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Vice Chairman holds second insurance reform committee meetingAug 08, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the second insurance reform committee meeting joined by officials from the Financial Supervisory Service, related thinktanks, industry associations, and insurance companies on August 8. At the meeting, participants discussed ways to increase accountability in the insurance industry and make practical improvements to the coverage and benefit of various types of insurance products. The insurance reform committee will hold meetings throughout this year on a monthly basis to seek improvements on the 60-plus specific reform tasks under 10 key strategies. At the meeting, Vice Chairman Kim stressed the importance of laying foundations to boost public confidence in the insurance industry as a precondition for successful implementation of the reform measures.
Vice Chairman speaks about the need to strengthen and diversify sanctions against unfair trading activitiesAug 08, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended a seminar held by the Korea Exchange and Korea Capital Market Institute on August 8 and delivered congratulatory remarks on the need to strengthen and diversify sanctions against unfair trading activities in capital market. In his speech, Vice Chairman Kim outlined the governments past efforts and progress so far and plans to introduce more diverse sanctions mechanisms targeted at unfair trading activities. The measures sought by the government are the following. First, individuals found to have engaged in unfair trading activities will be prohibited from trading in capital market and from serving as an executive officer at a listed company for up to ten years. Second, individuals suspected of having engaged in unfair trading activities will be subject to the suspension of payments from account. In addition, authorities will look into the necessity of expanding information disclosure about wrongdoers.
FSC Chairman visits central inclusive finance support center and holds talks on microfinance support programsAug 07, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited the central inclusive finance support center operated by Korea Inclusive Finance Agency in Seoul on August 7 and held talks on the provision of various microfinance support programs to seek ways to bring about improvements to their implementation. At the meeting, Chairman Kim outlined the government's plans to strengthen policy finance assistance for vulnerable groups in four specific ways. First, for those experiencing difficulties with excessive debt servicing burdens, bold and preemptive debt workout support will be made available. Second, active assistance will be provided to facilitate vulnerable individuals to be able to economically stand on one's own feet. Third, a steady supply of microfinance assistance will help to ease financial challenges caused by high interest rates. Fourth, financial crimes undermining the livelihood of vulnerable individuals, such as vishing scams and unfair trading activities in the capital market, will be strictly handled under the principle of no tolerance. In this regard, Chairman Kim said that the government will promptly prepare and announce a comprehensive set of measures to upgrade microfinance support in the third quarter of this year.
FSC Chairman holds talks on financial support for high-tech industriesAug 06, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a semiconductor chemical manufacturing company, Dongjin Semichem's Balan Plant located in Hwaseong-si, Gyeonggi Province on August 6 and held talks on the provision of financial support for high-tech industries. At the meeting, Chairman Kim emphasized the importance of maintaining a competitive edge in high-tech industries and said that the government and the financial sectors will need to continue to provide all-out support to bring about tangible improvements on the ground. To make this happen, Chairman Kim said that the government will continue to closely engage and communicate with businesses in the field and seek effective ways to support them. The FSC had recently launched financing support programs for the semiconductor industry and the artificial intelligence sector in the amount of KRW18.1 trillion and KRW3.5 trillion, respectively. The low interest financing program set up for the manufacturers and suppliers in the semiconductor industry operated by Korea Development Bank already provided about KRW96.8 billion to seven companies in the first month. After listening to diverse opinions from business representatives, Chairman Kim said that the government will take into account their needs when formulating and implementing policies.
Authorities hold meeting on stock market volatilityAug 05, 2024

The Financial Services Commission and the Financial Supervisory Service held an emergency meeting to review increased volatility in domestic stock markets together with officials from the Korea Exchange and Korea Center for International Financeon August 5. Both the Kospi and Kosdaq markets experienced large drops in two straight trading sessions astheconcernabout a weakening U.S. economy led toforeign selloffs in large scale. Although this market volatility issimilarly observed inother stock markets around the world, participants at the meeting assessed that the rout is particularly pronounced across the Asian markets, including Korea, Japan, and Taiwan. In this regard, FSC Chairman Kim Byoung Hwan said that considering our economy's growth fundamentals and the capacity to withstand challenges, market participants need to make decisions more rationally. Chairman Kim also urged officials to stay vigilant to closely monitor situations in stock market and foreign exchange market and be prepared to promptly take actions to stabilize marketwhendeemed necessary.
FSC Chairman holds meeting and outlines ways to effectively manage debt risksAug 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with macroeconomic and financial market experts on August 5 to review financial risks in four specific sectors, which include debt risks in the household, real estate project finance, and small business sectors, and the soundness of the nonbanking sector, and discussed ways to effectively manage these risks. At the meeting, Chairman Kim discussed the government's plans to more effectively tackle debt risks in the four specific areas to ensure sustainable growth and resilience in the economy and to guarantee financial market stability. While consistently implementing the various debt management mechanisms currently in place, such as the expanded application of the stressed debt service ratio (DSR) rule, Chairman Kim said that the government will swiftly work to introduce measures that will help to make a transition away from the current debt-reliant model to an equity-centered approach. Chairman Kim also said that the goal of these measures is not to keep the total volume of debt below a certain level in absolute quantity but to stably manage the size of debt at a level deemed to be appropriate and commensurate with that of the real economy.
