Photo News - Financial Services Commission

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FSC Chairman meets with small merchants and self-employed business owners to promote the availability of New Start FundOct 22, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a traditional market in the city of Anyang, Gyeonggi Province on October 22 and met with small merchants and self-employed business owners to have talks on their needs and challenges and promote the availability of New Start Fund, a government-backed debt workout program intended for microenterprises. Since the program's eligibility has been expanded to a broader group of applicants on September 12, the volume of application being processed on a daily basis has increased about 26 percent on average. After listening to the needs and challenges of small business owners, Chairman Kim said that the government will continue to closely review how this debt workout support program is being operated to help minimize inconvenience and seek improvements for users.
FSC welcomes delegation from Vietnam's State Securities CommissionOct 16, 2024

Standing Commissioner Lee Hyung Ju of the Financial Services Commission held a meeting with a delegation from Vietnam's State Securities Commission at Seoul Government Complex on October 16. The Vietnamese delegation's visit to the FSC this time follows Standing Commissioner Lee's trip to Vietnam in September this year to attend the Korea-Vietnam Financial Cooperation Forum and hold meetings with high ranking financial authorities of Vietnam.
Vice Chairman holds meeting to check preparation for implementing new law on personal credit management and debtor protectionOct 08, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from related organizations and financial industry groups on October 8 to check readiness for implementing the Personal Credit Management and Debtor Protection Act, which is scheduled to take effect from October 17. Since promulgation of the law in January this year, authorities have worked to prepare subordinate rules and regulations, best practice guidelines, frequently asked questions, and relevant document forms. The Personal Credit Management and Debtor Protection Act aims to facilitate direct consultation and engagement between financial companies and debtors for the resolution of personal debt problems, ease the burden of overdue interests, prevent excessive debt collection practices, and strengthen rules on sales of debt and individual debtor protection. With the implementation of this law, Vice Chairman Kim said that financial companies will be more encouraged to provide debt adjustment service on their own to enable debtors to regain footing economically. In this regard, authorities plan to set up and operate a taskforce to ensure a seamless implementation of the new law. To this end, Vice Chairman Kim also urged financial companies to actively take steps to set up proper internal control mechanisms and provide training to their own staff.
FSC Chairman visits Busan to tour global startup hub site and confer awards to young startup entrepreneursOct 02, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited the site of a global startup hub currently in the stage of being established in Busan, which is modeled after the French startup campus Station F on October 1. The newly established global startup hub is expected to open in the first half of 2026 and offer startup incubating, training, and other relevant services and resources to young entrepreneurs. While visiting Busan, Chairman Kim attended Fly Asia 2024 and conferred awards to a group of startup companies selected for outstanding idea demonstrations. Chairman Kim also took part in KDB V:Launch, a regional venture investment platform, to deliver congratulatory remarks on the importance of cultivating local startup companiesto boost our growth potential and promote a well-balanced growth across the country. In his speech, Chairman Kim said that the FSC will actively participate in parliamentary discussions on the issue of relocating Korea Development Bank's head office to Busan topromotecity'sdevelopment as a global hub for the logistics, finance, and high-tech industries.
FSC Chairman meets with CEOs of financial holding groupsSep 30, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with the heads of domesticfinancial holding groupson September 30and held talks on the important role and responsibility of financial holding companies. Chairman Kim's meeting with the CEOs of financial holding groups today marks the final stop in a series of meetings he has had with individual financial sectors since taking office in July this year. During the meeting, Chairman Kim talked about the importance of effectively managing the pace of household debt growth, strengthening internal control in financial sectors to bolster public confidence, and pursuing appropriate strategies and solutions that will help to cope with the major changes taking place in socioeconomic spheres, such as demographic shift, climate change, and technological advances. In this regard, Chairman Kim said that the government will provide active support through regulatory and supervisory means to promote financial holding groups to take appropriate actions toward these ends.
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.