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Vice Chairman presides over consultative body meeting on mutual finance policyDec 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over this year's second consultative body meeting on mutual finance policy on December 3. At today's meeting, officials from related ministries and organizations discussed ways to boost the medium- to long-term soundness and strengthen risk management in the mutual finance sector. As the size of the mutual finance industry has grown significantly in domestic market and local economies, Vice Chairman Kim said that mutual finance businesses need to take more responsibility and make efforts to bolster their capital and reserve conditions and seek prompt liquidation of non-performing loans to improve the soundness in management. At the meeting, officials also went over the status of handling mid-range interest rate loans and the establishment of vishing prevention mechanisms by individual mutual finance businesses.
FSC Chairman holds media briefing and introduces regulatory reform plans to strengthen protection for general shareholdersDec 02, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a media briefing on December 2 and introduced the government's plans for seeking regulatory improvements in the Financial Investment Services and Capital Markets Act (FSCMA) to strengthen protection for general shareholders. The announced plan includes increasing information transparency and the disclosure duty of company boards, abolishing the current rule on the calculation of merger prices for MAs taking place between affiliated business entities, requiring an external evaluation and disclosure of evaluation results for all MAs in principle, and other regulatory reform measures intended to provide better protection for general shareholders in split-off IPO of listed companies.
FSC Chairman speaks about importance of AML efforts in virtual asset marketNov 28, 2024

The Korea Financial Intelligence Unit (KoFIU) held the 18th annual anti-money laundering commemoration event on November 28. At the event, awards were presented to 4 organizations and 28 individuals who have made contributions to Korea's AML efforts. Chairman Kim Byoung Hwan of the Financial Services Commission attended the event and delivered a commorative speech highlighting the importance of boosting AML capacity in the virtual asset market. Through close cooperation and coordination with law enforcement agencies and overseas organizations, Chairman Kim said that the FSC and the KoFIU will make utmost efforts to prevent and combat illegal activities and work to bring about improvements in relevant policies.
Vice Chairman presides over future finance taskforce meetingNov 28, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the future finance taskforce meeting held on November 28 with related industry organizations, authorities, private sector experts, and academia and discussed the role and strategy of finance to effectively cope with demographic shifts, climate change, and technological advances. In his opening remarks, Vice Chairman Kim spoke about the need to actively seek strategies to effectively deal with megatrends in the demographic, climate, and technology sectors in order to guarantee sustainable ways to grow our economy. Since the three megatrends can provide opportunities for growth and innovation, Vice Chairman Kim asked officials to continue to make concerted efforts to find policy solutions that are aimed at mitigation, adaptation, and innovation.
FSC Chairman meets with President and Chief Operating Officer of J.P.Morgan ChaseNov 22, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with President and Chief Operating Officer of J.P.Morgan ChaseDaniel Pinto athis office in Seoul on November 22 and discussed issues concerning the current global financial market situation, a shift in the financial industry in the wake of the U.S. presidential election, and cooperation going forward.
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.