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Vice Chairman holds meeting on card processing fee systemAug 20, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the taskforce meeting on card processing fee system on August 20. The meeting was attended by relevant industry and consumer groups whereparticipants helddiscussions on ways to appropriately balance the needs of small merchants and consumer convenience, reduce cost burdens for various stakeholders by addressing the issue of high cost structure in the credit card industry, and upgrade regulations and seek diversification of business operation for credit card businesses. At the meeting, Vice Chairman Kim said that it is important to find appropriate ways to share costs amongvariousstakeholders and tackle high cost structure in the credit card industry, while seeking to upgrade rules in line with changing business environment.
FSC Chairman meets with bank CEOs and discusses ways to ensure financial stability and promote sustainable growthAug 20, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with the heads of 19 banks and held talks on the importance of managing risks to ensure financial stability and seeking innovative ways to promote sustainable growth on August 20. Starting with todays meeting with the banking sector, Chairman Kim will meet with each financial sector to have discussions and exchange views on the four major risks facing the Korean economy, such as household debt, small business debt, real estate project finance debt, and the soundness of the nonbanking sector. In his opening remarks, Chairman Kim talked about the need to (a) preemptively manage the pace of household debt growth through concerted efforts of the banking sector and the government, (b) more systematically manage lending to small businesses based on their repayment capabilities, (c) pursue regulatory reforms to bring about change and promote innovation in banks operating practices, which have traditionally relied on interest rate spreads and domestic operations, and (d) continue to work on strengthening internal control mechanisms through the introduction of a responsibilities mapping system from January next year. In particular, with regard to the measures to control the pace of household debt growth, Chairman Kim stressed the need for banks to establish their own household debt management systems in a self-regulating manner based on the repayment capability (debt service ratio) of borrowers.
FSC Chairman speaks about importance of overhauling network separation rules in line with global standardsAug 13, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with private sector experts, financial industry groups, and officials from the Financial Supervisory Service (FSS) and Financial Security Institute (FSI) and introduced a roadmap to bring about improvements to network separation in the financial industry on August 13. After having a series of meetings with financial companies and gathering opinions from cybersecurity experts and various stakeholders, the FSC has prepared a set of measures intended to bring about improvemets to the current regulatory system on network separation and ways to upgrade rules on financial data security. Specific measures include (a) allowing financial companies to make use of generative AI technologies, (b) allowing financial companies to make use of the cloud-based SaaS for more types of operational functions, and (c) making improvements to financial companies' research and development environments. These measures will be implemented under the financial regulayory sandbox program through which businesses can apply for regulatory exemption. At the meeting, FSC Chairman Kim said that more effective solutions to upgrade the current regulatory system on network separation is needed in order to ensure a more agile response to the rapidly changing information technology environment around the world. In this regard, Chairman Kim said that the roadmap for regulatory overhaul being introduced today will help to boost the competitiveness of domestic financial industry and increase benefits and convenience for consumers.
FSC Chairman meets with listed companies and holds talks on boosting corporate value-up effortsAug 12, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with a group of listed companies and related organizations to boost their efforts to participate in the Corporate Value-up Program on August 12. Together with related organizations, Chairman Kim said that the FSC will provide active support to promote companies self-driven efforts to participate in the Corporate Value-up Program. At the meeting, Chairman Kim said that to make our stock market more robust and resilient, it is important to boost participation in the Corporate Value-up Program, so that we can enhance the competitiveness of listed firms and the stock market. In this regard, Chairman Kim said that the financial investment industry is strongly urged to play its role not only in actively participating in the Corporate Value-up Program but also in helping to create a virtuous cycle where capital flows in the market can feed into companies value-up efforts.
FSC Chairman visits KODIT branch and calls for swift provision of liquidity support for vendors hit by e-commerce payment delaysAug 09, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a Korea Credit Guarantee Fund's branch office in Seoul on August 9 to check the operation of the liquidity support program being implemented from today, whichis intended to help the vendors hit by recent payment delays of e-commerce platforms. The liquidity support program run by KODIT in partnership with the Industrial Bank of Korea (IBK) will offer guaranteed loans at low interest rates to businesses with the maximum loan amount set at KRW3 billion for each business. During his visit, Chairman Kim had pep talks with the tellers at the branch office and urged them to ensure seamless implementation of the support program. As the vendors are experiencing severe hardship in sustaining their business operation, Chairman Kim stressed that it is important to swiftly provide liquidity support.
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.