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Vice Chairman holds meeting with virtual asset industry and related expertsMar 12, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with the virtual asset industry and related experts on March 12 to have discussions on key details of the guidelines being prepared for allowing corporate transactions of virtual assets in stages. At the meeting, Vice Chairman Kim outlined the progress of establishing virtual asset regulations in the domestic market and highlighted the importance of ensuring regulatory consistency with global standards. In this regard, Vice Chairman Kim said that the roadmap introduced last month to allow corporate participation in the virtual asset market is part of this effort and that adequate AML mechanisms and internal control standards should be prepared for best practice guidelines. With regard to the timeline for preparing theguidelines, Vice Chairman Kim said that the inter-ministerial taskforce will seek to introduce guidelines for non-profit corporations and virtual asset exchange service providers in April and for listed companies and qualified professional investors in the third quarter of this year.
Vice Chairman visits local bank and holds talks on importance of anti-vishing measuresMar 12, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission visited a local bank on March 12 to have talks on the importance of anti-vishing efforts and promote the newly launched service in the financial sector that allows consumers to safely block new account opening using stolen private data in the digital sphere. The newly launched service is available from some 3,613 banks, savings banks, mutual finance companies, and post offices, and consumers can apply to have new account opening blocked under their names either online or through walk-in. The service can be canceled anytime in the future if they need to open a checking account. Speaking about the danger and the economic and social costs of fraudulent activities, Vice Chairman Kim said that vishing scams threaten the safety of financial markets. To help make the service more convenient and easily accessible, Vice Chairman Kim said that authorities will continue to work to expand the service to open banking.
Vice Chairman presides over 7th insurance reform committee meetingMar 11, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 7th insurance reform committee meeting with officials from related organizations, insurance companies, research institutions, and industry experts on March 11. At today's meeting, participants discussed the overall insurance reform measures intended to boost confidence and promote innovation in the industry, ways to make improvements to the capital regulations in the insurance industry, and ways to cope with future challenges. Today's meeting marks the final meeting of the insurance reform committee, and from now on, insurance reform agendas will be handled through insurance reform platforms organized by related industry associations. Attoday'smeeting, Vice Chairman Kim expressed his appreciation towards all participants for making efforts to lay the groundwork to boost confidence and make improvements in the insurance industry and urged them to continue to push forward with reform agendas.
Vice Chairman holds meeting to review current market situation and discuss response strategiesMar 10, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with a group of market experts on March 10 to go over current market situations at home and abroad and discuss risk factors and response strategies. At the meeting, participants assessed that despite a continuation of heightened level of uncertainties abroad, the financial markets at home have maintained relatively stable conditions.However, as there exist various downside risks, such as the spread of protectionismaround the worldand potential slowdown in the U.S. economy, participants suggested that the government will need to make continuous efforts to ensure stability in the market. To be thoroughly prepared for the impact of changing international economic environment, Vice Chairman Kim said that the financial authorities will enhance market monitoring through close coordination with related organizations, continue to operate market stabilization programs to quickly respond to market anxieties, and work to ensure a rigorous management over domestic risk factors and the soundness of financial institutions.
Vice Chairman visits Cambodia and the Philippines to promote financial cooperation and support overseas expansion of K-FinanceMar 06, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission visited Cambodia and the Philippines on March 3-7 with aims to promote financial cooperation with the two countries and support overseas expansion of Korea's financial services with members of the Council on International Financial Cooperation (CIFC). In Cambodia, Vice Chairman Kim had high-level meetings with the National Bank of Cambodia (NBC) and the Non-Bank Financial Services Authority (FSA) and took part in the two MOU signings: (i) one between the Korea Asset Management Corporation (KAMCO) and the NBC and (ii) the other one between the Korea Insurance Development Institute (KIDI) and the Insurance Regulator of Cambodia (IRC).In his visit to the Philippines, Vice Chairman Kim held meetings with President Masato Kanda of the Asian Development Bankto pave the way for financial sector collaboration between Korea and the ADB. Vice Chairman Kim also met withDeputy Governor Chuchi G. Fonacier of the Banko Sentral ng Pilipinas (BSP), the central bank of the Philippines.
Vice Chairman delivers keynote address on future trends and response strategiesFeb 27, 2025

Vice Chairman Kim Soyoung attended the seminar on future finance organized by Korea Institute of Finance on February 27 and delivered a keynote speech on major future trends and response strategies in the financial sector. In response to three key defining trends of the future, which include demographic shift, climate change, and technological advancement, Vice Chairman Kim said that it is important for the financial sector to play a more active role and seek new growth drivers to secure competitiveness. In this regard, Vice Chairman Kim introduced a three-pronged approach encompassing mitigation, adaptation, and innovation strategies. Through these strategies, Vice Chairman Kim suggested that the financial sector can turn challenges into opportunities to ensure a continuous growth in the future.
