Photo News - Financial Services Commission

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FSC holds meeting to discuss ways to invigorate fintech investmentApr 09, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with fintech businesses, venture investors, and related industry groups on April 9 and held talks on ways to promote investment and boost support for the fintech industry. In his opening remarks, Vice Chairman Kim said that a continuation of high interest rates and economic uncertainties has pushed down investments for startup businesses and the fintech industry around the world. To help improve the competitiveness of our financial industry, Vice Chairman Kim said that it is crucial to make policy efforts to revitalize the fintech industry and its investment ecosystem. In this regard, Vice Chairman Kim said that the government will (a) expand the operation of fintech innovation funds to continue to make investment in promising fintech businesses, (b) upgrade the financial regulatory sandbox program, and (c) support overseas expansion of fintech businesses and expand the supply of related policy funds. At the meeting, the FSC also unveild a plan to create a second batch of fintech innovation funds worth KRW500 billion for 2024-2027.
Vice Chairman meets with domestic exporters and holds talks on export financing support programApr 09, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with domestic export businesses and related policy financial institutions on April 9 to discuss progress in the provision of export financing support made available for domestic exporters. In August last year, the government announced a set of private-public joint export support measures worth KRW23 trillion-plus. Under this program, Vice Chairman Kim said that a total of KRW16.7 trillion in export financing support has been already made available to domestic exporters until the end of February this year. Backed by the government-wide efforts to boost exports, Vice Chairman Kim added that exports have been on a clear recovery path since the second half of last year. To continue to help boost domestic exporters this year, Vice Chairman Kim said that the government will work to ensure a seamless implementation of the support measures.
FSC and MOEL meet with support centers to ensure seamless provision of microfinance-employment joint support programApr 09, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from the Ministry of Employment and Labor and microfinance and employment support centers on April 8 to go over the progress in the provision of the joint support program made available for individuals seeking assistance. Through close cooperation and coordination between the FSC and the MOEL, the joint microfinance and employment support program was made available from earlier this year. As a result, individuals seeking either microfinance support or job opportunities are now able to receive consultation and get related information for both. At the meeting, Vice Chairman Kim outlined the underlying purpose of this policy and talked about the need to make efforts to boost the effectiveness of this joint support program. To this end, Vice Chairman Kim urged officials to make sure that the availability of this program is widely known to those in need of help. To strengthen support for vulnerable groups, the government plans to set up and operate a finance-employment-welfare joint assistance team in April to provide more comprehensive support.
MOU signed between financial and telecom industries to strengthen cooperation in joint effort to combat vishing scamsApr 05, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended a memorandum of understanding signing event with the Ministry of Science and ICT, the Financial Supervisory Service, and related industry groups on April 5 and pledged to strengthen cooperation in a joint effort to combat vishing and other types of financial scams. With this MOU in place, there will be an enhanced level of collaboration between the financial and telecom authorities in seeking regulatory reforms and sharing information to more effectively combat vishing and other types of newly emerging financial frauds. The authorities plan to set up a joint working group to facilitate cooperation and work on detailed implementation measures.
FSC Chairman meets with SMEs and holds talks on financing support program made available from the banking sectorApr 05, 2024

Chairman Kim Joo-hyun of the Financial Services Commission met with a group of SMEs and officials from the banking sector on April 5 and held talks on the financial support program made available from the banking sector. During the meeting, Chairman Kim stressed the importance of SMEs as the backbone of our economy, and said that there are now three different types of financing support programs made available from the banking sector that are intended to help the SMEs experiencing difficulties to make a quick turnaround. As there are concerns about continuing challenges due to high interest rates, Chairman Kim said that authorities will set up a consultative group to more closely look into the challenges and difficulties facing SMEs. At the end of this month, the FSC plans to launch a consultative group on SMEs made up of experts from both the public and private sector research institutions.
Vice Chairman holds meeting to review progress of nonbanks' interest refund program for small merchantsApr 04, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with industry groups and related authorities on April 4 to go over the progress of interest refunds provided to small merchants by lenders in the nonbanking sector. Based on the number of applications received in the first quarter, some 160,000 small business owners are expected to receive about KRW120 billion in interest refunds between March 29 and April 12. To make sure that eligible borrowers are not missing out on this opportunity and are able to apply for interest refund support from their nonbank lenders, Vice Chairman Kim said that it is crucial to strengthen efforts to make sure that small business owners are aware about the availability of this program. Aside from this program, there are other assistance programs in operation for small merchants, including a low interest rate refinancing program offered by Korea Credit Guarantee Fund.
