Photo News - Financial Services Commission

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Vice Chairman holds 1st taskforce meeting on improving management practices of banksFeb 22, 2023

The FSC and the FSS held the first meeting of the taskforce on improving business management and operating practices of banks on February 22 along with private sector experts, representatives from all financial industry associations and research institutions. At the beginning of the meeting, Vice Chairman Kim So-young delivered opening remarks and spoke about the main purpose and key review agendas of the taskforce. The taskforce will review the following issues--(a) promoting competition and improving industrial structure in the banking sector, (b) improving banks employee pay system such as bonuses and severance pays, (c) improving banks loss absorbing capacity, (d) expanding the proportion of non-interest revenues of banks, (e) improving banks interest rate system through an expanded availability of fixed interest rates, and (f) promoting corporate social responsibility in the banking sector--and prepare specific measuresfor improvement by the end of June.
FSC Chairman holds talks with World Bank officialsFeb 22, 2023

FSC Chairman Kim Joo-hyun met with the World Bank's East Asia and Pacific Regional Director Hassan Zaman, Program Manager for the Seoul Center for Finance and Innovation Stuart Yikona, and Senior Private Sector Specialist Anwar Aridi in Seoulon February 22 and held talks on ways to strengthen cooperation between the FSC and the World Bank.
FSC Chairman meets with Indonesia's Financial Services Authority ChiefFeb 20, 2023

FSC Chairman Kim Joo-hyun met with Indonesia's Financial Services Authority Chief Mahendra Siregar and Indonesian Ambassador to the Republic of Korea Gandi Sulistiyanto in Seoul on February 20 and held talks on ways to strengthen cooperation between the FSC and Indonesia's Financial Services Authority as well as potential areas of cooperation.
FSC holds talks with financial institutions to boost young adults' job opportunities in financial sectorsFeb 20, 2023

FSC Vice Chairman Kim So-young held talks with financial institutions on February 20 on the issue of boosting job opportunities of young adults in financial sectors. In his opening remarks, Vice Chairman Kim said that the government is pursuing a variety of policies intended to help alleviate job-related concerns of young adults. In this regard, Vice Chairman Kim stated that financial authorities will make efforts to create new jobs by actively seeking financial regulatory reforms and strengthening education programs on digital finance.
Council to promote ESG in financial sector holds kick-off meetingFeb 17, 2023

A private-public joint council to promote ESG (environment, social and governance) in financial sector was launched and held a kick-off meeting on February 17. The council is made up of relevant officials from the FSC, industries, investors, academia and other private sector experts, and will hold meetings to discuss diverse policy tasks and issues concerning the topic of sustainable finance, ESG disclosure, etc. At the beginning of the meeting, FSC Vice Chairman Kim So-young spoke about the new form of challenges presented by newly emerging values in the economy. With the spread of ESG related agendas in major economies resulting in changes in regulatory environment, domesticcompanies will be either directly or indirectly affected. As such, Vice Chairman Kim said that the government will spare no effort in providing policy support to ensure that our economy and businesses are able to actively respond to environmental changes at home and abroad. To this end, Vice Chairman Kim said that the government, enterprises and private sector experts will work together to formulate appropriate policies and implement them in a systematic way.
Financial Development Council for 2023 holds kick-off meetingFeb 14, 2023

The Financial Development Council for 2023 was launched on February 14, composed of 49 renowned financial experts from the private sector including 36 newly appointed members. The council held its first general meeting today to review financial market and economic conditions and risk factors and discuss the FSC's financial policy direction for this year. The FSC plans to make active use of policy recommendations put forward by the council members in the process of formulating and implementing financial policies. At the beginning of the meeting, FSC Chairman Kim Joo-hyun outlined the government's financial policy agendas for this year and sought strong cooperation from the council members.
FSC Chairman holds press briefing on financial policy agendas for 2023Jan 30, 2023

