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FSC Chairman holds talks with insurers on specific directions for development of insurance industryAug 28, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held talks with heads of insurance companies and relevant insurance associations on August 28 and shared a variety of views on ways to restore public trust in the insurance industry and how the insurance sector can better serve the national economy. At the meeting, Chairman Kim said that the insurance sector played an important role as the source of long-term funds in supporting the real economy. To ensure sustainable growth, however, Chairman Kim called for more active role of the insurance industry as investors with long-term investment horizon, while stably managing their assets. To this end, Chairman Kim outlined four directions for the insurance industry going forward: (a) seeking ways to provide better and more convenient services for customers, (b) strengthening risk management over a long-term period, (c) innovating sales channels with the emergence of new contactless, digital technologies, and (d) providing total solutions in response to future challenges including demographic, technological, and climate changes.
FSC Chairman attends 2024 Korea Fintech Week expo and sees innovative fintech technologiesAug 27, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended this year's Korea Fintech Week, a fintech expo held on an annual basis, on August 27 at Dongdaemun DesignPlaza in Seoul. At the event, Chairman Kim delivered an opening speech and toured fintech companies' booths where he was briefed on new andinnovative fintech technologies and services. In addition, Chairman Kim held pep talks with participating staff from fintech businesses.
Safe suspension of personal credit transactions introduced for consumers in anti-vishing effortAug 23, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting on the safe suspension of personal credit transactions program being introduced from today with officials from related organizations and financial industry groups on August 23. A total of 4,012 financial companies including banks, financial investment businesses, insurance companies, specialized credit finance companies, and mutual finance businesses will offer safe suspension of personal credit transactions to their customers starting from today with aims to prevent vishing scams. Under the program, consumers can visit on-site branches of financial companies and apply for the blocking of new credit transactions from taking place under their names. Priortothe meeting, FSC Chairman Kim took part in service demonstration and had pep talks with tellers at a bank branch. At the meeting, Chairman Kim said that the newly introduced service will help to protect consumers' daily financial activities. To make the service more accessible and convenient in the future, Chairman Kim said that the authorities will work to open up online application channel and permit submission of application by delegated persons.
FSC Chairman holds talks with specialized credit finance businessesAug 22, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with the CEOs of fifteen specialized credit finance businesses and held talks on ways to effectively cope with changes in the payment environment and industrial structure on August 22. At the meeting, Chairman Kim discussed the important role provided by specialized credit finance businesses as they help to fill the gap left by traditional financial businesses and sincethey are able to more quickly respond to the changing trend in consumer needs and industrial structure to lead innovative solutions. While speaking about the importance of ensuring stability in the payment and settlement system, Chairman Kim said that credit card companies are expected to play a more responsible role as they make up a crucial pillar in the domestic payment and settlement network. Chairman Kim also talked about the need to maintain an adequate level of loss absorbing capacity for capital businesses to bolster prudential management. Since it is important to push for a transition toward an equity-centered approach away from the current debt-driven model in our economy, Chairman Kim said that the government will provide active support by making improvements to relevant regulations.
Authorities hold meeting on household debt managementAug 21, 2024

The Financial Services Commission held a meeting on household debt management with related authorities and industry groups on August 21, chaired by FSC Secretary General Kwon Dae-young. The outstanding balance of household loans has been rising recently led by mortgage loans from banks and policy loans for housing. At the meeting, authorities discussed the following measures to effectively control the pace of household debt growth in the second half of 2024. First, from September 1, the second phase stressed debt service ratio (DSR) rule will take effect. A stress rate of 0.75%p will be additionally applied onmortgage loans and credit loans from banks and mortgage loans fromnonbanks. However, mortgage loans issued by banks for houses in the Seoul metropolitan area will be subjected to an increased stress rate of 1.20%p. Second, for household loans issued from September 1, banks will be required to calculate DSR on all types of household loans for their owninternal management purposes. This will help the banking sector to more closely monitor and examine relevant data on DSR. Third, in the future, authorities will consider implementing additional policy measures, such as expanding theapplication of DSR on other types of loans and increasing mortgage loans' risk weight for banks, after looking at household debt growth andhousing market conditions.
FSC Chairman delivers congratulatory remarks at the opening of 2024 finance job fairAug 21, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended the opening ceremony of the 2024 joint job fair in the financial industry and delivered congratulatory remarks on August 21. The annual finance job fair for this year will be held for two days from August 21 to 22 at Dongdaemun Design Plaza (DDP). Job seekers visiting the site will have opportunities to have an actual interview with officials from banks and career consultations with about 49 financial companies participating. There will be a variety of experiential programs offered throughout the event. In his speech, FSC Chairman Kim said that financial authorities will continue to work with the financial industry to make sure that there are abundant opportunities for quality jobs in finance.
