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Vice Chairman holds 10th working group meeting of the taskforce on improving management and operating practices of banksJun 01, 2023

The FSC and the FSS held the 10th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 31, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants talked about ways to promote competitiveness of regional banks. Regarding ways to make regional banks more competitive,Vice Chairman Kim emphasized that regional banks need to keep up with efforts to ease interest rate burdens on households and companies. While speaking aboutfurther efforts to develop the merits of regional banks and make them different, Vice Chairman Kim urged regional banks to find new business models and draw up new financial products. Vice Chairman Kim also stated that it is necessary to seek joint business projects between regionalbanks and other banks.To ensure regional banks canboostcompetition in the banking sector as a waytomakeregionalbankingmore vibrant, the authorities will work to closely communicate with regional banks.
FSC Chairman attends global startup conference NextRise 2023Jun 01, 2023

FSC Chairman Kim Joo-hyun attended the global start-up conference NextRise 2023 held at Seoul COEX on June 1 and delivered his congratulatory remarks. In his congratulatory remarks, Chairman Kim explained the government's plan to boost support for startups and venture startups. The plan includes (a) supporting expanded supply of funds customized for venture businesses in different stages, (b) encouraging private banks to increase venture investments and creating funds intended to build a virtuous cycle that facilitates reinvestment, and (c) expanding the availability of venture infrastructure that promotes innovative business activities.
FSC Chairman holds 49th financial hub development committee meetingMay 31, 2023

FSC Chairman Kim Joo-hyun presided over the 49th financial hub development committee meeting on May 31 and discussed the 6th three-year plan (2023-2025) to promote financial hubs in Korea. In his opening remarks,Chairman Kim said that compared to the year 2020 when the 5th three-year plan for promoting financial hubs in Korea was formulated, todays global financial environment is experiencing rapid changes amid digital transformation and spread of sustainable finance. In this regard, Chairman Kim stressed that how we respond to these changes will determine the competitiveness of global financial hubs. At today's meeting,participants decided on the 6th financial hub policywhichcontains four key task areasthatwill allow the government and the financial sector to quickly respond to the changing global financial environment and actively make use of the areas where the Korean financial industry has a comparative advantage.
FSC holds meeting to check preparation for launching special youth savings account in JuneMay 31, 2023

FSC Vice Chairman Kim So-young held a meeting with relevant institutions and banks on May 31 to check the progress in preparing for launching the special youth savings account program in June. The special youth savings account program will be offered by twelve banks and each lender will disclose its base interest rate and preferential rates on the website of the Korea Federation of Banks in June. At the meeting, Vice Chairman Kim urged authorities and the lending institutions to make efforts to ensure a seamless operation of the program to meet the expectation of young adults and help them accumulate assets over the medium- to long-term. The special youth savings account program is a 5-year savings product for young adults aged 19 to 34 whichoffers matching contributions from the government's fiscal resources as well as tax benefits on interest income.
Vice Chairman visits KFTC's control center for online one-stop loan transfer systemMay 30, 2023

FSC Vice Chairman Kim So-young visited the Korea Financial Telecommunications Clearings Institute's control center in Seongnam-si, Gyeunggi Province on May 30 to inspect the preparation and emergency contingency plan for the online loan transfer system scheduled to be launched on May 31. During his visit, Vice Chairman Kim urged officials to closely monitor the operating status especially during the early stage of system operation to prevent potential accidents from taking place. Considering a heavy volume of access attempts expected in early stages, Vice Chairman Kim said that a special attention is required to maintain stability in server and traffic management and to prevent temporary delays in access.
Vice Chairman announces availability of online one-stop loan transfer system from May 31May 30, 2023

FSC Vice Chairman Kim So-young gave a briefing on May 30 and announced the opening of the online one-stop loan transfer system from May 31. Establishing an online one-stop loan transfer system has been a key policy agenda of this administration to help alleviate peoples interest payment burdens and promote digital transformation in the financial sector and competition between banks. Beginning on May 31, consumers will be able to use their smartphone apps (MyData-enabled loan comparison platform app or major financial company apps) to search for loans offering better borrowing terms and make a switch from their existing credit loans issued by 53 financial institutions (19 banks, 18 savings banks, 7 credit card companies and 9 specialized credit finance businesses).
Authorities hold meeting and announce measures to reform regulations on CFD tradesMay 30, 2023

