Photo News - Financial Services Commission

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Vice Chairman presides over 3rd insurance reform committee meetingSep 26, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 3rd insurance reform committee meeting with officials from related industry groups, research institutions, and organizations on September 26. At the meeting, officials discussed ways to promote fair competition in the insurance industry, bring about improvements to insurance companies' reserve requirements, and strengthen internal control mechanisms. In his opening remarks, Vice Chairman Kim spoke about the significant impact that interest rate declines can have on insurance companies' prudential management and profitability. In this regard, Vice Chairman Kim said that insurance companies need to take proactive steps to strengthen risk management to be prepared for rate declines.
Vice Chairman presides over 8th consultative body meeting on policy financeSep 25, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 8th consultative body meeting on policy finance with relevant government ministries,organizations, and policy financial institutions on September 25. At the meeting, authorities discussed major policy projects sought by individual ministries and the financing demands of industries prior to establishing a plan for supplying policy finance support for 2025. With the Korea Technology Finance Corporation newly joining the consultative body meeting, the total amount of policy finance support extended by policy financial institutions in 2024 will amount to KRW240.5 trillion from the previously expected volume of KRW212 trillion. Korea Technology Finance Corporation's participation will also push up the volume of policy finance support provided to the five key government-designated strategic sectors from the previously anticipated amount of KRW102 trillion to KRW116 trillion. In his opening remarks, Vice Chairman Kim talked about the importance of making sure that policy finance support is efficiently distributed in accordance with the diversified demands from industries and based on the concrete plans prepared by related ministries.
Vice Chairman holds meeting on financial market conditions and policy direction forwardSep 24, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with a group of market experts and officials from related organizations on September 24. At the meeting, participants discussed current economic and financial market situations amid the shift in global monetary policy stances and policy directions moving forward. Speaking about the effects of monetary policy shifts taking place in major economies, Vice Chairman Kim said that interest rate cuts may bring about positive effects, such as facilitating economic recovery, boosting consumption, and expanding investments, but that there are also risks, such as liquidity growth and leverage expansion. In this regard, Vice Chairman Kim said that the government will strengthen macroprudential management and work to increase funding flow into productive sectors, while making consistent efforts to ensure market stability.
FSC Chairman holds talks with heads of major economic thinktanksSep 23, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with the heads of key economic policy thinktanks on September 23 to have talks on recent financial market developments and major policy tasks moving forward. At the meeting, Chairman Kim and the participants discussed potential impact of recent rate cut decisions in the U.S. and Eurozone. In this regard, Chairman Kim said that the shift in global monetary policy stances may have a positive effect on macroeconomic conditions with eased financing cost burdens and rising investments. However, as there exists continuing possibility of rising volatility in financial markets, Chairman Kim said that authorities will closely monitor market developments while maintaining close communication with experts. As a medium- to long-term policy objective, Chairman Kim said that the government will work to make a transition away from the current approach that relies heavily on debt toward an equity-centered model of economic growth.
Vice Chairman holds meeting on sustainability disclosure standardsSep 19, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with businesses, industry groups, and related organizations to discuss key issues surrounding the previously introduced open draft on sustainability disclosure standards on September 19. Since the introduction of the open draft earlier this year, diverse opinions have been gathered from domestic and foreign investors, individual companies, and various industry groups between May and August this year. Among 106 companies that submitted opinions, 96 of them shared the need to introduce an obligation to disclose climate related issues first, which indicates that companies are closely following international trends on climate risks and that they are well aware of the growing impact of climate change on business activities. Regarding thesuggestions madebythesestakeholders, Vice Chairman Kim said that authorities will look into ways to accommodate their needs while working to attainclimatepolicy objectives. To this end, Vice Chairman Kim said that authorities plan to offer guidelines to reduce confusion and make support available for businesses to facilitate their disclosure filing.
FSC Chairman holds media briefing to inform progress of policy implementationSep 12, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a media briefing for the first time sincetakingoffice in July at Seoul Government Complex in Seoul on September 12.During his briefing, Chairman Kim discussed current situation and policy measures being implemented with regard to the four major risk factors facing financial markets in Korea, which include real estate project finance loans, household debt, small business loans, and prudential management in the nonbanking sector. While outlining the progress and plans for each risk factor, Chairman Kim said that authorities will continue to work on promptly resolving these issues. Regarding key policy tasks going forward, Chairman Kim said that the FSC will work to (a) ensure a seamless process for introducing a new internet-only bank to promote competition in the industry, (b) seek to reform ways in which merger prices are calculated in the corporate merger process to bring about more fairness in the system, and (c) set up an expert advisory committee on virtual assets to more effectively deal with ongoing policy needs and concerns surrounding a variety of remaining tasks.
