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Vice Chairman visits central inclusive finance support centerNov 09, 2022

Vice Chairman Kim So-young visited the central inclusive finance support center operated by the Credit Counseling and Recovery Service on November 9 to check the progress of debt adjustment applications made available by New Start Fund which was launched a month ago on October 4. During his visit, Vice Chairman Kim held talks with relevant officials on the important role of New Start Fund in providing practical support for the self-employed and micro-enterprises. Financial authorities and relevant institutions will continue to closely work together to ensure seamless operation of New Start fund.
Financial authorities hold meeting to monitor market situation in wake of Fed's recent rate hikeNov 04, 2022

Vice Chairman Kim So-young presided over a meeting with the FSS, financial industry groups and policy financial institutions on November 4 to review the impact of the U.S. Fed's recent 75bp rate hike on domestic money market and discuss the progress of the government's KRW50 trillion-plus liquidity support measures. At the meeting, Vice Chairman Kim asked authorities to maintain vigilance and swiftly carry out available measures, while closely monitoring market situations and seeking measures to help stabilize the real estate PF ABCP market. Vice Chairman Kim also said that authorities need to check financial market risks by adopting a longer-term perspective and maintaining close communication with the financial industry and prepare for risks in a preemptive manner.
Vice Chairman attends 11th Korea-China-Japan high-level finance authorities meetingNov 03, 2022

The FSC and the FSS held the 11th Korea-China-Japan high-level finance authorities meeting in Seoul on November 13. In his opening remarks, Vice Chairman Kim So-young stated that the three countries are currently facing the common problem of rapidly rising volatility in financial markets. At the same time, Vice Chairman Kim said that it is important for the three countries to seek financial innovation to respond to the trend of digitalization in financial services. Authorities from each country discussed key issues regarding financial policy or market situation in their country and shared a common understanding on the current global financial market situation and the need to maintain close cooperation between them.
FSC Chairman meets with heads of financial holding companies and discusses market stabilization effortsNov 01, 2022

FSC Chairman Kim Joo-hyun met with CEOs of five major financial holding companies on November 1 and held talks on current financial market situation. At the meeting, Chairman Kim and participants discussed the important role of financial holding groups in stabilizing markets, ensuring liquidity provision to the real economy and providing support for vulnerable debtors. The five major financial holding companies pledged to provide a total of KRW95 trillion in liquidity support for markets and lending support for their subsidiaries by the end of this year. * Please see press release for details.
FSC holds meeting with financial institutions and explains government's liquidity support programsOct 28, 2022

FSC Standing Commissioner Kwon Dae-young held a meeting with financial institutions on October 28 to review money market situation and explained the government's KRW50 trillion-plus liquidity support programs announced on October 23. At the meeting, Standing Commissioner Kwon said that authorities are working on seamless implementation of various liquidity support measures including the bond market stabilization fund, postponement of regulatory tightening on banks' LCR (liquidity coverage ratio) requirement, special liquidity support programs for securities firms, etc. In response, financial institutions also shared their own measures intended to help stabilize current market situation.
Vice Chairman delivers congratulatory remarks at Korean Stakeholders Dinner with IFRS FoundationOct 27, 2022

Vice Chairman Kim So young attended the Korean Stakeholders Dinner with IFRS Foundation on October 26 and delivered congratulatory remarks. In his speech, Vice Chairman Kim talked about the significance of holding the IFRS Foundation Trustees meeting in Korea in twelve years and expressed his appreciation for the IFRS Foundation andISSB's efforts in advancing the sustainability disclosure standards. Vice Chairman Kim stated that as a responsible member of the international society, Korea will actively contribute to global discussions on the ISSB disclosure standards.
Vice Chairman attends ISSB public seminar and delivers congratulatory remarksOct 25, 2022

Vice Chairman Kim So young attended the ISSB (International Sustainability Standards Board) public seminar on October 25 which took place on the sidelines of the IFRS Foundation Trustees meeting held in Seoul from October 25 to 27. Vice Chairman Kim delivered congratulatory remarks highlighting the importance of sustainable growth and the crucial role of the ISSB in devising global sustainability disclosure standards. To join hands with the international society for ensuring sustainable growth, Vice Chairman Kim said that the Korean government will actively participate in global discussions to prepare sustainability disclosure standards, make necessary changes to the domestic sustainability disclosure system according to the required ESG disclosure schedule (announced in January 2021) and lay groundwork in the capital market and financial investment sector to facilitate sustainable growth.
FSC Chairman delivers congratulatory remarks at the 7th annual finance day commemoration eventOct 25, 2022

FSC Chairman Kim Joo-hyun attended the 7th annual finance day commemoration event held in Seoul on October 25 and delivered congratulatory remarks. During his speech, Chairman Kim talked about the significance of conferring awards to those who have been selected for the three award categories which include "saving and investment," "inclusive finance" and "innovative finance." Chairman Kim congratulated the award recipients and introduced some of the key contributions they have made for the advancement of the financial industry.
FSC holds talks with fintech startups to promote investment and financial supportOct 18, 2022

FSC Standing Commissioner Kwon Dae-young held talks with fintech startups on October 18 to review financing conditions of fintech businesses and listen to their needs regarding investment and loan opportunities. At the meeting, Standing Commissioner Kwon said that financial authorities and government-sponsored financial institutions will prepare measures to support fintechs while taking into account the needs of fintech businesses raised in today's meeting. The FSC plans to hold the next fintech talks with fintech startups that wish to participate in the financial regulatory sandbox program.
Vice Chairman holds 5th financial risk response taskforce meetingOct 13, 2022

Vice Chairman Kim So-young presided over the 5th financial risk response taskforce meeting jointly with relevant institutions on October 13 and held discussions on potential risks of the digitalization and platformization of financial services and response strategies. In his opening remarks, Vice Chairman Kim stated that fintech and big tech firms equipped with digital technologieshave changed the structure of financial marketsaroundtheworld, facilitating innovation in financial services and improving consumer convenience. However, Vice Chairman Kim said that financial authorities need to preemptively respond tothepotential risks in orderto ensure financial stability and consumer protection.
FSC and FSS hold meeting to review financial market conditionsOct 12, 2022

FSC Chairman Kim Joo-hyun presided over a joint financial market monitoring meeting with the Financial Supervisory Service (FSS) on October 12 and discussed the impact of the Bank of Korea's 50bp rate hikeand response strategies. At the meeting, authorities discussed a timely reactivation of the stockmarketstabilization fund, alleviating financing burdens of businesses and ways to help ease the hardship of vulnerable sectors amid high prices, high interest rates and the weakeningcurrency value.
Vice Chairman delivers congratulatory remarks at opening ceremony of SME accounting support centerOct 12, 2022

Vice Chairman Kim So-young attended the opening ceremony of the SME accounting support center set up at the Korea Exchange on October 12 and delivered congratulatory remarks. During his speech, Vice Chairman Kim expressed his hope that the center will play an active role in providing effective assistance to SMEs and serving as an educational platform for accounting and auditing standards. In this regard, Vice Chairman Kim said that the government will spare no efforts to provide policy support through an overhaul of accounting regulations. The SME accounting support center will respond to inquiry on accounting standards, provide consulting on financial statements preparation and offer help with difficulties related to audit contracts.