FSC Chairman meets with small business owners and holds talks on debt workout supportAug 01, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with a group of small merchants and self-employed business owners to listen to their needs and challenges and have talks on the progress of the debt workout program (called "New Start Fund") specifically set up to help small businesses in the wake of the coronavirus pandemic. At the meeting, Chairman Kim said that it is important to directly engage with small business owners and listen to their needs to be able to draw up more practical and effective solutions for assistance. While taking into account comments gathered from today's meeting, Chairman Kim said that authorities will continue to work on ways to expand and improve the availability of support for small merchants and self-employed business owners. In close coordination with the banking sector and financial institutions in the private sector, Chairman Kim said that authorities will work to draw up additional relief measures for small businesses.
FSC Chairman and FSS Governor vow to maintain close communication and cooperationAug 01, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with Governor Lee Bok-hyun of the Financial Supervisory Service on August 1 for the first time in his capacity as the Chairman of the FSC and exchanged views on the importance of effectively managing risks emanating from high levels of household debt, real estate project finance, debt burden on small businesses, and the prudential management in the nonbanking sector. Chairman Kim and Governor Lee also exchanged opinions on the significance of megatrends in the global economy, such as shift in global supply chains,changing demographic structure, climate risk,technological advance, and so on, and their impact on the financial industry and market. In this regard, the two leaders agreed to seek bold reform in regulations to promote external growth of our financial industry, while continuing to work on making further improvements to our capital marketsystemand ensuring protection for financial consumers. While stressing the importance of trust as a key principle in financial sectors, the two leaders pledged to closely communicate and cooperate going forward.
10th FSC Chairman Kim Byoung Hwan takes officeJul 31, 2024

Kim Byoung Hwan took office as the 10th Chairman of the Financial Services Commission on July 31, 2024. In his inaugural statement, the new FSC Chairman stressed the importance of ensuring market stability as a key priority of his policy agendas. Making sure that market discipline is strictly observed in financial markets and seeking regulatory reforms to meet the needs of changing financial market conditions are also included in his agendas. When formulating and enforcing financial rules and regulations, Chairman Kim said that the FSC needs to always have a consumer-oriented approach and perspective and look beyond the financial sector to seek more comprehensive and structural ways to solve problems.
Vice Chairman speaks about significance of youth savings account programJul 23, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended theevent commemoratingone-year anniversary of the youth savings account program joined by young adults, a panel of experts, and officials from the financial industryon July 23and held talks on the progress and plans for future program operation. Since launching the program a year ago, about 1.33 million individuals have signed up for the youth savings account program as of the end of June 2024 with the retention rate of about 90 percent. As this shows that one in five young adults is currentlytaking advantage ofthe program, Vice Chairman Kim said that financial authorities will continue to closely work with the banking sector and seek improvements in policy implementation to make sure that the youth savings account program can play a central role in providing young adults with opportunities of wealth accumulation. At today's event, a discussion with expert panelists and other experimental programs, such as financial consulting and a quiz challenge, also took place for young adults.
Vice Chairman visits London to promote progress of Korea's capital market reform measures to global investorsJul 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission visited London, the United Kingdom (UK) from July 16 to 19 in an effort to promote Koreas capital market reform and corporate value-up programs to global investors and to strengthen financial cooperation between Korea and the UK. During his trip to London, Vice Chairman Kim held an IR event with global investors, met with the Lord Mayor of the City of London, and had meetings with officials from FTSE Russell and Korean financial companies operating in the UK. Vice Chairman Kims trip to London marks the governments continuous efforts tocommunicate Koreas capital market reform measures with global investors and to bolster bilateral relations with the UK in financial sectors. The FSC plans to continue to make efforts to actively promote overseas expansion of our financial industry and boost inbound foreign investments.
FSC Chairman speaks about importance of cyber and information security amid digital innovation in financial sectorJul 17, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended the 13th data protection day commemoration seminar hosted by the Financial Security Institute on July 17 and delivered a keynote speech on the importanceofcyber and information security amid digital innovation in the financial industry. In his speech, Chairman Kim said that digital operation or making use of digital technologies has become an inseparable aspect of financial services and an important part of growth strategies for financial companies. While digital technologies were adopted to increase user convenience in the past, Chairman Kim said that from now on they should be utilized to boost accountability in financial sectors and to promote responsible ways to grow by maintaining high standards for cyber and information security. In this regard, Chairman Kim said that it is necessary to have a rules-based overhaul of the cyber and information security framework,seekproactive ways to guarantee data security (e.g. through a bug bounty program), and strengthen operational resilience in digital services.