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FSC Chairman visits Busan and holds meeting on boosting investment support for local businessesFeb 10, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited Busan and held a meeting on ways to expand investment support for local businesses on February 10. The meeting was attended by officials from the Busan metropolitan government, financial companies, and a group of local businesses operating in Busan and its surrounding areas. At the meeting, participants discussed establishing a green and digital investment fund intended to provide support for local industries, which will help to make them more eco-friendly and digitally up-to-date in their business operations. Every year for the next nine years (from 2025 to 2033), a green investment fund worth KRW250 billion or more will be set up to facilitate the transition. At the meeting, Chairman Kim spoke about the significance of this investment plan as an important step towardboosting corporate financing support for the region and promotingmore equity-based investment support. In this regard, Chairman Kim said that the FSC and policy financial institutions will continue tomakeactive supportavailablefor the development of local industries.
FSC Chairman presides over this year's first fintech support council meetingFeb 06, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission presided over this year's first fintech support council meeting with relevant organizations and financial institutionsin attendanceand discussed plans to support domestic fintech firms toscale up for overseas business expansion.At the meeting, Chairman Kim said that the government will actively support financial holding companies' investment in fintech and promote mutual cooperation and collaboration between financial companies and fintech businesses. For this year, there is new fiscal assistance made available for fintech scale-up programs in partnership with the fintech incubation labs operated by financial companies. In addition, the annual fintech expo, Korea Fintech Week, will be held in a bigger scale this year under the theme of "AI and fintech, customized financial innovation" with participation from more overseas businesses and countries.
Vice Chairman speaks about need to make improvements to Korea Stewardship CodeFeb 05, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission attended a seminar on stewardship code organized by Korea Institute of Corporate Governance and Sustainabilityon February 5 and delivered congratulatory remarks on the need to make improvements to the Korea Stewardship Code. Taking into account examples from major overseas markets, such as the U.K., Japan, Germany, and Singapore where countries have madeimprovementsto their stewardship codes, Vice Chairman Kim talked about the need to bring up to date key features of the stewardship standardsin Koreato expand the scope of fiduciary responsibility and incorporate sustainability issues in line withthe changes incapital market environment andcurrentsituation.
Chairman meets with small merchants ahead of Lunar New Year holidayJan 23, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited Tongin Traditional Market in Jongno-gu, Seoul on January 23 ahead of the Lunar New Year holiday and bought some foods. During his visit, Chairman met with small business owners and listened to their challenges, while touching upon the government's plan to draw up financial assistance programs for small merchants.
Chairman visits individual rehabilitation and bankruptcy comprehensive support centerJan 23, 2025

Chairman Kim Byoung Hwan of the Financial Services Commissionvisited the individual rehabilitation and bankruptcy comprehensive support center operated by the Korea Legal Aid Corporation in Seoul on January 23 and held talks with center staffand customers on predatory lending and scams and also challenges faced by a vulnerable group in accessingfinancial support programs. During his visit, Chairman Kim also expressed gratitude to the employees and commended their continued endeavor.
Vice Chairman holds 6th insurance reform committee meetingJan 21, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission convened the 6th insurance reform committee meeting on January 21 along with officials from the Financial Supervisory Service, related institutions, and insurance companies. At themeeting, participants discussed a variety of issues concerning key tasks in the insurance industry, ways to bolster responsibilities of insurers, how to ensure business management in a stable way in the industry, and tasks to be prepared for the future.
Vice Chairman holds meeting with youth policy advisory groupJan 17, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting on January 17 with the newly formed youth policy advisory group commissioned tobe operated for the next two years. At the meeting, Vice Chairman Kim conferred certificates of appointment to the members of the newly formed youth policy advisory group and discussed key financial policy issues and the government's efforts to bring about policy improvements for young adults. In this regard, Vice Chairman Kim said that the increased level of public sector contribution made available for the youth savings account program from January this year has already led to a much higher level of subscription compared with the previous three months. To help make financial policies work better for young adults, the members of the youth policy advisory group vowed to seek ways to improve policies in diverse areas, such as personal credit and debt management, housing, and financial education.
