Photo News - Financial Services Commission

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Vice Chairman presides over kickoff meeting of virtual asset committeeNov 06, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the first meeting of the virtual asset committee with officials from related ministries and organizations and committee members from the private sector on November 6. As an advisory group set up by the Virtual Asset User Protection Act, the committee consists of 15 members from both the public and private sectors and meets on a quarterly basis to offer policy advise on the virtual asset market and related matters. At the beginning of the meeting, Vice Chairman Kim delivered opening remarks emphasizing the importance of striking a proper balance between innovation and stability, which has been a key priority of the government with the implementation of the Virtual Asset User Protection Act from July this year. At today's meeting, the committee discussed key market trends at home and abroad and the issues that need to be tackled to move ahead with the second phase enactment of legislation on virtual assets. In particular, the committee discussed the issue of whether to permit corporate entities to have access to and own virtual assets through the issuance of real-name accounts since demand for virtual asset-related business opportunities has been growing in diverse areas, such as issuance of non-fungible tokens, establishment of mainnet, and digital wallets. The committee also looked into potential risk factors and concerns over money-laundering when allowing corporate ownership of virtual assets.
MOU signed on CBDC and deposit token based digital financial servicesNov 06, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended a memorandum of understanding (MOU) signing event held on November 6 among the Ministry of Science and ICT, the Financial Services Commission, and the Bank of Korea for seeking cooperation on the demonstration of digital financial services based on central bank digital currency (CBDC) and deposit tokens. To facilitate demonstration, the FSC has allowed the seven banks that showed willingness to participate in the pilot test to issue deposit tokens under the financial regulatory sandbox program. At the MOU signing event, FSC Chairman Kim said that the demonstration stage will help with identifying how CBDC and deposit tokens willbring aboutconvenience and benefits for consumers. In this regard, Chairman Kim stressed the need to set up and operate systems from the perspective of end users and closely look into and work to resolve unforeseen risks along the way.
Vice Chairman holds open seminar to seek improvements for the sale of highly complex investment productsNov 05, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over an open seminar for seeking remedies for large-scale investor losses caused by misselling of Hong Kong H-index based equity-linked securities (ELS) products with market experts and consumer groups participating on November 5. At the seminar, Vice Chairman Kim said that it is now important to comprehensively look into the situation of the sale of highly complex investment products in order to bring about improvements through which a proper balance can be established between the principle of consumer protection for financial companies and that of self-accountability for financial consumers. To this end, Vice Chairman Kim said that authorities will come up with comprehensive measures which will take into account what has been discussed at today's meeting.
FSC Chairman visits a semiconductor equipment manufacturing facility and pledges comprehensive support for middle market enterprisesNov 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a semiconductor equipment manufacturer, Texon's production facility located in Hwaseong, Gyeonggi Province on November 5 and held talks with a group of middle market enterprises (MMEs) on the need to expand financing support for them. As the first recipient of investment from the MME-exclusive investment fund, Texon has been planning to boost investment for its semiconductor and data center facilities. At the meeting, Chairman Kim outlined the availability of various types of financing support programs made available for MMEs and said that authorities will continue to seek ways to help MMEs by increasing the volume of P-CBO (primary collateralized bond obligation) issuance and lowering the cost of financing for MMEs.
Vice Chairman holds insurance reform committee meetingNov 04, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the fourth insurance reform committee meeting with related authorities, research organizations, and industry groups on November 4. At the meeting, participants discussed ways to strengthen supervision over prudential management of insurance businesses with the implementation of IFRS17 from 2023. Speaking about the importance of ensuring accuracy and transparency in accounting practices, Vice Chairman Kim demonstrated strong commitment to root out unreasonable or arbitrary accounting practices in the insurance industry.
