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FSC Chairman speaks about opportunities and challenges in embracing AI in financial sectorMay 17, 2023

FSC Chairman Kim Joo-hyun attended a seminar on boosting the competitiveness of artificial intelligence (AI) in financial sectors hosted by Korea Credit Information Services on May 17 and delivered congratulatory remarks. At todays seminar, experts from both public and private sectors shared key trends of AI usage in financial sectors and discussed policy strategies to boost the competitiveness of the financial industry. In his speech, Chairman Kim said thatrecentdevelopment of hyper-scale, generative AI has put a new spotlight on the potential of AI andurged financial institutionsto invest in AI and make use of the technology to enhance the global competitiveness of domestic financial businesses. Chairman Kim also said thatthe FSC has been working to embrace the use of AI in financial services and will continue to provide active support in this regard.
FSC holds 3rd policy seminar on strengthening global competitiveness of domestic financial investment businessesMay 12, 2023

FSC Vice Chairman Kim So-young attended the 3rd policy seminar on strengthening the global competitiveness of domestic financial investment businesses on May 12 and delivered congratulatory remarks. On the theme of "responsestrategies fornew normal," the seminar had presentations and panel discussions on the issue of ESG disclosures and retirement pensions. In his speech, Vice Chairman Kim said that ESG disclosures and retirement pensions are the topics that need to be dealt with in earnestin order to ensure thatour economy can continue to develop on a sustainable footing. In this regard, Vice Chairman Kim said that the government will announce a roadmap for ESG disclosures in the third quarter of this year which will require a gradual expansion of ESG disclosure duties for KOSPI-listed companies starting from 2025.
FSC holds talks to review progress in development of online one-stop loan transfer platformMay 12, 2023

FSC Chairman Kim Joo-hyun presided over a meeting with officials from the FSS and the Korea Financial Telecommunications Clearings Institute as well as with heads of major banks and platform businesses on May 12 to discuss the progress in the development of online one-stop loan transfer platform which is scheduled to be launched on May 31. Once it becomes available, borrowers will be able to switch their existing loans issued by 53 financial institutions at lower interest rates via online platforms. Financial institutions will be able to choose their partner platforms through which they will offer new loan products to consumers. During the meeting, Chairman Kim stressed the importance of the underlying purpose of developing online one-stop loan transfer platform, which is encouraging digital transformation and promoting competition in the financial industry and boosting convenience for consumers. Although online loan comparison services are currently available in other countries, launching an integrated platform service that makes transferring loans between financial institutions possible will be the first in the world.
Vice Chairman holds 8th working group meeting of the taskforce on improving management and operating practices of banksMay 11, 2023

The FSC and the FSS held the 8th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 10, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to improve the revenue generating practices of banks which tend to focus too much on interest revenues. As a way to encourage banks to expand non-interest revenues, participants talked about permitting banks to provide quasi-investment advisory service to their customers since it can bring about benefits to both banks and their customers in the area of asset management service. During the meeting, Vice Chairman Kim said that banks' interest revenues have grown significantly on the back of rising market interest rates since the volume of loans expanded amid the low interest rate environment and COVID-19 pandemic. In this regard, Vice Chairman Kim talked about the need for banks to diversify their source of profit-making. A set of measures to promote diversification of banks' business models through convergence of financial and non-financialbusinesses will beprepared for announcement by the end of June. In the 9th working group meeting scheduled for May 24, participants will discuss ways to improve the qualitative structure of household debt by expanding the proportion of fixed interest rate loans.
FSC plans to boost financial support for shipbuilding industryMay 10, 2023

FSC Chairman Kim Joo-hyun visited HD Hyundai Heavy Industries' Ulsan Shipyard on May 10 and attended the naming ceremony of an LNG bunkering vessel (Blue Whale) which is the first of its kind built with domestic cargo hold technology. During his visit, Chairman Kim held talks with officials from the shipbuilding industry and said that the government is well aware of the need to boost financial support for the sector and announced plans to expand the availability of support through additional issuance of refund guarantees and expanded support for special guarantees.
FSC Chairman meets with Hong Kong's Secretary for Financial Services and the TreasuryMay 04, 2023

FSC Chairman Kim Joo-hyun met with Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui on May 4 and held talks on global economic situations and ways to strengthen cooperation to promote mutual development of both organizations.
Vice Chairman holds 7th working group meeting of the taskforce on improving management and operating practices of banksMay 04, 2023