FSC Chairman visits local bank and pledges contiuous support for small merchantsFeb 27, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited a local bank on February 27 to check on the provision of banking sector's proposed financial assistance programs for small merchants. On February 24, banks decided on their joint efforts to provide debt adjustment support for small merchants and lending assistance for those undergoing business closures. Starting from today, banks have begun to provide earlyconsultation on these support programs, and small merchants are able to seek relevant information from them. In his visit to a local bank, Chairman Kim held talks with the bank employees and small merchants there and pledged to provide continuous support to ensure a seamless operation and implementation of the proposed financial support programs.
Vice Chairman holds media briefing and announce measures to prevent mis-selling of highly complex financial investment productsFeb 26, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a media briefing on February 26 and announced a set of measures intended to prevent mis-selling of highly complex financial investment products. The FSC and the FSS prepared the measures to bring about improvements to the sales practices of financial investment products at banks, to make sure that consumer protection principles are effectively observed by financial companies, and to help establish internal control mechanisms designed to prevent mis-selling and strengthen regulatory oversight. In the aftermath of large-scale losses incurred to investors regarding the sales of Hong Kong index-linked ELS products by domestic financial companies, the financial authorities have held a series of meetings with related experts and industry groups to come up with specific measures, which include allowing banks to sell ELS products only at certain qualified branches that are equipped with adequate consumer protection mechanisms and requiring a physical separation of counters between those handling the sale of ELS products and those handling ordinary deposit-taking and lendingfunctions.
Vice Chairman holds meeting on early implementation of policy fundsFeb 19, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting on February 19 with officials from policy financial institutions and related government ministries to discuss the progress of early implementation of policy funds to support industries this year. Amid a slowing growth rate in the economy expected to continue throughout this year, Vice Chairman Kim said that it is important for policy financial institutions to frontload the implementation of policy funds to support industries and facilitate a recovery in the real economy. As of February 14, five major policy financial institutions have supplied a total of KRW33.0 trillion in policy funds, up 17 percent or KRW4.9 trillion compared with the same period a year ago. In the first quarter of this year, policy financial institutions plan to supply a total of KRW88 trillion to support industries and KRW122 trillion by the end of April. Through early implementation of policy funds, policy financial institutions will supply about 60 percent of their annual supply plan in the first six months of this year.
Vice Chairman presides over third virtual asset committee meetingFeb 13, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the third meeting of the virtual asset committee on February 13 and held discussions with related ministry officials and private sector experts on the final policy measures intended to allow corporate transactions of virtual assets in the virtual asset market. At the meeting, the committee also discussed ways to bring about improvements to the best practice guidelines for listing virtual assets and reviewed the progress of regulatory reform regarding the introduction of security token offering (STO). In the first half of this year, the sale of virtual assets will be allowed by law enforcement agencies, non-profit corporations and universities, and virtual asset exchange service providers only for the purpose of liquidating them into cash. In the second half of this year, a pilot test of corporate transactions will be introduced for investment and financial purposes by about 3,500 listed companies and registered companies that are classified as qualified professional investors under the FSCMA.
FSC Chairman visits Busan and holds meeting on boosting investment support for local businessesFeb 10, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited Busan and held a meeting on ways to expand investment support for local businesses on February 10. The meeting was attended by officials from the Busan metropolitan government, financial companies, and a group of local businesses operating in Busan and its surrounding areas. At the meeting, participants discussed establishing a green and digital investment fund intended to provide support for local industries, which will help to make them more eco-friendly and digitally up-to-date in their business operations. Every year for the next nine years (from 2025 to 2033), a green investment fund worth KRW250 billion or more will be set up to facilitate the transition. At the meeting, Chairman Kim spoke about the significance of this investment plan as an important step towardboosting corporate financing support for the region and promotingmore equity-based investment support. In this regard, Chairman Kim said that the FSC and policy financial institutions will continue tomakeactive supportavailablefor the development of local industries.
FSC Chairman presides over this year's first fintech support council meetingFeb 06, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission presided over this year's first fintech support council meeting with relevant organizations and financial institutionsin attendanceand discussed plans to support domestic fintech firms toscale up for overseas business expansion.At the meeting, Chairman Kim said that the government will actively support financial holding companies' investment in fintech and promote mutual cooperation and collaboration between financial companies and fintech businesses. For this year, there is new fiscal assistance made available for fintech scale-up programs in partnership with the fintech incubation labs operated by financial companies. In addition, the annual fintech expo, Korea Fintech Week, will be held in a bigger scale this year under the theme of "AI and fintech, customized financial innovation" with participation from more overseas businesses and countries.