Vice Chairman meets with ECB supervisory board member and signs MOU on financial innovation with Bank of LithuaniaOct 31, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission visited Frankfurt, Germany and Vilnius, Lithuania from October 28 to November 1 in order to seek stronger financial cooperation with the European countries following bilateral summit meetings held in 2023. In Germany, Vice Chairman Kim visited the European Central Bank and held a high-level meeting with ECB's supervisory board member Patrick Montagner to elicit consensus on the scope of cooperation prescribed in the draft memorandum of understanding (MOU) on banking supervision, which is expected to be signed by the end of this year. In Lithuania, Vice Chairman Kim met with Simonas Krėpta, member of the Board of the Bank of Lithuania (BOL), and signed an MOU on financial innovation aimed at promoting bilateral cooperation to facilitate exchange of fintech businesses between the two countries.
FSC Chairman attends 7th accounting day commemoration event and confers awards to recipientsOct 31, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended the 7th accounting day commemoration event held on October 31 and conferred awards to those who have made contributions to the improvement of accounting transparency in Korea. In his speech, Chairman Kim discussed the progress achived in enhancing transparency in accounting practices but stressed the importance of concerted efforts to seek further improvements in the accounting sector. In this regard, Chairman Kim said that businesses need to guarantee enhanced autonomy for their internal auditing systems to boost credibility in the market and be able to grow continuously.
FSC Standing Commissioner meets with delegation from Vietnam's State Securities CommissionOct 30, 2024

Standing Commissioner Lee Hyung Ju of the Financial Services Commission met with a delegation from the State Securities Commission of Vietnam led by Vice Chairman Hoang Van Thu at Seoul Government Complex on October 30.
FSC Chairman delivers congratulatory remarks at 9th annual finance day commemoration eventOct 29, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended this year's finance day commemoration event on October 29 and delivered congratulatory remarks. The publicly designated day intended to raise public awareness on finance and confer awards to those who have made contributions to the financial industry marks its ninth year this year. In his speech, Chairman Kim talked about the significance of saving in its traditional sense and the importance of pursuing innovation in the financial sector. To seek a continuous growth of the financial industry into the future, Chairman Kim said that it is essential to make efforts to ensure financial inclusion. In this regard, Chairman Kim said that the government will continue to work to bring about improvements, make services and opportunities available more widely, and strengthen the foundation and resilience of the financial industry.
FSC Chairman oversees disaster response and safety management drill in financial sectorOct 28, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over this year's disaster response and safety management drill in the financial sector on October 28. The FSC is mandated to oversee response measures and procedures in the event of any disasters or accidents taking place in the financial sector, which may have potential to cause major disruption in national core infrastructure. This year's disaster response and safety management drill took place under the scenario of a fire erupting at a financial institution with the potential of causing a digital bank run. Under this scenario, Chairman Kim convened a central disaster response meeting to reviewresponse strategies and action plans. At the meeting, participants also checked each institution's preparedness and discussed measures for improvement under the scenario of a digital bank run. At the meeting, Chairman Kim underscored the importance of being thoroughly prepared for disaster situations while saying that working to ensure prevention of suchincidentsshould take priority.
FSC Chairman meets with scholars to discuss policy direction on financial consumer protectionOct 28, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with a group of university professors and held talks on ways to more effectively provide safeguards for financial consumers on October 28. In his opening remarks, Chairman Kim stressed the importance of building strong trust-based relationship between consumers and the financial industry in order to seek further growth of the financial sector. At the meeting, participants discussed various issues regarding consumer protection, including the efficacy of sales regulations on highly complex financial products, the need to establish rigorous internal control measures by financial companies, and increasing the provision of financial education programs to help improve the awareness and understanding on the part of financial consumers. The FSC will take into account what has been discussed at today's meeting whenformulating consumer protection policies in the future.
Vice Chairman holds financial education council meetingOct 25, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over this year's second financial education council meeting with officials from related ministries, educational institutions, and organizations on October 25. At the meeting, participants discussed ways to promote financial education programs in high school academic curriculum and establish a systematic network for cooperation among financial education providers. With the establishment of a course on finance and economics being offered as an elective in high school academic curriculum from 2026, Vice Chairman Kim said that students will have more opportunities to gain understanding and increase their capacity in finance. To make sure to seamlessly provide financial education programs that are effective for school curriculum, Vice Chairman Kim said that related authorities and organizations will need to maintain close cooperation and seek coordination of specific details moving forward.