Photo News - Financial Services Commission

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FSC Chairman meets with insurance businessesDec 06, 2023

Chairman Kim Joo-hyun of the Financial Services Commission met with the CEOs of major insurance businesses along with Governor Lee Bok-hyun of the Financial Supervisory Service on December 6 as part of a series of meetings scheduled with financial sectors to ensure close communication and mutual understanding with the industry. At the meeting, Chairman Kim talked about the importance of corporate social responsibility among insurance businesses, changes taking place with the adoption of IFRS 17 and the importance of finding new ways to growth amid low birth and aging population and digital transformation.As high interest rates and inflation are causing difficulties for consumers,Chairman Kim said that insurance businesses could place more efforts to help alleviate these difficulties experienced by their customers.
FSC Chairman meets with SMEs and discuss ways to boost financing supportDec 01, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with a group of SMEs and policy financial institutions on December 1 and held talks on ways to boost financing support for SMEs made available through policy financial institutions. During the meeting, Chairman Kim listened to their challenges, such as high interest rates, making a transition to ESG management and the lack of financing opportunities for startups and venture businesses, and said that the authorities will make sure that their opinions are thoroughly reflected in the policy support programs currently being prepared for SMEs andexpected to be announced soon.
FSC holds press conference with foreign mediaDec 01, 2023

Vice Chairman Kim So-young of the Financial Services Commission held a press conference with foreign media on December 1, explaining about the recent progress in the implementation of capital market reform measures. In his opening remarks, Vice Chairman Kim said that the government's capital market policy measures are aimed at (a) establishing market discipline, (b)upgrading capital market rulesto ensureregulatory consistency with global standards, and (c) ensuring stability in the market. In particular, Vice Chairman Kim said that the primary focus of the government's short selling ban, which was announcedlast month, is to make important upgrades to the current systemto prevent illegalnakedshort selling from taking place in a prevalent manner.
FSC Chairman speaks about importance of AML efforts by financial institutionsNov 28, 2023

The Korea Financial Intelligence Unit (KoFIU) held the 17th annual anti-money laundering commemoration event on November 28. At the event, awards were presented to 7 organizations and 26 individuals who have made contributions to the country's AML efforts. Delivering a commemorative speech at the event, FSC Chairman Kim Joo-hyun highlighted the importance of boosting AML capacity of financial institutions. Through close cooperation and collaboration with law enforcement authorities, Chairman Kim said that the KoFIU will make utmost use of its investigative and analytical capabilities to prevent crimes involving virtual assets and root out illegal private lending activities. By strengthening the business approval and inspection processes for virtual asset service providers, Chairman Kim saidthat the authorities will spare no effort in preventing potential use of virtual assets in money laundering activities and ensuring protection for users.
FSC Chairman holds meeting with banksNov 27, 2023

FSC Chairman Kim Joo-hyun met with the heads of major banks along with FSS Governor Lee Bok-hyun on November 27 as part of a series of meetings scheduled with financial institutions until the end of this year. At the meeting, Chairman Kim talked about boosting integrity, social responsibility and innovation in the banking sector, emphasizing that the public needs to be able to trust bank employees, believe that financial services from banks are available for them in times of difficulty, and see that banking services are adopting high-tech and innovative technologies. On the issue of household debt, Chairman Kim said that, from the standpoint of ensuring a sustainable growth in the economy, the role of the banking sector is important to effectively manage household debt growth.The seventeen domestic banks attending the meeting today are planning to draw up specific measures to help reduce the interest payment burden of small businesses and the self-employed.The FSC and the FSS plan to hold subsequent meetings with nonbank financial institutions to ensure close communication and mutual understanding with the industry.
Authorities decide to extend the period of operating market stabilization programs and eased financial regulationsNov 23, 2023

Vice Chairman Kim So-young of the Financial Services Commission presided over a meeting with officials from the Financial Supervisory Service, Korea Development Bank, Korea Credit Guarantee Fund and other market experts on November 23 to check condition of the current bond and short-term money markets and discuss plans for various market stabilization programs and eased regulatory measures. At the meeting, the authorities decided to extend the period of operating the bond market and short-term money market stabilization programs for one year considering the possibility of abrupt changes in market situations. The authorities also extended the period of operating eased regulatory measures for financial institutions until the end of June 2024. In his remarks, Vice Chairman Kim So-young said that it may take some time to sufficiently get behind the risks built up during the low interest rate and abundant liquidity period, and that the authorities will continue to stay alert and maintain an adequate response system to ensure market stabilization.
FSC Chairman meets with heads of financial holding companiesNov 20, 2023

