Photo News - Financial Services Commission

Photo News

Period: start
~
end

1month 3month Reset

Requirement

Vice Chairman holds meeting on personal credit management and debtor protectionJul 29, 2025

Vice Chairman Kwon Dae-young of the Financial Services Commission held a meeting with related authorities, experts, and microfinance support agencies on July 29 to have discussions on the current personal credit management and debtor protection system and ways to make improvements. While speaking about the importance of ensuringa social safety net for those turning incapable of servicing debts due to unexpected turn of events in life, Vice Chairman Kwon said that excessive debt collection attemptscannot only standin the way of debtors regaining a normal life but alsocanhave adverse effects on the potential of debt collection itself. In Korea, the personal debt workout support system has been predominantly driven by the public sector thus far. However, Vice Chairman Kwon said that it is now time that private financial companies also step up efforts to actively provide their own debt workout and debtor assistance programs. After taking account varioussuggestions and policy ideas raised at today's meeting and examiningoverseas cases, authorities will draw upspecificmeasures to bring about improvements to the current personal credit management and debtor protection system.
FSC unveils plans to set up anti-vishing platform using AI analyticsJul 28, 2025

Vice Chairman Kwon Dae-young of the Financial Services Commission presided over a meeting with related authorities, private sector experts, and financial industry associations on July 28 and held talks on plans to step up anti-vishing response efforts and set up a comprehensive anti-vishing platform using artificial intelligence (AI) analytics. In his opening remarks, Vice Chairman Kwon spoke about the importance of ensuring public safety and protection against rapidly spreading vishing scams. In this regard, the FSC and related authorities introduced plans to establish a comprehensive data platform to more effectively combat and quickly respond to vishing scams. The planned anti-vishing platform will make use of artificial intelligence analytics and allow financial companies, telecom service providers, and investigative authorities to instantly share relevant information on suspicious account activities and phone numbers associated with scammers, facilitating authorities to more swiftly freeze account activities and instantly alert consumers about the potential threat of vishing scams. Alongside the launching of an anti-vishing AI platform, the financial authorities will also seek to overhaul the current anti-vishing response system throughout the entire processfrom preventing vishing scams in advance to blocking scams on the spot to providing remedies for victims to boosting advertisement efforts for raising public awareness.
Vice Chairman meets with young entrepreneurs and holds talks on utilizing AI and big data technologies to provide more tailored support for small businessesJul 24, 2025

Vice Chairman Kwon Dae-young of the Financial Services Commission held a meeting with a group of young entrepreneurs, small business industry group, and related financial companies on July 24 and held talks on ways to actively make use of AI and big data technologies in providing more tailored financial assistance for small merchants and self-employed business owners. At the meting, officials discussed plans to introduce "My Business Data" service, which will offer a comprehensive, one-stop credit and business management platform for small businesses. To provide more advantages for small businesses, the Korea Credit Information Services introduced plans to develop a "small business self-ownership database (SDB)" and establish a "small business self-ownership credit bureau (SCB)" to provide more tailoredsupport forcredit assessment. Speaking about the vast opportunities presented by AI and big data technologies, Vice Chairman Kwon said that the FSC will continue to seek ways to resolve problems on the ground and open up opportunities for small merchants while ensuring the safety and stability in data usage.
FSC meets with small business owners in effort to better listen to their needs and deliver more individually tailored supportJul 17, 2025

Secretary General Kwon Dae-young of the Financial Services Commission held a meeting with small merchants, financial companies, and related public authorities and private organizations on July 17 as part ofongoing efforts to boost the effectiveness of financial assistance delivered to small business owners and make the provision of support more tailored to individual business needs. At the meeting, Secretary General Kwon discussed five key policy agendas currently being drawn up and are intended to help small businesses, including a new financing program and measures to bring down burden of interest payment. After having discussions with small businesses today, Secretary General Kwon said that the government and related authorities will be able to upgrade and make improvements to these policy agendas by taking into account key elements of their policy suggestions. To better assist with their challenges and financing needs, the FSC plans to continue to closely communicate with small businesses by having relay meetings on important topics in different regions across the country.
Banks, savings banks, and mutual finance businesses provide public heat shelters at their branch officesJul 15, 2025

Secretary General Kwon Dae-young of the Financial Services Commission visited a local bank branch on July 15 to check on the operation of public heat shelter and have talks on the importance of financial sectors taking up social responsibility by offering public heat shelters at their branch offices. Currently, there are some 9,600 branches providing public heat shelters during their working hours (normally between 09:00 and 16:00). With more financial companies from the mutual finance sector and savings banks pledging to join this effort to boost their social responsibility, it is expected that there will be some 14,000 public heat shelters provided by financial companies across the country. The heat shelters will be made available until the end of August, but depending on locations, they may be open until the end of September. These branches will display signposts to improve consumer convenience and raise public awareness about the availability of heat shelters at their locations.
Authorities hold meeting on small business debt workout programJul 14, 2025

