Photo News - Financial Services Commission

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Vice Chairman meets with Deputy Governor of Bank of ThailandSep 25, 2023

FSC Vice Chairman Kim So-young met with the Bank of Thailand's Deputy Governor Ronadol Numnonda and held talks on Korea's policy experience with internet-only banks on September 25. The Bank of Thailand requested for a meeting with the FSC to seek policy consultationas it has been seeking to introduce a guideline on virtual banks. At the meeting, Vice Chairman Kim explained the Korean government's experience of embracing internet-only banks as well as some of their achievements and asked for Bank of Thailand's cooperation and support to allow Korean financial companies to participate in the future licensing process for virtual banks in Thailand. Prior to the high-level meeting between Vice Chairman Kim and Deputy Governor Numnonda, a working-level staff meeting was held for sharing more detailed information about Korea's policy experience with internet-only banks.
FSC holds 4th consultative body meeting on policy finance supportSep 25, 2023

The Financial Services Commission held the 4th consultative body meeting on policy finance support with the related government ministries, policy financial institutions and a young entrepreneurs foundation on September 25. The consultative body on policy finance support was created last year to ensure more close alignment between the governments industrial strategies and supply of policy funds. As of August 2023, policy financial institutions have supplied a total of KRW73.8 trillion of policy funds support in the five key strategic sectors, achieving 80.4 percent of the annual supply target and surpassing the initial supply plan of 66.7 percent by the month of August. Along with concerns about an economic slowdown emanating from China, FSC Vice Chairman Kim So-young said that it is possible that interest rates and oil prices may continue to stay high for a while. Thus, in close coordination with relevant ministries, Vice Chairman Kim said that the authorities will work to ensure effective supply of policy funds to businesses to prevent funding shortages.
Authorities commemorate capital market investigation unit's establishment 10 years agoSep 21, 2023

The Financial Services Commission held an event commemorating the capital market investigation units establishment ten years ago together with the Seoul Southern District Prosecutors Office, the Financial Supervisory Service and the Korea Exchange on September 21. At the event, the authorities also set out plans to bolster market surveillance, investigation and punishment on unfair trading activities in capital markets.Speaking about the significance of the work performed by the investigation unit, FSC Chairman Kim Joo-hyun saidthat it is crucial to maintain stringent countermeasures against unfair trading activities because theyconstitute serious crimes that can erode investor confidence in capital markets.
Vice Chairman holds talks on promoting overseas expansion of domestic financial servicesSep 20, 2023

FSC Vice Chairman Kim So-young held talks with a group of experts from research institutions and academia on September 20 and listened to various opinions on ways to promote overseas expansion of domestic financial services. Reflecting on his recent visits to Central Asia and Southeast Asia, Vice Chairman Kim said that for Korean financial companies to be successful in expanding their businesses overseas, it is important to have concerted efforts and close communication between the public and private sectors. Since Korean financial companies are equipped with an advanced level of financial infrastructure and digital technology, Vice Chairman Kim said that they are highly competitive in overseas markets with the potential to lead market trends. In this regard, Vice Chairman Kim said that it is necessaryto keep close tabs on global market trends and be prepared for both risks and opportunities.
FSC Chairman visits inclusive finance support centerSep 20, 2023

FSC Chairman Kim Joo-hyun visited an inclusive finance support center operated by the Korea Inclusive Finance Agency on September 20ahead of the Chuseok holiday next weekand held talks on ways to expand the availability of microfinance support for vulnerable groups. During his visit, Chairman Kim had pep talks with the support center employees and expressed his appreciation for their hard work. Chairman Kim also talked about the government's efforts to boost microfinance support through a variety of programs including policy loans, debt adjustment, employment and welfare-linked counseling and so on.
Vice Chairman meets with OECD Deputy Secretary GeneralSep 20, 2023

FSC Vice Chairman Kim So-young met with the OECD's Deputy Secretary General Yoshiki Takeuchi on September 19and held talks on global financial environment and ways to expand cooperation between the two organizations. At the meeting, Vice Chairman Kim introduced Korea's major financial policy initiatives andachievementson fintech, virtual assetand corporate governance and said that the Korean government will actively share policy experience andknow-howswith other countries inAsia in close cooperation with the OECD.
Financial industry competitiveness review committee for 2023-2025 holds kick off meetingSep 19, 2023