Vice Chairman presides over second virtual asset committee meetingJan 15, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the second meeting of the virtual asset committee with officials from related ministries and organizations and committee members from the private sector on January 15. At the meeting, the committee kicked off discussions on key regulatory issues and legislative areas for seeking a second phase enactment of legislation on virtual assets and reviewed global trends and major issues surrounding stablecoins. In his opening remarks, Vice Chairman Kim spoke about the importance of maintaining regulatory consistency with global standards as major economies around the world are speeding up the process of establishing regulations on virtual assets. In this regard, Vice Chairman Kim said that this advisory committee will begin to have discussions on establishing a comprehensive regulatory and legislative framework addressing issues encompassing all stakeholders including virtual asset service providers and related businesses, users, and the market. The FSC expects to have a more detailed legislative bill on virtual assets in the second half of this year after having a series of taskforce and subcommittee meetings with related authorities.
Vice Chairman presides over first microfinance policy council meeting of 2025Jan 09, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over this year's first microfinance policy council meeting with officials from related ministries and organizations on January 9. To address the needs of financially vulnerable groups, the FSC decided to increase the supply of microfinance assistance to KRW11 trillion in 2025 from KRW10 trillion in the previous year. In addition, there will be stronger support made available for personal debt workout and for employment and welfare related services. At thebeginning of themeeting, Vice Chairman Kim spoke about the need to boost inclusiveness in finance to address the problem of structural inequality where income and wealth disparitiescanultimately lead to inequality in education, health, and other opportunities. To address this problem, Vice Chairman Kim outlined four key microfinance policy directions for 2025, which include (a) expanding the supply of microfinance assistance, (b) continuing to provide debt workout support for delinquent debtors, (c) boosting support through employment and welfare related services, and (d) ensuring strict responses to illegal private lending practices and other fraudulent activities that can harm people's livelihoods.
FSC Chairman holds meeting on Corporate Value-up ProgramDec 26, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with officials from related organizations, businesses, and financial companies on December 26 to discuss the progress of Corporate Value-up Program and plans for next year. At the meeting, Chairman Kim spoke about some of the notable achievements made this year through concerted effortsmade byboththepublic and private sectorsand said that the government and related organizations will continue to consistently carry out Corporate Value-up Program and related policies. More specifically, Chairman Kim said that the government will continue to push for legislative efforts and actively cooperate with the National Assembly to seek value-up tax support measures, bring about improvements to the corporate governancestructure through a revision to the Capital Markets Act, and make sure to thoroughly prepare for the resumption of short sale transactions next year.
Policy finance support worth KRW247.5 trillion planned for 2025Dec 26, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 9th consultative body meeting on policy finance support on December 24 where the authorities unveiled a plan for supplying policy funds in the amount of KRW247.5 tillion for 2025. For the five key strategic sectors prioritized by relevant government ministries, a total of KRW136 trillion in policy finance support is earmarked for next year, an increase of KRW20 trillion or 17.2 percent from this year. At the meeting, Vice Chairman Kim spoke about the importance of ensuring a consistent supply of policy finance support in any circumstances to boost the country's industrial competitiveness. In this regard, Vice Chairman Kim said that the role of policy finance is becoming evermore important as it can lead to highly efficient investment outcomes amid the heightened international competition over protecting domestic industries.
Authorities and banking sector hold meeting and announce financial support measures for small merchantsDec 23, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended the meeting with the Ministry of SMEs and Startups, the Financial Supervisory Service, and the banking sector where the plan forprovidingfinancial support for small merchants was announced on December 23. The financial support plan prepared by the banking sector includes debt adjustment support tailored to the needs of individual business owners and the supply of guarantees and loans as well as business consulting services for those undergoing difficulties. Speaking about the significance of this plan, FSC Chairman Kim said that the newly announced measures will offer a more sustainable wayof providing assistance to small business owners in ways that are more tailored to their individual needs. In addition, in order to ensure financial stability and enhance financial companies' capacity to support domestic companies and the real economy, Chairman Kim said that the FSC will continue to closely cooperate with the banking sector and actively take into account their suggestions.