Photo News - Financial Services Commission

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Vice Chairman holds talks with CEOs of foreign financial companies operating in KoreaJan 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with a group of CEOs representing foreign financial companies operating in Korea on January 22. At the meeting, Vice Chairman Kim discussed the government's regulatory reform initiatives intended to promote and facilitate the entrance of overseas-based financial companies into domestic market with a goal to boost competition and innovation. The FSC plans to look into areas where regulatory reforms are needed after having a series of meetings with each financial sector and announce regulatory reform agendas thereafter. In drawing up specific measures, the FSC will take into account suggestions and recommendations raised by foreign financial companies.
FSC Chairman holds meeting to review the launch of online insurance comparison and recommendation platform serviceJan 18, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with officials from related organizations and industry groups on January 18 and checked the preparation for launching the online insurance comparison and recommendation platform service from tomorrow. At the meeting, Chairman Kim discussed the importance of providing financial services that are more innovative and convenient from the perspective of consumers. In this regard, Chairman Kim talked about a significant boost to consumer benefits and convenience expected from the launch of online insurance comparison and recommendation platform service as it can help to resolve the issue of information asymmetry between insurers and the insured.
FSC Chairman holds talks with climate-related businesses operating in North Jeolla ProvinceJan 18, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited a secondary battery recycling company based in Gunsan-si, North Jeolla Province on January 18 and held talks with a group of climate-related businesses on the challenges and strategies of dealing with climate change risks. At the meeting, Chairman Kim said that the country's future growth engine will depend on how appropriately and quickly we deal with the risks posed by climate change. While emphasizing the importance of achieving a carbon neutral society, Chairman Kim said that, in order to make that happen, it is also necessary to supply a significant amount of funds over a long period of time. To this end, Chairman Kim said that the government will work with the banking sector to jointly create a fund to boost facility investment in new renewable energy sources and support the growth of climate-relatedindustries through K-growth fund. Through close cooperation with relevant ministries, Chairman Kim said that the FSC will prepare measures to support climate-related industries.
Vice Chairman holds meeting to review operation of youth savings accountJan 18, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with young adults and officials from relevant organizations on the operation ofyouth savings account on January 18. At the meeting, Vice Chairman Kim listened to suggestions and recommendations made by young adults and urged officials from related organizations and financial institutions to ensure a seamless operation of the system and application process and thoroughly provide information about specific details ofyouth savings account to make sure that applicants are able to fully understand the benefits and requirements.
FSC Chairman outlines key policy measures to strengthen the role of finance to help expand the ladder of opportunityJan 17, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a media briefing about key details of the government's policy measures intended to strengthen the role of finance to help expand the ladder of opportunity for the public, the topic of discussion dealt with at the fourth policy discussion forum held earlier on January 17. To bolster the role of finance in facilitatingasset accumulation of the public, Chairman Kim said that the government will carry out various measures to improve rules on capital markets. To assist those struggling with high interest rates, Chairman Kim said that the government will continue to work on measures to lower high financing costs for vulnerable groups.
Vice Chairman holds media briefing on ways to strengthen the role of financeJan 17, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a background briefing on the government's financial policy plans to strengthen the role of finance to foster co-prosperity and expand the ladder of opportunity on January 16. At the briefing, Vice Chairman Kim outlined government's plans for (a) strengthening the role of capital markets to facilitate asset accumulation of the public, (b) reducing the burden of high interest rates in support for vulnerable groups, and (c) assisting vulnerable debtors to recover and regain footing from financial difficulties and debt problems.
FSC Chairman calls for provision of prompt credit recovery support to help borrowers in payment delinquencyJan 15, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended an MOU signing event held for financial industry groups and credit information companies with an aim to provide prompt credit recovery support for borrowers in payment delinquency on January 15. With this agreement in place, the financial industry associations and credit information companies will suspend the practice of sharing and making use of borrowers' past delinquent payment information for processing new loan applications and so on. Up to some 2.9 million individuals are expected to benefit from this credit recovery support as their delinquent payment history will be removed from the record. At the event, Chairman Kim said that it is necessary to give a second chance to those who fell victims to the unavoidable environmental circumstances, such as the effects of thecoronaviruspandemic and continuation of high interest rates and high inflation. In this regard, Chairman Kim asked financial companies to promptly make such help available.
Authorities and industry officials hold meeting to discuss ways to continue to stably control household debt growth in 2024 Jan 10, 2024

Secretary General Kwon Dae-young of the Financial Services Commission presided over a meeting with officials fromrelated government ministries, organizations and industry groups on January 10to go over the current household debt situation and discuss ways to continue to effectively control growth in 2024. At the meeting, Secretary General Kwon talked aboutthree principled strategies that need to be observed in a consistent manner,while saying that it will require close cooperation and communication between theauthorities and financial institutions.
FSC Chairman visits KFTC's operating center to check preparation for launching online one-stop loan transfer service for mortgage loansJan 08, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited Korea Financial Telecommunications Clearings Institute (KFTC)'s operating center in Seongnam-si, Gyeonggi Province on January 8 to ensure a seamless preparation for launching the online one-stop loan transfer service for mortgage loans starting from tomorrow. During his visit, Chairman Kim said that this service will help to reduce the interest payment burden placed on households amid challenging economic situations. In this regard, Chairman Kim added that the government will continue to seek regulatory improvements and build relevant infrastructures to bring about innovation in the financial industry by promoting a closer cooperation between financial companies and fintech businesses.
FSC Chairman visits an inclusive finance support center in SeoulJan 05, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited an inclusive finance support center operated by Korea Inclusive Finance Agency in Seoul on January 5 and held talks on the governments plan for microfinance support for this year with officials from relevant organizations participating. During the meeting, Chairman Kim discussed about some of the efforts made by the government to boost assistance for vulnerable groups in the previous year and laid out plans to introduce an online total platform for microfinance assistance in the first half of this year.
Vice Chairman holds meeting on ways to improve the competitiveness of publicly offered fundsJan 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related authorities and an industry group to discuss plans to improve the competitiveness of the publicly offered funds market on January 3.In his opening remarks, Vice Chairman Kim said that the government has never been more serious about making fundamental changes to our capital markets, and that this plan is also a part of the policy drive intended to resolve the issue of Korea discount, the persistent undervaluation of Korean companies in stock markets. In this regard, the proposed plan will focus on nine specific ways to bring about improvements regarding institutions, products and infrastructure, with aims to cut transaction costs, strengthen product marketability and boost transaction convenience.
Authorities hold meeting and brief on Taeyoung E&C's debt workout process and related issuesDec 28, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with officials from related authorities and financial institution on December 28 to discuss Taeyoung Engineering and Construction's debt workout process and related issues. At the meeting, Chairman Kim said that reaching an agreement with the creditor institutions willbeimportant based on the company's strong self-rescue efforts. For this, Chairman Kim emphasized that it is crucial to have strong confidence and cooperation from market participants, whileaddingthat the government will continue to work to ensure a soft-landing from the current instability in the real estate project financing market.