The financial industry competitiveness review committee for 2023-2025 was launched on September 19 and held a kick-off meeting chaired by FSC Vice Chairman Kim So-young. Since 2018, the FSC has been operating financial industry competitiveness review committee with aims to promote competition and innovation within the industry as prescribed by the relevant rule. The committee is comprised of eleven members renowned for their expertise in the financial industry. At the meeting, the committee decided to make changes to the ways in which industry competitiveness is being measuredand assessedtaking into account recent changes in financial environment such as the entry of technology companies in the financial industry.
FSC Chairman meets with Chairman of UAE Department of Community DevelopmentSep 18, 2023

FSC Chairman Kim Joo-hyun met with Chairman of the United Arab Emirates Department of Community Development H.E. Dr. Mugheer Khamis Al Khaili on September 18 and held talks on ways to strengthen financial cooperation between the two countries.Speaking about the significance ofPresident Yoon Suk Yeol's visit to the UAE in January this year, Chairman Kim said thatbilateral relationship between the two countries has entered a new phase of cooperation. In this regard, Chairman Kim shared the Korean government'spolicymaking experience and achievements on promoting social finance as a meansto bolster financial inclusion.
FSC holds meeting to review progress of real estate PF market normalizationSep 12, 2023

Vice Chairman Kim So-young of the Financial Services Commission presided over a meeting participated by officials from relevant authorities and policy financial institutions on September 12. During the meeting, Vice Chairman Kim stated that the government will pursue its utmost efforts to ensure seamless provision of funds aimed at normalizing the real estate project finance (PF) market. The participants shared the same view that it is necessary to keep close tabs on the PF market amid ongoing high interest rates and rising construction costs. Vice Chairman Kim said that the government is expected to announcefollow-up measures to make theoperation of thereal estate PF market normalization fund (KRW1 trillion planned for operation in September)more effective. Vice ChairmanKim also requested construction companies in the private sector to actively participate in the self-rescue efforts to promote normalization of the real estate PF market.
Vice Chairman holds IR event and meets with HKMA Deputy Chief in Hong KongSep 11, 2023

FSC Vice Chairman Kim So-young visited Hong Kong on September 8 on the final leg of his weeklong trip to Indonesia, Vietnam and Hong Kong. In Hong Kong, Vice Chairman Kim held an investor relations event to explain the capital and foreign exchange market reform efforts made by the Korean government and promote more investment in Korea. Vice Chairman Kim said that the abolishment of foreign investors' registration requirement, improvements made to companies' dividend payout procedure, extending Korea's forex market opening hours and so on will help improve investment environment for global investors. In Hong Kong, Vice Chairman Kim also held a high-level meeting with Deputy Chief Executive Arthur Yuen of the Hong Kong Monetary Authority to exchange views on recent global financial market trends and discuss ways to expand financial cooperation between Korea and Hong Kong. Since Hong Kong has successfully established itself as a global financial hub, Vice Chairman Kim sough advise for developing Korea into a global financial center. At the meeting, Vice Chairman Kim also asked for active support and interest in Korean financial companies exploring ways to establish their business operationin Hong Kong.
Vice Chairman visits Vietnam to strengthen cooperation on digital financeSep 08, 2023

FSC Vice Chairman Kim So-young visited Vietnam on September 6-7 on a second leg of his weeklong trip to Southeast Asia intended to promote export of Korean financial services infrastructure and boost cooperation with the region. During his visit to Vietnam, Vice Chairman Kim held a meeting with the State Bank of Vietnam's Deputy Governor Pham Tiem Dung and signed an MOU to strengthen bilateral cooperation on digital finance. Vice Chairman Kim also attended a fintech demo event held to promote innovative fintech services of both countries and a MyData workshop to introduce Korea'sadvanced MyData service infrastructure to Vietnam.
Vice Chairman visits Indonesia to promote export of Korean financial infrastructure and boost financial cooperationSep 06, 2023

FSC Vice Chairman Kim So-young visited Indonesia on September 4-5 on his weeklong trip to Southeast Asian countries to boost financial cooperation and promote export of Korean financial infrastructure models. During his visit to the country, Vice Chairman Kim attended the Korea-Indonesia Financial Cooperation Forum and held a high-level meeting with the Deputy Chairman of Indonesia's Financial Services Authority (OJK) to boost bilateral financial cooperation. To bolster financing support for exporters, Vice Chairman Kim visited Hyundai Motor's local factory to have talks on the recently announced export finance support program for auto industry suppliers and subcontractors and visited the Korea-ASEAN Financial Cooperation Center established in Jakarta in April last year.