Photo News - Financial Services Commission

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FSC Chairman visits a traditional market ahead of the Lunar New Year holidayFeb 05, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited Tongin Traditional Market in Jongno-gu, Seoul on February 5 and held talks with small business owners there ahead of the Lunar New Year holiday. During his visit, Chairman Kim talked about the availability of interest rate support programs for small businesses and pledged to make continuous efforts to boost policy support for small businesses and bolster corporate social responsibility in financial sectors.
FSC and MOIS sign MOU to boslter cooperation on prudential supervision on MGCCCFeb 05, 2024

The Financial Services Commission announced that it has signed a memorandum of understanding (MOU) with the Ministry of the Interior and Safety (MOIS) to strengthen cooperation between the two organizations to bolster supervision over MG Community Credit Cooperatives (MGCCC) on February 5. At the MOU signing event, FSC Chairman Kim Joo-hyun pledged to actively cooperate with the MOIS and urged related authorities to make sure a seamless operation of the joint inspection units. The government expects that this agreement will serve as a first step in helping to bolster prudential supervision on MGCCC.
Vice Chairman holds talks on rule changes and security issues of financial industryFeb 01, 2024

FSC Vice Chairman Kim Soyoung held a meeting with relevant institutions and financial businesses at the Financial Security Instituteon February 1and announced plans to bolster cyber and information security capacity and resilience of the financial industry. Vice Chairman statedthat it is necessary to set up a forward-looking cyber and information security system in the financial industry, adding that the FSC will seek ways to make the cyber and information security system more adaptable and resilient. * Please see press release for details.
FSC Chairman visits IBK Startup Factory in SeoulFeb 01, 2024

FSC Chairman Kim Joo-hyun visited IBK Startup Factory in Guro, Seoul on February 1. During his visits, Chairman Kim held talks about business growth stories with leaders of six startups backed by the Industrial Bank of Korea. Chairman Kim expressed gratitude to IBK Startup Factory for providing support for nurturing venture startups and pledged the government's continuous assistance to outstanding entrepreneurs.
Vice Chairman holds a meeting on upgrading rules on listed companies' treasury stocksJan 30, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting withofficials from related authorities, industry groups and research organizations on January 30 to discuss and announce measures to improve rules on treasury stocks of listed companies.At the meeting, Vice Chairman Kim outlinedmarket participants views on Koreas treasury stock system and proposed measures for improvement.To protect the rights and interests of ordinary shareholders in corporate spin-offs,authorities will prohibit allocation of new shares on treasury stocks. To ensure the provision of transparent information on the acquisition, holding and disposal of treasury stocks, authorities will upgrade rules to require listed companies to disclose in detail when the proportion of their treasury stock holding rises above a certain level and to strengthen disclosure dutyonthedisposal of treasury stocks.
FSC holds 1st Fintech Open Networking DayJan 26, 2024

The Financial Services Commission held the first Fintech Open Networking Day on January 26 with fintech businesses, financial companies and investment firms joining along with related organizations. FSC Vice Chairman Kim Soyoung attended the event and delivered congratulatory remarks highlighting the importance of collaboration between diverse players in the fintech ecosystem. In this regard, Vice Chairman Kim said that the government will also make continuous efforts to facilitate a revitalization of the fintech industry.
FSC and MOEL sign MOU to provide joint support programJan 24, 2024

The Financial Services Commission and the Ministry of Employment and Labor signed a memorandum and understanding (MOU) on January 24 to ensure mutual cooperation between the two organizations and to make available a joint finance-employment assistance program to those in need. At the MOU signing event, FSC Chairman Kim Joo-hyun said that the government will provide self-recovery assistance to vulnerable groups by making available joint consultation and counseling programs on both microfinance and employment related issues. Under this joint assistance program, a visitor to a microfinance support center will be eligible to receive support from an employment assistance center, and vice versa, to boost opportunities for self-recovery.
FSC Chairman holds talks with securities businessesJan 24, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with securities businesses and officials from related industry groups on January 24 to talk about the government's capital market reform agendas and ways to boost investor confidence in securities firms. At the meeting, Chairman Kim outlined the government's key principles behind its policy measures, which include (a) protecting the rights and interests of ordinary shareholders, (b) improving regulatory consistency with global standards and (c) strengthening measures on unfair trading activities. In this regard, Chairman Kim explained that the government has been consistently maintaining these policy objectives and plans to carry out tax reform on financial investments and revise relevant regulations to further strengthen the rights and interests of minority shareholders and to prevent controlling shareholders from misusing treasury stocks to bolster their control. Chairman Kim also discussed the government's plan to operate a "corporate value-up program" and underscored the important role of securities businesses in providing crucial financial services to companies and the public.
Vice Chairman holds meeting on ways to improve the soundness of the convertible bond marketJan 23, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from relevant organizations and industry groupson January 23 and discussed the government's plan to bolster thesoundness of the convertible bond (CB) market. The measures included in the plan are intended to strengthen rules on disclosure of information on the issuance and distribution of convertible bonds, making improvements to the current refixing rules and procedure, and strengthening investigation over unfair trading activities involving CBs. Vice Chairman Kim said that the FSC will continue to closely monitor market situation and seek further reforms if deemed necessary.
Vice Chairman holds talks with CEOs of foreign financial companies operating in KoreaJan 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with a group of CEOs representing foreign financial companies operating in Korea on January 22. At the meeting, Vice Chairman Kim discussed the government's regulatory reform initiatives intended to promote and facilitate the entrance of overseas-based financial companies into domestic market with a goal to boost competition and innovation. The FSC plans to look into areas where regulatory reforms are needed after having a series of meetings with each financial sector and announce regulatory reform agendas thereafter. In drawing up specific measures, the FSC will take into account suggestions and recommendations raised by foreign financial companies.
FSC Chairman holds meeting to review the launch of online insurance comparison and recommendation platform serviceJan 18, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with officials from related organizations and industry groups on January 18 and checked the preparation for launching the online insurance comparison and recommendation platform service from tomorrow. At the meeting, Chairman Kim discussed the importance of providing financial services that are more innovative and convenient from the perspective of consumers. In this regard, Chairman Kim talked about a significant boost to consumer benefits and convenience expected from the launch of online insurance comparison and recommendation platform service as it can help to resolve the issue of information asymmetry between insurers and the insured.
FSC Chairman holds talks with climate-related businesses operating in North Jeolla ProvinceJan 18, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited a secondary battery recycling company based in Gunsan-si, North Jeolla Province on January 18 and held talks with a group of climate-related businesses on the challenges and strategies of dealing with climate change risks. At the meeting, Chairman Kim said that the country's future growth engine will depend on how appropriately and quickly we deal with the risks posed by climate change. While emphasizing the importance of achieving a carbon neutral society, Chairman Kim said that, in order to make that happen, it is also necessary to supply a significant amount of funds over a long period of time. To this end, Chairman Kim said that the government will work with the banking sector to jointly create a fund to boost facility investment in new renewable energy sources and support the growth of climate-relatedindustries through K-growth fund. Through close cooperation with relevant ministries, Chairman Kim said that the FSC will prepare measures to support climate-related industries.