Photo News - Financial Services Commission

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Authorities and industry officials hold meeting to discuss ways to continue to stably control household debt growth in 2024 Jan 10, 2024

Secretary General Kwon Dae-young of the Financial Services Commission presided over a meeting with officials fromrelated government ministries, organizations and industry groups on January 10to go over the current household debt situation and discuss ways to continue to effectively control growth in 2024. At the meeting, Secretary General Kwon talked aboutthree principled strategies that need to be observed in a consistent manner,while saying that it will require close cooperation and communication between theauthorities and financial institutions.
FSC Chairman visits KFTC's operating center to check preparation for launching online one-stop loan transfer service for mortgage loansJan 08, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited Korea Financial Telecommunications Clearings Institute (KFTC)'s operating center in Seongnam-si, Gyeonggi Province on January 8 to ensure a seamless preparation for launching the online one-stop loan transfer service for mortgage loans starting from tomorrow. During his visit, Chairman Kim said that this service will help to reduce the interest payment burden placed on households amid challenging economic situations. In this regard, Chairman Kim added that the government will continue to seek regulatory improvements and build relevant infrastructures to bring about innovation in the financial industry by promoting a closer cooperation between financial companies and fintech businesses.
FSC Chairman visits an inclusive finance support center in SeoulJan 05, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited an inclusive finance support center operated by Korea Inclusive Finance Agency in Seoul on January 5 and held talks on the governments plan for microfinance support for this year with officials from relevant organizations participating. During the meeting, Chairman Kim discussed about some of the efforts made by the government to boost assistance for vulnerable groups in the previous year and laid out plans to introduce an online total platform for microfinance assistance in the first half of this year.
Vice Chairman holds meeting on ways to improve the competitiveness of publicly offered fundsJan 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related authorities and an industry group to discuss plans to improve the competitiveness of the publicly offered funds market on January 3.In his opening remarks, Vice Chairman Kim said that the government has never been more serious about making fundamental changes to our capital markets, and that this plan is also a part of the policy drive intended to resolve the issue of Korea discount, the persistent undervaluation of Korean companies in stock markets. In this regard, the proposed plan will focus on nine specific ways to bring about improvements regarding institutions, products and infrastructure, with aims to cut transaction costs, strengthen product marketability and boost transaction convenience.
Authorities hold meeting and brief on Taeyoung E&C's debt workout process and related issuesDec 28, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with officials from related authorities and financial institution on December 28 to discuss Taeyoung Engineering and Construction's debt workout process and related issues. At the meeting, Chairman Kim said that reaching an agreement with the creditor institutions willbeimportant based on the company's strong self-rescue efforts. For this, Chairman Kim emphasized that it is crucial to have strong confidence and cooperation from market participants, whileaddingthat the government will continue to work to ensure a soft-landing from the current instability in the real estate project financing market.
Authorities hold meeting and discuss measures to boost financial education for young adultsDec 22, 2023

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with related authorities and organizations on December 22 to discuss measures to strengthen financial education intended for young adults. In his opening remarks, Vice Chairman Kim discussed the importance of educating young adults about proper ways to manage personal finances so that they can be well aware of the risk of accruing debts at an excessive level as well as the danger of high interest rates in investment and so on. To boost the effectiveness of financial education programs, Vice Chairman Kim said that the authorities will work to design these programs tailored to the needs of different situations to ensure that financial education programs are provided to young adults at teachable moments.
Vice Chairman holds meeting to review market situation and discusses outlook for 2024Dec 21, 2023

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting withrelated authorities and organizations on December 21 to check current market situation and discuss financial market outlookand policy direction for 2024. To ensure that the authorities are able to promptly, sufficiently and actively respond to financial market risks in 2024, Vice Chairman Kim said that the authorities will consider ways to expand the size of market stabilization programs and seek measures to boost the effectiveness of these programs. To continue to ensure stability in financial markets in 2024, Vice Chairman Kim urged the authorities to continue to make concerted efforts to maintain soundness and resilience in the financial system.
FSC Chairman speaks about the significance of small business support measures introduced by banksDec 21, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with the banking sector on December 21 where the banks announced their plans to make available KRW2 trillion-plus in support for small businesses through interest refund and other measures. At the meeting, Chairman Kim talked about the significance of the support plan prepared by banks, sincethe scale of support made availableby the banking sectorfor social contribution this time is the largest ever and because it demonstratesconcerted efforts made by the Korea Federation of Banks. Chairman Kim added that the financial authorities will continue to maintain close communication with the banking sector and provide active support in the process.
Financial authorities of Korea and Japan hold 7th shuttle meetingDec 20, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a high-level meeting with Commissioner Kurita Teruhisa of the Financial Services Agency of Japan in Seoul on December 19. The shuttle meeting between the financial authorities of the two countries was held for the first time in seven years since the last meeting held in Tokyo in June 2016. At the meeting, the authorities agreed to expand the scope of supervisory cooperation to cover emerging issues, such as innovation in financial services and sustainable finance.
Authorities hold meeting on policy finance support for 2024Dec 19, 2023

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with the related government ministries and policy financial institutions on December 19 and decided on a plan for supplying policy finance support for 2024. The consultative body decided to increase the total amount of financing support made available through policy financial institutions to KRW212 trillion, a rise of 3.4 percent from this year. At the meeting, FSC Vice Chairman Kim Soyoung said that the provision of policy finance support in 2024 will be implemented with a focus on alleviating difficulties for businesses amid challenging economic conditions, while helping to boost competitiveness of key strategic industries. To this end, the FSC will closely coordinate with the relevant ministries and policy financial institutions and prepare additional financing support plans if it becomes necessary.
FSC Chairman holds meeting with heads of research institutionsDec 18, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with the heads of major research institutions from both the public and private sectors on December 18 and discussed financial market conditions and policy outlooks for the upcoming year. Speaking about potential risks associated with the real estate project finance market and high levels of household debt, Chairman Kim said that it is necessary to effectively manage these risks and provide assistance to the households and businesses struggling with economic difficulties. At the meeting, the heads of research institutions made policy recommendations on various areas, including ways to better manage risks in financial markets, bolstersupport for vulnerable groups and strengthen future competitiveness of the financial industry. The FSC plans to draw up and announce financial policy agendas for 2024, which will actively take into account policy recommendations and suggestions raised by research institutions at today's meeting.
Vice Chairman delivers welcoming remarks at the Korea-IMF joint conference on digital moneyDec 14, 2023

Vice Chairman Kim Soyoung of the Financial Services Commission delivered a welcoming speech at an international conference on digital money jointly hosted by the Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission and the International Monetary Fund in Seoul on December 14. In his speech, Vice Chairman Kim discussed global regulatory movements and relevant policy developments on virtual assets in Korea. Considering that transactions in digital money often take place unbounded by national borders, Vice Chairman Kim said that international cooperation needs to be strengthened to establish an effective regulatory system.