FSC Vice Chairman Kim So-young presided over a meeting with relevant institutions on May 26 to finalize a set of measures intended to strengthen regulations on trading of contracts for difference (CFDs). Financial authorities plan to (a) enhance transparency in the provision of relevant investment information, (b) close loopholes to prevent regulatory arbitrage, (c) require individual investors applying for the qualified professional investor status to go through an in-person verification process and (d) establish a new investment requirement for OTC derivatives transactions such as trading of CFDs. At the beginning of the meeting, Vice Chairman Kim said that the government and the relevant institutions plan to quickly and thoroughly carry out reforms to address the problems that have been pointed out in the wake of the recent unfair market transactions which have resulted in the erosion of public trust and market confidence.In this regard,Vice Chairman Kim said that the financial investment industry should actively take up the regulatory improvement measures and promote sound investment practices.
Vice Chairman meets with World Bank Managing Director for Operations Anna BjerdeMay 25, 2023

FSC Vice Chairman Kim So-young met with World Bank's Managing Director for Operations Anna Bjerde on May 25 and held talks on ways to strengthen mutual cooperation between the FSC and the World Bank.
Vice Chairman holds 9th working group meeting of the taskforce on improving management and operating practices of banksMay 25, 2023

The FSC and the FSS held the 9th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 24, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to improve the qualitative structure of household debt by expanding the proportion of fixed interest rate loans. More specifically, the meeting dealt with (a) ways to incentivize banks to supply more fixed rate loans, (b) ways to strengthen consumer awareness about the risk of variable interest rate loans and incentivize them to use more fixed rate loans and (c) ways to diversify the role of policy financial institutions to support expanded supply of fixed interest rate loans by local banks. At the meeting, Vice Chairman Kim So-young talked about the need to build a wide-ranging consensus on the importance of having more fixed interest rate loans from the perspective of making qualitative improvements to the structure of household debt and also for boosting our economy's crisis response capabilities.
Authorities hold joint conference and pledge to stamp out unfair trading activities in capital marketsMay 23, 2023

The FSC held a joint conference on May 23 with the Financial Supervisory Service, the Korea Exchange and Seoul Southern District Prosecutors Office on the topic of stamping out unfair trading activities in capital markets.The conference was attended by experts from academia and research institutions. The heads of the FSC, FSS, KRX and the prosecutors office all agreed to boost inter-agency cooperation and expressed strong willingness to root out unfair trading activities in capital markets.In opening remarks, FSC Chairman Kim Joo-hyun outlined the government's plan to bolster collective response to root out unfair trading activities in capital markets.
FSC Vice Chairman Visits Kyrgyzstan to Promote Cooperation in Financial Infrastructure DevelopmentMay 22, 2023

FSC Vice Chairman Kim So-young visited Kyrgyzstan on May 18-19 and attended the opening ceremony of a Korean financial companys local subsidiary and the business agreement ceremony on advancing Kyrgyzstans payment infrastructure.In an interview held with Kyrgyzstans state media on the sidelines ofthe business agreement ceremony, Vice Chairman Kim said that he hopes that cooperation in transferring Koreas financial payment technology can contribute to the development of an advanced payment ecosystem in Kyrgyzstan. In the future, Vice Chairman Kim said that he hopes the two countries can expand cooperation in financial infrastructure development and increase exchange of relevant authorities.
Vice Chairman highlights mutual cooperation with Central Asia during visit to UzbekistanMay 18, 2023

FSC Vice Chairman Kim So-young attended the Korea-Uzbekistan fintech associations MOU (memorandum of understanding) signing ceremony as well as a joint seminar hosted by both countries banking associations during his visit to Uzbekistan on May 17.Vice Chairman Kim delivered a keynote address at the seminar and spoke about ways to promote financial cooperation between Korea and Central Asia. In particular, Vice Chairman Kim spoke about the potential synergy effects of Korean financial companies entering markets in Central Asian countries. Other speakers at the seminar also discussed issues regarding Koreas financial data infrastructure, financial regulatory sandbox program and credit information system.