FSC Chairman holds meeting and introduces a plan for MyData 2.0Apr 04, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with financial MyData service providers and related organizations and introduced a plan for MyData 2.0 in financial services on April 4. At the meeting, Chairman Kim said that the successful launching of MyData platform service enabled the subsequent introduction of loan transfer services and insurance comparison and recommendation services. In this regard, Chairman Kim said that the measures included in the plan for MyData 2.0 will enable more versatile utilization of data by MyData service providers andhelp them improve their service quality for consumers. With this improvement in service usability, Chairman Kim added that MyData in financial services will be able to provide practical assistance to people for their asset management.
Vice Chairman meets with the construction sector to ensure continuous provision of financing support for stabilityApr 04, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission met with officials from the construction sector on April 4 and held talks on continuing challenges caused by high inflation and interest rates and the availability of diverse support measures intended to stabilize the real estate project financing market. In this regard, Vice Chairman Kim said that the government first put in place market stabilization programs amounting to KRW50 trillion-plus in the second half of 2022, and has since prepared additional financial support programs for a total of KRW85 trillion-plus. Vice Chairman Kim also said thatthe authorities will make sure to promptly implement and provide additional support in the form of loan guarantees amounting to a total of KRW9 trillion planned for property developments under PF loans and non-housing development projects. The FSC plans to continue to engage with related industries and expert groups to closely monitor the progressofmarket stabilization efforts and seek additional measures if needed.
Vice Chairman holds meeting to ensure seamless preparation for implemeting new legislation on individual debtor protectionApr 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related organizations and industry groups on April 3 to make sure that authorities, industry groups and related organizations are thoroughly preparing for the implementation of a new legislation on personal credit management and debtor protection, which is set to go into effect from October 17. In his opening remarks, Vice Chairman Kim said that the aim of this legislation is to promote the use of personal debt workout process made available from individual financial institutions to help prevent delinquent debtors from falling deeper into a debt spiral and help them to quickly recover and regain footing. With this law in place, Vice Chairman Kim said that there is now a complete legal framework established to make sure that individual debtor protection mechanisms are available from both the public and private sectors.
FSC Chairman holds meeting to discuss ways to promote reverse mortgageApr 03, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with related organizations and experts on April 3 and discussed ways to promote reverse mortgage as a way to tackle challenges of an aging society. In opening remarks, Chairman Kim said that it is necessary to find more innovative ways to guarantee income after retirement, especially when the elderly population in Korea is expected to surpass 10 million from next year and the proportion ofold-age income poverty has been higher than in other major economies. In this regard, Chairman Kim said that the government has been working to promote the use of reverse mortgage as a key policy agenda by broadening the type of housingeligible under the programand increasing the maximum loan amountfor beneficiaries.
Vice Chairman holds meeting to discuss measures to improve tech financingApr 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related organizations and industry groups on April 3 and discussed measures to improve tech financing to help small- and medium-sized tech companies to boost productivity. To ensure that technology firms' access to financing is more readily available,technology assessment criteriainthe banking sector will be revamped to bolster banks' lending to tech companies even when there is not sufficient level of collateral orpriorsales data. Other measures include strengthening the autonomy of tech credit bureaus (TCBs), requiring TCBs to conduct on-site surveys and write detailed assessment rating reports, providing incentives to boost the quality of tech assessment, and bolstering rules on tech financing to prevent illegitimate activities. In his speech, Vice Chairman Kim said that the authorities will seek to upgrade tech financing in a qualitative way to help resolvefinancing difficulties of tech companies.
Financial taskforce on future launched to effectively cope with future challengesApr 02, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over an event celebrating the launch of a financial taskforce on effectively dealing with future challenges on April 2 along with industry associations, thinktanks, and related organizations. The financial taskforce on future challenges will tackle issues related to climate change, demographic shift, digital transformation, and so on, with a focus on the future role of financial sectors. In his opening remarks, Vice Chairman Kim said that new challenges consist of the known unknowns, which demand rigorous analysis and measured responses from both the public and private sectors. The financial taskforce on future challenges will be organized into three subgroups (demographic, climate, and technology groups) to more closely study issues in each area, and hold a joint seminar in the second half of this year.