FSC Chairman meets with French Senate Finance Committee Chair Claude RaynalSep 09, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with six members of the French Senate's Finance Committee at his office in Seoul and held talks on financial market and policy trends, issues surrounding debt management, and ways to expand cooperation between Korea and France on September 9. The French delegation led by Senate Finance Committee Chairman Claude Raynal visited Korea to gain insights on financial policy developments and national debt management. At the meeting, FSC Chairman Kim talked about his policy priorities of resolving risks in the four key areas concerning real estate project finance loans, household debt, small business loans, and the prudential management of the nonbank sector. Chairman Kim explained how the government has been working to control the pace of household debt growth in both quantitative and qualitative ways. FSC Chairman Kim and Chairman Raynal of the French Senate Finance Committee agreed to continuously share financial market and policy developments and work to expandmutual cooperation in the finance sector.
FSC Chairman holds meeting with mutual finance businessesSep 09, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with mutual finance businesses on September 9 as part of his continuous effort to communicate with different financial sectors since taking office in July this year. At the meeting, Chairman Kim pointed out that mutual finance businesses have been mostly focused on seeking an external growth of the industry, while overlooking their important function of providing regional microfinance services. In this regard, Chairman Kim urged the mutual finance industry to enhance their prudential management and strengthen risk management to make sure that mutual finance businesses can find ways to more effectively work on providing regional microfinance services. To this end, Chairman Kim said that it is important to continue to make efforts to promptly resolve the issues surrounding real estate project finance loans and to restore soundness. In addition, considering the significant growth seen in their asset size over the past ten years, Chairman Kim said that it is necessary to bolster their asset management capabilities in terms of the structure and method of asset management to ensure stability.
FSC Chairman holds meeting with savings banksSep 06, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with savings banks and discussed the importance of ensuring prudential management and improving accountability and credibility in the market on September 6. At the meeting, Chairman Kim talked about the need for savings banks to strictly implement the restructuring and liquidation plans for real estate development projects and prepare sufficient levels of loss reserves and capital, while actively seeking to boost their operating capacities and cope with digital transformation. Chairman Kim said that the FSC will actively seek measures to support savings banks to ensure market stability, and work with the industry to seek improvements in regulations where needed to ensure a successful repositioning of the savings banks sector amid various challenges facing the industry, such as demographic change in regionsand digital transformation.
FSC Chairman holds meeting with asset management businessesSep 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with the asset management industry on September 5 as part of a series of relay meetings aimed at engaging with different financial sectors since assuming office in July this year. At the meeting, Chairman Kim discussed the important role of asset management businesses in providing more individually tailored lifecycle wealth management services for consumers, contributing to the advancement of capital market, ensuring soundness and seeking qualitative growth of the industry, and meeting ever-evolving and divergent needs of consumers amid an aging society and technological advances. While speaking about the need to develop more innovative and specialized products to expand the horizon of investment market, Chairman Kim said that the government will seek to remove regulatory barriers if necessary.
FSC Chairman visits Japan to increase financial cooperation and promote Korea's corporate value-up initiativeSep 04, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission traveled to Tokyo, Japan from September 2 to 4 in effort to strengthen financial cooperation between Korea and Japan and gain policy insights to promote Korea's Corporate Value-up Program. During his trip, Chairman Kim held a meeting with Commissioner Ito Hideki of Japan's Financial Services Agency, visited three Japanese companies to talk about their experience with the value-up disclosure scheme in Japan, and met with officials from local branches of Korean financial companies operating in Japan. FSC Chairman Kim Byoung Hwan and FSA Commissioner Ito Hideki agreed to continuously work to maintain strong financial cooperation between the two countries well beyond the 60th anniversary of forming diplomatic ties between Korea and Japan next year.
Vice Chairman meets with SEC Commissioner Mark UyedaSep 02, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission met with Commissioner Mark Uyeda of the U.S. Securities and Exchange Commission at his office in Seoul Government Complex on September 2 and held talks on the prudential regulation reform for non-bank financial intermediaries being discussed at the Financial Stability Board and virtual asset regulations in Korea and the U.S. At the meeting, Commissioner Uyeda showed interest in Korea's virtual asset regulations especially regarding how the government has been making efforts to strike a proper balance between promoting new technologies, such as blockchain, and protecting users and ensuring financial stability. In this regard, Vice Chairman Kim said that related government ministries have been closely working together to maintain an appropriate balance in promoting innovation through blockchain technology and ensuring protection for virtual asset users. To make sure that market remains credible amid a changing financial market environment around the world caused by technological advances, Vice Chairman Kim said that he hopes to maintain active communication betweenthe financial authorities ofKorea and the U.S.