Photo News - Financial Services Commission

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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.
Digital indemnity health insurance claims process available from October 25Oct 25, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended an event commemorating the launch of digital indemnity health insurance claims system with related authorities and organizations on October 25. Starting from today, indemnity health insurance policy holders can claim their medical insurance payments online or via mobile app without having to visit hospitals or clinics to get necessary paperwork. Currently, 4,223 hospitals and community health care centers have agreed to participate in the digital indemnity health insurance claims system. Among them, 210 hospitals will begin to provide this service from today. At the event commemorating the launch of this service, FSC Chairman Kim said that it will help to simplify and streamline the insurance claiming process for the public who will no longer need to visit hospitals or face the burden of complicated paperwork. While speaking about the significance of launching the system for the public despite needed improvements, Chairman Kim said that authorities will continue to work with various entities and participants, such as health care service providers, electronic medical record (EMR) service providers, pharmacies, MyData service providers, and the insurance industry, to encourage more participation and increase convenience for service users.
FSC Chairman meets with small merchants and self-employed business owners to promote the availability of New Start FundOct 22, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a traditional market in the city of Anyang, Gyeonggi Province on October 22 and met with small merchants and self-employed business owners to have talks on their needs and challenges and promote the availability of New Start Fund, a government-backed debt workout program intended for microenterprises. Since the program's eligibility has been expanded to a broader group of applicants on September 12, the volume of application being processed on a daily basis has increased about 26 percent on average. After listening to the needs and challenges of small business owners, Chairman Kim said that the government will continue to closely review how this debt workout support program is being operated to help minimize inconvenience and seek improvements for users.
FSC welcomes delegation from Vietnam's State Securities CommissionOct 16, 2024

Standing Commissioner Lee Hyung Ju of the Financial Services Commission held a meeting with a delegation from Vietnam's State Securities Commission at Seoul Government Complex on October 16. The Vietnamese delegation's visit to the FSC this time follows Standing Commissioner Lee's trip to Vietnam in September this year to attend the Korea-Vietnam Financial Cooperation Forum and hold meetings with high ranking financial authorities of Vietnam.
Vice Chairman holds meeting to check preparation for implementing new law on personal credit management and debtor protectionOct 08, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from related organizations and financial industry groups on October 8 to check readiness for implementing the Personal Credit Management and Debtor Protection Act, which is scheduled to take effect from October 17. Since promulgation of the law in January this year, authorities have worked to prepare subordinate rules and regulations, best practice guidelines, frequently asked questions, and relevant document forms. The Personal Credit Management and Debtor Protection Act aims to facilitate direct consultation and engagement between financial companies and debtors for the resolution of personal debt problems, ease the burden of overdue interests, prevent excessive debt collection practices, and strengthen rules on sales of debt and individual debtor protection. With the implementation of this law, Vice Chairman Kim said that financial companies will be more encouraged to provide debt adjustment service on their own to enable debtors to regain footing economically. In this regard, authorities plan to set up and operate a taskforce to ensure a seamless implementation of the new law. To this end, Vice Chairman Kim also urged financial companies to actively take steps to set up proper internal control mechanisms and provide training to their own staff.