Vice Chairman holds meeting on card processing fee systemAug 20, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the taskforce meeting on card processing fee system on August 20. The meeting was attended by relevant industry and consumer groups whereparticipants helddiscussions on ways to appropriately balance the needs of small merchants and consumer convenience, reduce cost burdens for various stakeholders by addressing the issue of high cost structure in the credit card industry, and upgrade regulations and seek diversification of business operation for credit card businesses. At the meeting, Vice Chairman Kim said that it is important to find appropriate ways to share costs amongvariousstakeholders and tackle high cost structure in the credit card industry, while seeking to upgrade rules in line with changing business environment.
FSC Chairman meets with bank CEOs and discusses ways to ensure financial stability and promote sustainable growthAug 20, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with the heads of 19 banks and held talks on the importance of managing risks to ensure financial stability and seeking innovative ways to promote sustainable growth on August 20. Starting with todays meeting with the banking sector, Chairman Kim will meet with each financial sector to have discussions and exchange views on the four major risks facing the Korean economy, such as household debt, small business debt, real estate project finance debt, and the soundness of the nonbanking sector. In his opening remarks, Chairman Kim talked about the need to (a) preemptively manage the pace of household debt growth through concerted efforts of the banking sector and the government, (b) more systematically manage lending to small businesses based on their repayment capabilities, (c) pursue regulatory reforms to bring about change and promote innovation in banks operating practices, which have traditionally relied on interest rate spreads and domestic operations, and (d) continue to work on strengthening internal control mechanisms through the introduction of a responsibilities mapping system from January next year. In particular, with regard to the measures to control the pace of household debt growth, Chairman Kim stressed the need for banks to establish their own household debt management systems in a self-regulating manner based on the repayment capability (debt service ratio) of borrowers.
FSC Chairman speaks about importance of overhauling network separation rules in line with global standardsAug 13, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with private sector experts, financial industry groups, and officials from the Financial Supervisory Service (FSS) and Financial Security Institute (FSI) and introduced a roadmap to bring about improvements to network separation in the financial industry on August 13. After having a series of meetings with financial companies and gathering opinions from cybersecurity experts and various stakeholders, the FSC has prepared a set of measures intended to bring about improvemets to the current regulatory system on network separation and ways to upgrade rules on financial data security. Specific measures include (a) allowing financial companies to make use of generative AI technologies, (b) allowing financial companies to make use of the cloud-based SaaS for more types of operational functions, and (c) making improvements to financial companies' research and development environments. These measures will be implemented under the financial regulayory sandbox program through which businesses can apply for regulatory exemption. At the meeting, FSC Chairman Kim said that more effective solutions to upgrade the current regulatory system on network separation is needed in order to ensure a more agile response to the rapidly changing information technology environment around the world. In this regard, Chairman Kim said that the roadmap for regulatory overhaul being introduced today will help to boost the competitiveness of domestic financial industry and increase benefits and convenience for consumers.
FSC Chairman meets with listed companies and holds talks on boosting corporate value-up effortsAug 12, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with a group of listed companies and related organizations to boost their efforts to participate in the Corporate Value-up Program on August 12. Together with related organizations, Chairman Kim said that the FSC will provide active support to promote companies self-driven efforts to participate in the Corporate Value-up Program. At the meeting, Chairman Kim said that to make our stock market more robust and resilient, it is important to boost participation in the Corporate Value-up Program, so that we can enhance the competitiveness of listed firms and the stock market. In this regard, Chairman Kim said that the financial investment industry is strongly urged to play its role not only in actively participating in the Corporate Value-up Program but also in helping to create a virtuous cycle where capital flows in the market can feed into companies value-up efforts.
FSC Chairman visits KODIT branch and calls for swift provision of liquidity support for vendors hit by e-commerce payment delaysAug 09, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a Korea Credit Guarantee Fund's branch office in Seoul on August 9 to check the operation of the liquidity support program being implemented from today, whichis intended to help the vendors hit by recent payment delays of e-commerce platforms. The liquidity support program run by KODIT in partnership with the Industrial Bank of Korea (IBK) will offer guaranteed loans at low interest rates to businesses with the maximum loan amount set at KRW3 billion for each business. During his visit, Chairman Kim had pep talks with the tellers at the branch office and urged them to ensure seamless implementation of the support program. As the vendors are experiencing severe hardship in sustaining their business operation, Chairman Kim stressed that it is important to swiftly provide liquidity support.
Vice Chairman holds second insurance reform committee meetingAug 08, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the second insurance reform committee meeting joined by officials from the Financial Supervisory Service, related thinktanks, industry associations, and insurance companies on August 8. At the meeting, participants discussed ways to increase accountability in the insurance industry and make practical improvements to the coverage and benefit of various types of insurance products. The insurance reform committee will hold meetings throughout this year on a monthly basis to seek improvements on the 60-plus specific reform tasks under 10 key strategies. At the meeting, Vice Chairman Kim stressed the importance of laying foundations to boost public confidence in the insurance industry as a precondition for successful implementation of the reform measures.