft-landing of the real estate project finance market, Corporate Value-up Program, and capital market reform initiatives, will continue to be pursued according to the previously set schedule.
FSC Chairman meets with CEO of Japan Exchange GroupDec 10, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with Yamaji Hiromi, CEO of Japan Exchange Group at his office in Seoul Government Complex on December 10. At the meeting, the two sides held talks on ways to promote the development of capital markets in Korea and Japan and the experienceand progressin implementing policies intended to boost corporate valuations in each respective market.
Vice Chairman attends 5th benchmark rate and short-term financial market consultation meetingDec 10, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended the 5th benchmark rate and short-term financial market consultation meeting with related organizations, such as the Bank of Korea, the Financial Supervisory Service, the Korea Securities Depository, and the Korea Exchange, as well as academics and market experts, and discussed plans for promoting benchmark rate reform in 2025. At the meeting, Vice Chairman Kim said that the efforts of the government, the Bank of Korea, and other related organizations, as well as the active participation of the financial sector, have put the benchmark rate reform on track and that they have been working together with market participants to create a common plan that everyone can agree on. Speaking about the importance of ensuring global consistency by joining the trend of international benchmark rates reform, Vice Chairman Kim said that this reforming benchmark rates will be an opportunity to enhance the safety of the Korean financial system.
Vice Chairman attends the 9th International Financial Cooperation ForumDec 09, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended the 9th International Financial Cooperation Forum hosted by the Council on International Financial Cooperation on December 9. The forum was held under the theme of "Deep Finance: Shaping the Future of Global Finance" and attended by officials from major international organizations and overseas financial authorities. At the forum, Vice Chairman Kim delivered luncheon remarks and spoke about the need to embrace deep tech in the financial industry. In this regard, Vice Chairman Kim said that there are currently various measures being drawn up to support the establishment of infrastructure facilitating the use of generative artificial technology (AI) for financial companies and the provision of big data in the financial sector.
FSC Chairman holds market monitoring meeting with finnacial holding companies and related authoritiesDec 09, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission convened a meeting on December 9 with officials from the Financial Supervisory Service, five major financial holding companies, policy financial institutions, and related organizations and industry associations to check market situations and discuss response measures. At the Ministerial Meeting on Economic Affairs held the day before, the government announced that the economic team will spare no effort in ensuring a stable management of the economy despite looming uncertainties caused by recent politicalsituations. In this regard, FSC Chairman Kim said that the FSC and the FSS will continue to carry out their responsibilities in unwavering ways to ensure the maintenance of stability in Korea's financial system and the external credibility in the financial sector. Speaking about the important role played byfinancial holding companies, Chairman Kim urged them to closely look into the liquidity and soundness conditions of their own subsidiaries, while working to also make sure that thereis no contraction of economic activities from businesses and other market participants.
FSC Chairman visits local housing development site and speaks about importance of ensuring stability in real estate project finance market Dec 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited the site of a new housing development project in Goyang-si, Gyeonggi Province on December 5 and held talks on the importance of ensuring a seamless implementation of the measures intended to seek a soft-landing in the real estate project finance market. The development project had faced the risk of delayed schedule due to increased construction costs but was able to return to normal operation as it secured financing support of KRW200 billion from the syndicated loan recently launched by the banking and insurance sectors. At the meeting with related industry officials, Chairman Kim talked about the importance of ensuring a soft-landing in the real estate project finance market not only for guaranteeing stability in the market but also from the perspective of guaranteeing a steady supply of housing. In this regard, Chairman Kim said that with the expectation of increased inflows of private sector funds into the real estate project finance market, the restructuring and resolution of problematic development sites and the purchase of nonperforming loans are currently taking place in ways that are both predictable and manageable.
FSC Chairman convenes meeting to monitor market situationsDec 04, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission convened a meeting with officials from related authorities and industry organizations to check market situations and discuss response measures following the lifting of martial law in the early morning hours of December 4. At the meeting, Chairman Kim asked financial authorities and industry groups to strictly adhere to their own contingency plans and work to ensure market stability and prevention of risks. Prior to this meeting, the government earlier held an Emergency Meeting on Macroeconomic and Financial Issues (F4 Meeting) and pledged to mobilize all available measures to stabilize the financial and foreign exchange markets through provision of unlimited liquidity support where needed in order to stem potential market instability amid current political turmoil.