The FSC and the FSS held the 7th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 3, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to make improvements to the banks' interest rate calculation system and measures to expand the availability of support programs intended to help vulnerable groups. Regarding the banks' interest rate calculation system, Vice Chairman Kim emphasized the need to respect the autonomy of individual banks, but at the same time called for the need to make the current interest rate calculation system more reasonable and transparent so that it can be trusted byfinancialconsumers and markets. On the issue of inclusive finance efforts of banks, Vice Chairman Kim said that banks should make available more opportunities for support on a continuing basis tohelp alleviate economic and financial burdens of consumers. In the next working group meeting scheduled to be held on May 10, authorities will discuss ways to expand non-interest income of banks.
FSC holds seminar on strengthening global competitiveness of Korean insurance marketMay 03, 2023

The FSC held a seminar on boosting the international competitiveness of Korean insurance market together with the Korea Life Insurance Association and General Insurance Association of Korea on May 3. FSC Vice Chairman Kim So-young delivered opening remarks at the beginning of the seminar where he emphasized the need to promote innovation and competition in the insurance sector. To this end, Vice Chairman Kim suggested that domestic insurance companies need to seek ways to expand to overseas markets to find new growth momentum. To promote more dynamism and diversity in Korean insurance market, Vice Chairman Kim also said that it is necessary to facilitate more foreign-based insurance companies to enter the Korean market.
FSC Chairman meets with export businesses and holds talks on export financing supportMay 02, 2023

FSC Chairman Kim Joo-hyun visited a semiconductor equipment export business located in Yongin, Gyeonggi Province on May 2 and held talks with a group of export businesses onthe need to expand the availability of export financing support to help strengthen the global competitiveness of domestic exporters. While meeting with the group of export businesses, Chairman Kim said that the government will strengthen support for trade financing, seek ways to help exporters find new markets and expand support for their facilities investment and research and development expenditures. The meeting with export businesses was organized to help authorities better understand about the needs and difficultiesfaced bydomestic exporters amid interest rate hikes, global economic slowdown and the shifting trend of supply chain policy in major economies. At the end of the meeting, Chairman Kim said that based on the suggestions and recommendations raised at today's meeting, the government will closely coordinate with the financial sector to draw up support measures tailored to the needs of export businesses.
Authorities hold meeting and pledge to make improvements to CFD trading systemMay 02, 2023

FSC Vice Chairman Kim so-young held a meeting with officials from the Financial Supervisory Service and the Korea Exchange on May 2 and discussed the need to make improvements to the CFD (contract for difference) trading system which has been used in the recent unfair market transaction cases that led to large-scale sell-offs of CFDs. At the meeting, Vice Chairman Kim said that although the cases are under investigation currently, financial authorities should seek measures to improve the CFD trading system in a preemptive manner to ensure prevention of further risks to investors and securities firms in the future. Vice Chairman Kim also urgedofficials to bolster supervision and oversight over unfair trading activities in capital markets to prevent such cases from happening again.
Vice Chairman speaks about need to strengthen public-private cooperation to promote pet insuranceApr 28, 2023

The FSC held a seminar on promoting pet insurance and strengthening the role of pet health care and insurance providers together with the Korea Insurance Research Institute, the Financial Supervisory Service and the General Insurance Association of Korea on April 28. FSC Vice Chairman Kim So-young attended the seminar and spoke about the need to strengthen cooperation between the government and the pet health care industry including veterinarians and insurance providers in promoting pet insurance. In his speech, Vice Chairman Kim pointed out that there is still inadequate infrastructure development on the treatment data system available for pets and the pet registration system, and this has prevented insurance providers from being able to more actively provide pet insurance products. Therefore, Vice Chairman Kim said that the government will work to increase the rate of pet registration as well as the effectiveness of the registration system and make improvements to the pet treatment data system by strengthening cooperation between relevant ministries and organizations.
Consortium agreement ceremony held among real estate PF creditor financial institutionsApr 27, 2023

The FSC announced that the real estate project finance (PF) creditor financial institutions' consortium held an agreement ceremony participated by all financial industry groups, government authorities and policy financial institutions on April 27. FSC Chairman Kim Joo-hyun attended the consortium agreement ceremony and spoke about the need to reasonably spread out the responsibility of funding support among creditor financial institutions. In this regard, Chairman Kim said that self-rescue efforts from real estate developers and construction companies should also take place in concert with the efforts of creditor financial institutions, and that this consortium agreement will help speed up the process ofcreditor financial institutionsreaching agreementson ways to improve the finance structures of relevant real estate projects through maturity extension, debt adjustment and new lending support.