FSC Chairman Kim Joo-hyun held a press briefing on January 27 and announced the government's financial policy agendas for 2023.This years work plan includes twelve specific policy items under the initiatives of (a) ensuring strong financial market stability, (b) strengthening the role of finance to shore up the growth of the real economy and peoples livelihoods and (c) promoting the advancement of the financial industry into a high value-added strategic sector. * Please see press release for details.
Vice Chairman attends KSSB's launch event and delivers congratulatory remarksJan 27, 2023

Vice Chairman Kim So-young attended the Korea Sustainability Standards Board (KSSB)'s signboard hanging ceremony on January 30 and delivered congratulatory remarks. The KSSB was established at the Korea Accounting Standards Board in last December with aims to more effectively respond to international discussions on ESG disclosure standards and review ESG disclosure standards expected to be applied to domestic business entities. At the event, Vice Chairman Kim talked about the important role of the KSSB in facilitating the implementation of ESG disclosure standards that are congruent to global standards but also take into account special traits of our industries and companies. In this regard, Vice Chairman Kim urged the KSSB to collect opinions from diverse stakeholders to consider a reasonably balanced set of measures.
6th financial regulatory innovation committee meeting discusses capital market regulatory reform agendasJan 19, 2023

The financial regulatory innovation committee held its 6th meeting on January 19 and discussed measures to improve capital market regulations. The agendas included (a) measures to improve foreign investors' access to domestic capital markets through abolishment of the foreign investor registration system and expansion of English disclosure requirement in stages to boost the global dynamism in domestic markets and (b) establishing a regulatory framework on the issuance and circulation of security tokens. At the meeting, FSC Chairman Kim Joo-hyun said that although doing away with the three-decades old system and replacing it with a new regulatory framework may cause inconvenience and unforeseeable risk, authorities will adequately take into account what has been discussed at today's meeting and continue to actively communicate with market participants during the amendment process for specific regulations.
FSC Chairman visits traditional market ahead of Lunar New Year HolidayJan 16, 2023

FSC Chairman Kim Joo-hyun visited Tongin Traditional Market located in Jungno-gu, Seoul on January 16 to check prices for foodstuffs ahead of the Lunar New Year Holiday and listen to the needs and difficulties of small merchants. During his visit, Chairman Kim talked about the government's plan to strengthen and diversify the availability of financing support for small merchants and vowed to maintain close communication.
Vice Chairman holds market monitoring meeting with relevant authoritiesJan 12, 2023

FSC Vice Chairman Kim So-young presided over a meeting with the Financial Supervisory Service and policy financial institutions on January 12 to check the corporate bond and CP market conditions and discuss market stabilization measures. At the meeting, officials shared a common view that the corporate bond and CP market conditions have been improving recently as interest rates on corporate bonds and CPs are continuing to decline. Authorities said that the various market stabilization programs introduced last year still have KRW40 trillion or more in their support capacity and that they will be actively utilized to support market stabilization efforts. Vice Chairman Kim said that financial authorities will regularly meet to check financial market situations in 2023 and closely communicate with relevant authorities and financial sectors to preemptively respond to market situations. In 2023, Vice Chairman Kim also said that it is necessary to stay vigilant for newly emerging risk situations, such as risk contagion from the real economy to financial sector or expansion of risk originating from advanced or emerging economies.
FSC and Ministry of SMEs and Startups announce plan to provide KRW80 trillion in financial support for SMEsJan 11, 2023

The FSC and the Ministry of SMEs and Startups jointly held a meeting with policy financial institutions, the Korea Federation of Banks and a variety of industry groups representing SMEs on January 11 and announced the government's plan to supply KRW80 trillion in policy funds to support SMEs. At the meeting, FSC Chairman talked about the importance of support made available from the government to help SMEs overcome difficulties and secure competitiveness at a time when economic situations are not so favorable both at home and abroad. In this regard, Chairman Kim said that the KRW80 trillion financial support programs for SMEs will help to lower their borrowing costs, build an impetus for securing our economy's competitiveness through innovation, and strengthen measures to support normalization of business management for those experiencing temporary liquidity shortages or difficult financial situations. Chairman Kim said that the government and the financial sector will spare no effort in providing support and improving regulations to help SMEs.