Chairman Kim Joo-hyun of the Financial Services Commission met with the heads of major financial holding companies along with Governor Lee Bok-hyun of the Financial Supervisory Service on November 20. At the meeting, the authorities held talks on ways to bolster financial companies' social responsibilities and strengthen transparency in their corporate governance structure. Speaking about the recent challenges facing small business owners amid the high interest rate and high price environment coupled with a slowing growth in the global economy, Chairman Kim said that it is crucial to come up with ways to help reduce the increased interest payment burden for small business owners and the self-employed. Starting with today's meeting, the FSC and the FSS plan to hold subsequent meetings with each individual sector, such as the banking, financial investment and insurance sectors, to ensure mutual understanding.
FSC and MAFRA sign MOU to strengthen cooperation on pet insuranceNov 19, 2023

The Financial Services Commission and the Ministry of Agriculture, Food and Rural Affairs signed a memorandum of understanding pledging to strengthen cooperation on promoting the development ofpet insurance services. Against the backdrop of recent growth in demand for veterinary visits by pet owners, the government announced a plan to seek improvements to the country's pet insurance industry in October this year. As a follow-up to this plan, the authorities signed an MOU to facilitate closer collaboration between the insurance and veterinary industries. At the MOU signing event, FSC Chairman Kim Joo-hyun said that pet owners will have more eased access to pet health care services in the future.
FSC and KIPO hold 5th intellectual property finance forumNov 13, 2023

The Financial Services Commission and the Korea Intellectual Property Office held the 5th joint forum on intellectual property finance on November 13. In 2022, the volume of firm financing secured from intellectual property amounted to about KRW8 trillion, which was used by some 5,330 SMEs and startup and venture businesses in their business operations. Speaking about the importance of promoting IP financing for businesses, FSC Vice Chairman Kim So-young said that it is important to cultivate many innovative businesses, so that they can help to propel and rekindle our growth potential. To this end, Vice Chairman Kim said that the government will provide active support to promote IP financing to ensure the growth of innovative companies.
FSC Chairman visits financial welfare and personal bankruptcy support centersNov 07, 2023

FSC Chairman Kim Joo-hyun visited the financial welfare support center set up to help young adults in Seoul and the personal credit rehabilitation and bankruptcy support center managed by Korea Legal Aid Corporation on November 7. During his visit to the two support centers, Chairman Kim expressed appreciations for their efforts in helping to provide support for young adults and vulnerable groups and held talks on the need to prevent and root out unlawful debt collection practices targeting vulnerable debtors. In this regard, Chairman Kim said that the government will work to make sure that relevant microfinance policy supports are provided to lower income and vulnerable individuals in a timely manner.
FSC Chairman meets with heads of financial industry associationsNov 06, 2023

FSC Chairman Kim Joo-hyun met with the heads of financial industry groups and the Korea Exchange on November 6 and held talks on current market situation and ways to help alleviate the high interest burden facingsmall merchants and the self-employed. At the meeting, Chairman Kim also discussed the government's decision to ban short selling on all domestic listed stocks announced a day before and asked for close cooperation from the industry.
FSC and FSS hold media briefing on decision to ban stock short selling until H1 2024Nov 05, 2023

The Financial Services Commission held a meeting on November 5 where the authorities decided to ban all stock short selling in domestic markets (all KOSPI, KOSDAQ and KONEX listed items) effective from Monday, November 6, 2023 until the end of June 2024. FSC Chairman Kim Joo-hyun and FSS Governor Lee Bok-hyun gave ajointmedia briefingafter the meeting andexplainedthe government's decision toban short selling.While short selling ban is in place, the government will promptly work on measures to improve the short selling system through close consultation with market experts and relevant institutions. Details about the improvement measures will be open to public discourse and the authorities will actively participate in the legislation process at the National Assembly.FSC Chairman Kim Joo-hyun said that the top priority of the governments capital market policy is to create a fair and efficient market to protect investors and ensure confidence in the market. In this regard, Chairman Kim said that the government will do all it can to bring improvements to the countrys short selling system, so that it can develop into one in which every investor can have confidence.