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Vice Chairman delivers opening remarks at policy seminar for removing "Korea discount" in capital marketsSep 15, 2022

Vice Chairman Kim So-young attended a policy seminar for removing "Korea discount" in capital markets held by the FSC, KRX and KCMI on September 15 and delivered opening remarks. In his speech, Vice Chairman Kim laid out broad aims of the seminar and the need for changing the course on the "Korea discount" factors in order to ensure a sustainable growth in the Korean economy. In this regard, Vice Chairman Kim said that the government will continue to work on policy strategies to restore investor trust in capital markets and seek wide-ranging reforms in regulations while organizing additional policy seminars on other issue areas to helprevitalize the capital markets and sustain innovative growth of the Korean economy.
Vice Chairman holds meeting to review financial sectors' readiness for worker strikeSep 15, 2022

Vice Chairman Kim So-young presided over a meeting with the FSS, major banks and government-sponsored financial institutions on September 15 to check the financial sectors' response plans and preparation ahead of the unionized worker strike scheduled for September 16. At the meeting, authorities urged banks' to check their contingency plans and have their IT business continuity plans ready. The financial authorities will make efforts to minimizeinconvenience for consumersand preventpotentialdisruption in the availability of financial services.
FSC holds financial market monitoring meetingSep 08, 2022

Vice Chairman Kim So-young presided over a financial market monitoring meeting jointly held with the Financial Supervisory Service, Korea Exchange and Korea Center for International Finance on September 8. The meeting discussed global financial market trends, impact of expanded volatility in FX market and foreign currency liquidity situations of domestic financial institutions. Considering the possibility ofdeepening uncertaintiesin financial markets, Vice Chairman Kim said that it is important to thoroughly check domestic financial companies' foreign currency financing and management structure and the conditionofforeign currency lending. Vice Chairman Kim urged a special attention to the foreign currency liquiditysituationof nonbank sectors.
Vice Chairman delivers opening remarks at policy seminar on regulatory direction for security tokensSep 06, 2022

FSC Vice Chairman Kim So-young attended a policy seminar discussing regulatory strategies for the issuance and distribution of security tokens on September 6 and delivered opening remarks. The seminar was held to gather opinions from experts and stakeholders prior to introducing a guideline for security tokens in the fourth quarter of this year and for continuing to work onestablishing a broader regulatory framework on security tokens thereafter. During his opening remarks, Vice Chairman Kim underscored the importance of core principles of the Capital Markets Act such as fairness, accountability and efficiency in markets and stated that the government's regulatory strategies on security tokens will follow these principles while facilitating the growth of security tokens including its blockchain technology through various pilot opportunities. Vice Chairman Kim also said that the government will work to build a regulatory foundation to promote a responsible growth of the digital asset market.
FSC Chairman holds talks with SMEs and small merchant groupsSep 05, 2022

FSC Chairman Kim Joo-hyun met with Minister of SMEs and Startups Lee Young, FSS Governor Lee Bokhyun, and the heads of SMEs and small merchant groups on September 5. At the meeting, FSC Chairman gathered opinions from the relevantindustry groups regarding loan maturity extensions and the New Start Fund.
FSC Chairman meets with Standard Chartered Global CEO William WintersSep 01, 2022

FSC Chairman Kim Joo-hyun met with Standard Chartered Global CEO William Winters on August 31 and held talks on key financial market issues in domestic and overseas markets.
Vice Chairman holds 4th financial risk taskforce meetingSep 01, 2022

FSC Vice Chairman Kim So-young held the 4th financial risk taskforce meeting on August 31 jointly with other relevant institutions. The 4th taskforce meeting discussed the following two agenda(a) measures for improving the loss absorbing capacity of financial sectors in response to financial market uncertainties and (b) detailed implementation plans of various market stabilization measures which had been deployed in past financial crises. At the meeting, Vice Chairman Kim stated that the financial authorities will examine the level of loan loss provisions of banks and nonbanks to make sure that they have sufficient capacity to absorb potential losses.
FSC Plans to Introduce New Start Fund for Small BusinessesAug 29, 2022

FSC held a media briefing on August 26 and introduced its plan to introduce a debt adjustment program called "New Start Fund" for self-employed business owners and small merchants hit by the COVID-19 crisis. Director General Kwon Dae-young of the Financial Policy Bureau presented specific details of the debt adjustment program which will be available from October this year. * Please see press release for details.
Vice Chairman delivers congratulatory remarks at the 2022 joint finance job fair eventAug 24, 2022

Vice Chairman Kim So-young attended the opening event of the 2022 joint finance job fair held on August 24 and delivered congratulatory remarks. This year's joint finance job fair will offer on-site job interviews, career information sessions and mock interview trials via metaverse. In his speech, Vice Chairman Kim talked about the importance of creating quality jobs foryoung adultsand discussed the government's efforts in this regard. Vice Chairman Kim said that the current administration's regulatory reform initiatives in the financial industry will help promote job creation.
FSC Chairman attends 2nd financial regulatory reform committee meetingAug 23, 2022

FSC Chairman Kim Joo-hyun attended the 2nd financial regulatory reform committee meeting held on August 23 and laid out plans for promoting platform-based financial services offered by financial institutions, piloting an online platform-based financial intermediary business model and making improvements to the operation of the financial regulatory sandbox program. While emphasizing the need to put in place safeguards to prevent negative externalities originating from platform-based financial services, Chairman Kim stated that the purpose of regulatory reforms is to improve convenience for financial consumers, although a conflict of interests may be unavoidable in the process of carrying out reforms. Chairman Kim said that the reform measures for digital transformation are expected to promote innovation and enhance convenience for consumers based on sound competition between financial companies, fintechs and platform service providers.
Vice Chairman holds talks with group of market expertsAug 18, 2022

FSC Vice Chairman Kim So-young held a meeting with market experts on August 18 and discussed potential risk factors in the financial industry and proper ways to respond to them. During the meeting, Vice Chairman Kim stated that there are lingering uncertainties in financial markets caused by higher interest rates, global inflation and geopolitical conflicts, which bring concerns over financial industry risks such as facing possible insolvency, worsening fund-raising conditions and falling asset values. In monitoring and responding to the risks, Vice Chairman Kim said that the government would pay extra attention to "emergence ofunexpected new risks", "accumulation of risks" and "expansion of interconnectedness between industries." In order to better respond to risks in the financial market and industry, Vice Chairman Kim vowed to maintain close communication with the market.
Vice Chairman holds kickoff meeting of private-public joint taskforce on digital assetAug 17, 2022

Vice Chairman Kim So-young presided over the kickoff meeting of the joint taskforce on digital asset on August 17. The private-public joint taskforce on digital asset was launched with aims to promote discussion and information sharing between private sector experts, relevant government authorities and related institutions for seeking government-wide collaboration for legislative efforts. In his opening remarks, Vice Chairman Kim talked about the importance of seeking a proper balance between innovation based on new technology and investor protection and financial stability. Through taskforce meetings and its working groups, authorities plan to comprehensively examine (a) the legal characteristics and the rights relationship regarding digital assets and ways to respond to digital asset related crimes, (b) digital assets and financial stability, central bank digital currency (CBDC) and taxation issues, (c) regulatory framework for digital asset issuance and distribution markets and (d) ways to promote the blockchain industry. * Please see press release for details.