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FSC signs MOU to promote AI-driven anti-vishing effortsJun 03, 2024

The Financial Services Commission signed a memorandum of understanding (MOU) with related ministries and organizations to strengthen cooperation for promoting AI-driven anti-vishing efforts on June 3. FSC Chairman Kim Joo-hyun signed the MOU, which will facilitate AI developers in the private sector to make use of the actual phone conversation data used in vishing scams for the purpose of developing AI-driven anti-vishing programs. With the MOU in place, cooperation between the telecommunications and financial sectors will be strengthened to promote development of diverse types of anti-vishing programs using AI technologies. In addition, there will be government-driven research and development projects that will seek to find ways to more effectively prevent and combat vishing scams.
FSC commemorates one-year anniversary of launching loan transfer serviceMay 29, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over a meeting with users of the loan transfer service and officials from related organizations and financial companies to commemorate one-year anniversary of launching the loan transfer service and have discussions to seek further improvements on May 29. At the beginning of the meeting, FSC Chairman Kim Joo-hyun praised the successful introduction of loan transfer servicefirst for credit loans in May 2023 and then expanded to home-backed mortgage loans and jeonse loansduring the first year of its operation. As a result, Chairman Kim said that about 200,000 individuals were able to use this program to switch their existing loans worth about KRW10 trillion in total for lower interest rates, and on average were able to save about KRW1.62 million a year in interest payments. To continue to meet consumer demands, Chairman Kim said that financial companies need to think beyond just offering lower interest rates and take steps to help improve consumer convenience in accessing and operating loan transfer service, for instance, by offering on-site application process for the elderly to make the program more accessible and inclusive for all.
FSC holds first taskforce meeting on microfinance assistanceMay 28, 2024

Standing Commissioner Lee Hyung-ju of the Financial Services Commission presided over the first taskforce meeting on microfinance assistance with related organizations, industry officials, and private sector experts on May 28.The taskforce plans to hold a series of meetings to prepare specific measures on microfinance assistance to help the working class and self-employed business owners. At the meeting, FSC Standing Commissioner Lee said that macro-level uncertainties, such as sluggish growth in household income, coupled with structural changes, such as growth in e-commerce, have presented added strain on vulnerable groups. To address this, Standing Commissioner Lee said that it has now become more urgent than ever to make sure the availability of thorough protection for self-employed business owners. Thus, to make sure that microfinance assistance can provide effective solutions, the taskforce will focus on (a) helping to strengthen debt service capability of vulnerable individuals, (b) providing tailored support for debt restructuring, (c) making sure a steady supply of funds for microfinance assistance, and (d) seeking ways to boost convenience and make improvements in the administration of microfinance assistance.
FSC announces measures to support the covered bond marketMay 27, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended an agreement signing event between Korea Housing Finance Corporation (HF) and five major commercial banks intended to facilitate payment guarantees on covered bonds on May 27. Following this agreement, HF will begin to provide payment guarantees oncovered bonds issued by banks starting from today. At theevent, the FSC also announced measures to support the covered bond market to facilitate commercial banks' supply of long-term, fixed interest rate mortgageloans. In his opening remarks, Vice Chairman Kim said that increasing the supply of long-term, fixed interest rate mortgage products should be considered as a persistent and ongoing policy task, regardless of the direction in the movement of interest rates. With the introduction of various measures intended to bolster demand for covered bonds and lower their issuance rates, Vice Chairman Kim said that it will be possible to provide fixed interest rate mortgages offering competitive rates even in times when interest rates are declining. The FSC plans to keep close tabs on the issuance and circulation of covered bonds along the way and seek additional measures and improvements to support the covered bond market.
Authorities hold meeting to discuss specific timelines for implementing measures to seek a soft-landing in the real estate PF marketMay 23, 2024

The Financial Services Commission held a meeting with related ministries and financial and construction industry groups on May 23 to go over specific timelines for implementing measures to stabilize the real estate project finance market. The proposed upgrade to the standards for evaluating the viability of development projects will be prepared by early June, which will be adopted by each financial sector, and financial companies will complete evaluating the financial viability of development projects based on the upgraded evaluation standards by early July. A syndicated loan planned to be established by the banking and insurance sectors is expected to go into operation around mid-June.Until the end of June, the financial authorities will issue no-action lettersto continue to make available some of the temporarily eased regulatory measures applicable to non-bank sectors.The authorities plan to hold meetings with the financial and construction industries once every two weeks to maintain close communication and frequently check policy implementation and market conditions.
FSC Vice Chairman holds meeting to see progress in the operation of youth savings accountMay 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from related organizations, representatives of the youth policy advisory group, and young adults who signed up for youth savings accounts on May 22 and held talks on the operation of the program and sought opinions for improving the system. From when the programwas launchedin June 2023 until April 2024, about 1.23 million individualssigned up for youth savings accounts, which offer higher savings rates and the incentive of matching contributions to young adults. During the meeting, FSC Vice Chairman Kim said that this program offers a foundation to help young adults accumulate assets, so that it should serve as an anchor to building asset portfolios for young adults. According to a recent survey, about 45 percent of young adults who have yet to sign up for the program showed a willingness to subscribe in the future. In June this year, the FSC will organize a focus group to facilitate discussions and gather more wide-ranging opinions to seek improvements. The FSC also plans to form a working group on youth finance with officials from related organizations and experts to explore various policy issues and areas that can help to address the needs of young adults.
Authorities hold this year's first mutual finance policy consultation group meetingMay 20, 2024

