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FSC Chairman speaks on the significance of new microloan service provided by banksJul 01, 2021

FSC Chairman Eun Sung-soo attended the MOU signing ceremony between the Korea Inclusive Finance Agency, Korea Federation of Banks and thirteen banks on July 1 for the launching of a new microloan service offered through banks. At the event,FSC Chairman Eun Sung-soodelivered a keynote address andspoke about the significance of the new microloan service becoming available in the banking sector while emphasizingthe need to effectively manage household debt.With the possibility of interest rate hikes in near future,Chairman Eun said thatit is crucial to manage household debt and be prepared for risks byspreading and sharingthe burden of interest rate hikes. * Please see press release for details.
FSC Chairman delivers opening remarks at the Green Finance Special Session of P4G Seoul SummitMay 29, 2021

FSC Chairman Eun Sung-soo attended thegreen finance special session of the P4G Seoul Summit held on May 29 and delivered opening remarks. During his speech, Chairman Eun emphasized the urgency in global action andcooperation in response toclimate change and outlined the significant role of finance inrealizing carbon neutral goals. In specific, Chairman Eun touched upon Korea's green finance strategies, such as strengthening corporate disclosures of ESG factors, and talked aboutchallenges faced by the international society, including the funding gap, data gap and the gap between developed and developing countries. In closing, Chairman Eun once againstressed the importance of collective action and globalpartnerships. * Please see press release for details.
FSC Chairman delivers welcoming remarks at the operning ceremony of 3rd Korea Fintech WeekMay 26, 2021

FSC Chairman Eun Sung-soo delivered welcoming remarks at the opening ceremony of the 2021 Korea Fintech Week on May 26. Chairman Eun opened up his speech by talking about rapid development of the fintech industry which led to a dramatic transformation of the financial industry around the world. While discussing some of the progress, such as building necessary infrastructure for digital innovation, Chairman Eun also talked about Korea's future plan to boost fintech growth and spur digital innovation in finance. * Please see press release for details.
FSC and 13 other institutions jointly declare support for TCFD and its recommendationsMay 24, 2021

Vice Chairman Doh Kyu-sang presided over a kick-off meeting of the green finance consultative body on May 24. At the meeting, the FSC and thirteen other relevant institutions joined to announce their declaration ofsupport for the Task Force on Climate-related Financial Disclosure and its recommendations. During his opening remarks,Vice Chairman Doh spoke about the significance of the joint declaration and stated that the FSC will actively participate in global discussions to help transform climate change risks into new opportunities and continue to promote green finance. * Please see press release for details.
FSC holds policy workshop to discuss progress of policy implementation and tasks aheadMay 24, 2021

Vice Chairman Doh Kyu-sang presided over a policy workshopon the progress of financial policy implementation of the Moon Jae-in administration at its fifth year on May 20, discussing some of the key policy achievements made in the past four years as well as the remaining tasks. The policy workshop was attended by all FSC employees and key members of the financial development review committee. Due to social distancing measures, the vast majority ofFSCemployees took part through YouTube live broadcast. * Please see press release for details.
FSC and FSS Apply for NGFS MembershipMay 20, 2021

FSC Chairman Eun Sung-soo and first senior deputy governor Kim Keun-ik of FSS signed the application for the membership to the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) on May 17. By joining the NGFS, the financial authorities plan to actively participate in and contribute to the global discussions on green finance and enhance policy alignment of Korea's green finance strategies with global standards. * Please see press release for details.
FSC Chairman pledges to maintain close communication to improve conditions for young adultsMay 13, 2021

FSC Chairman Eun Sung-soo took part in the financial development review committee's special committee meeting on young adults on May 13.During the meeting, Chairman Eun underscored the importance of maintaining close communication with young adults and pledged that the FSC will provide support to improve economic conditions and address housing problems faced by them. Chairman Eun also stated that the FSC will continue to have discussions on various issues that matter to young adults. * Please see press release for details.
FSC holds briefing to announce 2021-2023 household debt management planApr 29, 2021

FSC Director General for Financial Policy Lee Se-Hoon held a briefing on the household debt management plan for 2021-2023 on April 29. During the event, Director General Lee spoke about specific measures of the debt management plan-(i) improving macroprudential oversight on household debt, (ii) applying DSR on individual borrowers, (iii) pursuing regulatory improvements in vulnerable sectors and (iv) expanding financial opportunities for lower income groups and young adults. * Please see press release for details.
FSC Chairman visits KRX to monitor short sale tryout prior to partial resumption of short selling on May 3Apr 27, 2021

FSC Chairman Eun Sung-soo visited the Korea Exchange's Seoul office on April 27 to attend an on-site short selling tryout session participated virtually by thirty-eight securities firms to ensure the readiness of their IT networks prior to the partial resumption of stock short selling on May 3. After viewing the entire transaction process, Chairman Eun urged authorities to ensure smooth operation and prevent inconvenience resulting from errors in IT network, etc.
FSC Chairman meets with relevant officials ahead of partial resumption of short-sellingApr 15, 2021

FSC Chairman Eun Sung-soo met with officials from relevant institutions and heads of securities companies on April 15 and held talks on the preparatory measures for partial resumption of stock short-selling on May 3,recent stock market trends and virus prevention measures taken by the financial investment industry. At the beginning ofthe meeting, Chairman Eun talked about the significance of KOSDAQ reaching over 1,000 points recently for the first time since September 2000 and pledged the government's continuoussupport for venture capitals and startups. Chairman Eun also spoke about the importance of ensuring investortrust inthe market. * Please see press release for details.
FSC Chairman holds talks with heads of specialized credit finance companies and savings banksApr 09, 2021

FSC Chairman Eun Sung-soo met with heads of specialized credit finance companies and savings banks on April 9 and held talks on the implementation of the newly enacted Financial Consumer Protection Act. At the meeting, Chairman Eun urged active cooperation whilepledging steady support from relevant authorities in ensuring effective implementation of the new consumer safeguard measures. Chairman Eun also vowed to maintain close communication to promote digital innovation and improve regulations.
FSC Chairman meets with insurance business leadersApr 06, 2021

FSC Chairman Eun Sung-soo met with CEOs of major insurance companies on April 6 and sought close cooperation in ensuring an effective implementation of the new financial consumer protection rules. At the meeting, Chairman Eun emphasized the important role of insurance in providing safety nets to daily activities, while also discussing ways to seek further advancement of the insurance industry and thoroughly prepare for the implementation of IFRS 17 and K-ICS.