Secretary General Kwon Dae-young of the Financial Services Commission presided over a meeting with officials from related organizations on July 14 to have discussions on the operation of the small business debt workout program (New Start Fund), which wasfirst introduced in thewake of theCOVID-19 pandemic and its expandedsupport andeligibility. With the passage of the second extra budget, KRW700 billion in additional debt workout supporthasbecome newlyavailable for vulnerable debtors. In this regard, related organizations will promptly move to implement the program's expanded eligibility from September this year.
Authorities hold meeting in preparation for launching a newly proposed long-term debt relief programJul 11, 2025

Secretary General Kwon Dae-young of the Financial Services Commission held a meeting with officials from related organizations and industry groups on July 11 in preparation for the launch of a newly proposed long-term debt relief program next month. At the meeting, authorities discussed plans to set up a debt relief vehicle in August and work to make sure that it can begin to purchase overdue debts in October. Speaking about the importance of providing an effective social safety net for vulnerable debtors, Secretary General Kwon said that the newly established debt relief program is intended for those undergoing extremely difficult situations and struggling to regain footing financially. In this regard, Secretary General Kwon added that this debt relief program will strictly examine individual debtors' repayment capacity to make sure that debt relief support is provided to only those who have fallen below one's debt service capacity by any measure.
Authorities hold meeting on household debtJul 03, 2025

Secretary General Kwon Dae-young of the Financial Services Commission presided over a meeting on household debt with officials from related ministries, financial industry groups, fiver major banks, and housing finance and guarantee institutions on July 3. At the meeting, officials discussed key developments regarding household debt situation since last week's announcement of household debt management measures and plans to strengthen responses against illegitimate and abnormal transaction activities in the housing market. While underscoring the importance of ending the practice of borrowing in excess of one's own debt service capacity, Secretary General Kwon said that it is necessary to consistently pursue measures that will help to make sure that borrowers take out loans within their own repayment capabilities. In this regard, Secretary General Kwon stated that the focus of last week's announced measures is to cut off speculation-driven demand from individuals who already own multiple houses in the Seoul metropolitan area. Thus, Secretary General Kwon said that in the process of implementing self-regulatory measures, financial companies should work to make sure that there are no drawbacks incurred to non-speculative homebuyers and vulnerable households.
FSC Chairman holds meeting on stock market conditions amid Israel-Iran warJun 23, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting on June 23 to monitor stock market conditions with related authorities and industry officials. At the meeting, officials discussed the impact of U.S. military intervention in the Israel-Iran war on the domestic stock market and the consequent investor sentiment and market conditions. Amid rising market volatility, officials agreed on the need to maintain strong coordination among relevant organizations and step up efforts to monitor market situation. In addition, officials vowed to take steps to ensure a timely implementation of market stabilization measures when it becomes necessary. At the same time, officials pledged to strengthen surveillance over unfair trading activities amid market unease and take steps to bring stern measures when detected. At the meeting, Chairman Kim stressed the importance of continuing to maintain close cooperation among related authorities and stay vigilant to ensure market stability.
FSC Chairman signs MOU on cultivating more green finance expertsMay 23, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission signed a memorandum of understanding (MOU) with the Ministry of Environment and other related organizations on May 23 to cultivate more green finance experts amid the growing importance of finance in responding to climate challenges. With aims to meet the government's net zero carbon emission goals and expand investments in eco-friendly areas, the government and relevant organizations will closely work together to develop vocational training programs on green finance, promote the role of green finance experts in the financial sector, prepare relevant infrastructure for vocational training, and so on. The collaborative efforts made by the government will help to expand the pool of professionals devoted in green finance and equipped with the expertise on the K-Taxonomy guidelines. At the MOU signing event, Chairman Kim said that this lays a foundation for the financial sector to step up its climate finance capabilities. In this regard, Chairman Kim encouraged financial companies to boost their climate finance efforts and expand the supply of green finance products.
FSC Chairman visits local bank to check provision of tailored support for small merchants made available by banking sectMay 08, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited a local bank on May 8 to check the provision of tailored financial support for small merchants made available by the banking sector and hold talks with officials from related organizations. Since the announcement was made by the banking sector to provide tailored assistance for small merchants in a more sustainable way last December, banks have introduced four major tailored support programs for small merchants in April this year in the form of debt restructuring, refinancing, new loans and guarantees, and consulting. While speaking about the importance of these programs, Chairman Kim also stressed the need to boost education and advertisement to make sure that the availability of these support programs is widely known to small merchants.
Vice Chairman delivers keynote speech at capital market seminar hosted by KCMIMay 08, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission attended a policy seminar on the advancement of capital markets hosted by the Korea Capital Market Institute on May 8 and delivered a keynote address on the progress of capital market reform agendas and policy tasks going forward. In his speech, Vice Chairman Kim outlined some of the major achievements seen thus far in the areas of four key policy pillars, which include (a) boosting the accessibility of capital markets, (b) establishing corporate management practices centered on shareholder values, (c) enhancing the fairness and transparency in markets, and (d) strengthening the innovative capability of capital markets. In this regard, Vice Chairman Kim said that abolishing foreign investors' prior registration requirement, mandating English language corporate disclosures for companies, and introducing an alternative trading system are some of the achievements.