Secretary General Kwon Dae-young of the Financial Services Commission presided over this year's first mutual finance policy consultation group meeting with related government ministries and industry groups on May 20. At the meeting, authorities went over mutual finance businesses' prudential management situations and discussed ways to bolster their prudential management, promote improvements in their operating practices, and seek transparency in governance structures. As mutual finance businesses have continued to seek external expansion in terms ofthe scope of their operation and business areas, authorities discussed ways upgrade and improve the current regulatory and supervisory frameworks applied on various types of mutual finance businesses.As a first step to this end, at today's meeting,authorities discussed ways to strengthenthecapital requirements and loss absorbing capacityof mutual finance businessestohelpmake them more crisis resilient. At the meeting, Secretary General Kwon said that the financial authorities will continue to closely communicate with related authorities to ensure prudential management in the mutual finance sector and seek improvements in regulations.
Authorities meet with market experts and hold talks on measures to seek a soft-landing in the real estate PF marketMay 20, 2024

The Financial Services Commission and the Financial Supervisory Service held a meeting with market experts to share and exchangeopinions on the recently announced measures for seeking a soft-landing in the real estate project finance market on May 20. At the meeting, participants shared a common view that the recently announced measures intended to more effectively sort out financially viable projects from those deemed to fall below standards and to facilitate speedy restructuring and liquidation of the latter will significantly help to remove uncertainties in the market. Although there are concerns about a potential increase of risk in the nonbank sector, participants assessed that the possibility of insolvency risk spreading throughout the nonbank sector remains low due to improvements in the loss absorbing capacity of financial companies. Speaking about the importance of transparency and predictability, FSC Secretary General Kwon Dae-young said that the financial authorities will work to clearly communicate policy directions and implementation of specific measures with market participants.
FSC Chairman holds meeting on promoting investment for startups and venture businessesMay 16, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting on promoting investment for startups and venture businesses on May 16 along with experts and related organizations and businesses. After reviewing the status of funding support made available by Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund, and Korea Growth Investment Corporation, Chairman Kim outlined plans for this years startup and venture investment support and pledged to continue to closely listen to the needs of startups and venture businesses to boost investment and promote growth. In this regard, a total of KRW15.4 trillion in policy funds will be supplied to ensure the provision of seamless funding support for up-and-coming startups equipped with innovative technologies this year, up about 30 percent from the amount of support provided in the previous year. In addition, KDB-IBK's secondary fund worth about KRW1.2 trillion has been created for making investments starting from May this year.
FSC and FSS announce measures to seek an orderly soft-landing in the real estate project finance marketMay 13, 2024

Secretary General Kwon Dae-young of the Financial Services Commission held a media briefing on May 13and announced the government's plan for seeking an orderly soft-landing in the real estate project finance market. The announced measures will facilitate financial companies to more clearly distinguish construction projects that are deemed to be viable from the ones failing to meet standards in order to ensure seamless supply of funds to the former while encouraging market-driven restructuring or liquidation of the latter. Additional support measures have been prepared, such as additional guarantee support extended to builders for increased construction costs, creation of a syndicated loan to support restructuring or liquidation, and the availability of various incentives through temporary easing of financial regulations. At the briefing, Secretary General Kwon said that a successful soft-landing requires a clear, thorough, and transparent communication of policy tools to boost predictability, alongside the self-help efforts of market participants. To ensure that there is a sufficient level of predictability and work toward a successful soft-landing in the project finance market, Secretary General Kwon said that financial authorities will continue to closely engage with stakeholders and communicate relevant timeline and details of the measures.
Vice Chairman delivers congratulatory remarks at a seminar unveiling measures for ATS operationMay 09, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended a seminar held on May 9 in which authorities and related organizations discussed and unveiled measures for operating alternative trading system. During his speech, Vice Chairman Kim talked about the importance of ensuring stability and fairness, while urging participants to thoroughly prepare for the launch of an ATS and to ensure that investors are kept posted with relevant information. Introducing an ATS has been a key part of the government's capital market reform initiative, and it is intended to make domestic capital markets more accessible for investors with enhanced convenience for transactions. An ATS operated by Nextrade is expected to be launched for full operation beginning in the first half of 2025.
Inter-ministerial taskforce on finance, employment, and welfare support holds kick-off meetingMay 07, 2024

The Financial Services Commission held a kick-off meeting of the inter-ministerial taskforce on finance, employment, and welfare support with related government ministries and agencies on May 7. The inter-ministerial taskforce was formed to facilitate close cooperation and coordination among related authorities in providing finance, employment, and welfare-related support to vulnerable groups in a more comprehensive and integrated way. At today's meeting, the authorities reaffirmed their strong commitment to closely work together to make available comprehensive support programs that can address the financial, employment, and welfare needs of vulnerable individuals. The taskforce will regularly hold meetings with related organizations and experts to draw up specific measures that will help to boost the effectiveness of joint support programs. Based on these meetings, the taskforce plans to finalize and announce a comprehensive set of measures in the first half of this year.