Photo News - Financial Services Commission

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FSC Plans to Introduce New Start Fund for Small BusinessesAug 29, 2022

FSC held a media briefing on August 26 and introduced its plan to introduce a debt adjustment program called "New Start Fund" for self-employed business owners and small merchants hit by the COVID-19 crisis. Director General Kwon Dae-young of the Financial Policy Bureau presented specific details of the debt adjustment program which will be available from October this year. * Please see press release for details.
Vice Chairman delivers congratulatory remarks at the 2022 joint finance job fair eventAug 24, 2022

Vice Chairman Kim So-young attended the opening event of the 2022 joint finance job fair held on August 24 and delivered congratulatory remarks. This year's joint finance job fair will offer on-site job interviews, career information sessions and mock interview trials via metaverse. In his speech, Vice Chairman Kim talked about the importance of creating quality jobs foryoung adultsand discussed the government's efforts in this regard. Vice Chairman Kim said that the current administration's regulatory reform initiatives in the financial industry will help promote job creation.
FSC Chairman attends 2nd financial regulatory reform committee meetingAug 23, 2022

FSC Chairman Kim Joo-hyun attended the 2nd financial regulatory reform committee meeting held on August 23 and laid out plans for promoting platform-based financial services offered by financial institutions, piloting an online platform-based financial intermediary business model and making improvements to the operation of the financial regulatory sandbox program. While emphasizing the need to put in place safeguards to prevent negative externalities originating from platform-based financial services, Chairman Kim stated that the purpose of regulatory reforms is to improve convenience for financial consumers, although a conflict of interests may be unavoidable in the process of carrying out reforms. Chairman Kim said that the reform measures for digital transformation are expected to promote innovation and enhance convenience for consumers based on sound competition between financial companies, fintechs and platform service providers.
Vice Chairman holds talks with group of market expertsAug 18, 2022

FSC Vice Chairman Kim So-young held a meeting with market experts on August 18 and discussed potential risk factors in the financial industry and proper ways to respond to them. During the meeting, Vice Chairman Kim stated that there are lingering uncertainties in financial markets caused by higher interest rates, global inflation and geopolitical conflicts, which bring concerns over financial industry risks such as facing possible insolvency, worsening fund-raising conditions and falling asset values. In monitoring and responding to the risks, Vice Chairman Kim said that the government would pay extra attention to "emergence ofunexpected new risks", "accumulation of risks" and "expansion of interconnectedness between industries." In order to better respond to risks in the financial market and industry, Vice Chairman Kim vowed to maintain close communication with the market.
Vice Chairman holds kickoff meeting of private-public joint taskforce on digital assetAug 17, 2022

Vice Chairman Kim So-young presided over the kickoff meeting of the joint taskforce on digital asset on August 17. The private-public joint taskforce on digital asset was launched with aims to promote discussion and information sharing between private sector experts, relevant government authorities and related institutions for seeking government-wide collaboration for legislative efforts. In his opening remarks, Vice Chairman Kim talked about the importance of seeking a proper balance between innovation based on new technology and investor protection and financial stability. Through taskforce meetings and its working groups, authorities plan to comprehensively examine (a) the legal characteristics and the rights relationship regarding digital assets and ways to respond to digital asset related crimes, (b) digital assets and financial stability, central bank digital currency (CBDC) and taxation issues, (c) regulatory framework for digital asset issuance and distribution markets and (d) ways to promote the blockchain industry. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at Singapore's 57th National Day celebration eventAug 12, 2022

FSC Chairman Kim Joo-hyun attended Singapore's 57th National Day celebration event held in Seoul on August 11 and delivered congratulatory remarks. In his speech, Chairman Kim talked about the importance of Singapore as an economic and financial hub in Asia and underscored the need to maintain strong cooperation between Korea and Singapore in various areas including the digital sector.
FSC Chairman holds talks with Mayor of SeoulAug 11, 2022

FSC Chairman Kim Joo-hyun met with Seoul Mayor Oh Se-hoon on August 11 and held talks on ways to make available sufficient financial support programs for self-employed business owners and small merchants who have been suffering from the pandemic as well as high interest rates and surging prices. At the meeting, Chairman Kim and Major Oh agreed to closely work together and strengthen cooperation between the FSC and Seoul Metropolitan Government for effective implementation of various financial support measures.
Vice Chairman appoints new FSC ombudsman committee membersAug 10, 2022

Vice Chairman Kim So-young appointed the FSC's new ombudsman committee members and held its first meeting on August 10. The 4th FSC ombudsman committee is composed of five private sector experts and charged with inspecting financial regulations and consumer protection measures from an outside perspective. In his remarks, Vice Chairman Kim talked about the importance of scrutinizing financial regulatory environment from a third-party perspective in order to make constant regulatory improvements to meet changing policy environment. In this regard, Vice Chairman Kim urged the ombudsman committee to actively seekcommunication withfinancial institutions and consumers and monitor policy implementation on the ground.
FSC Holds media briefing on small business loan refinancing programAug 10, 2022

The FSC announced its plan to introduce a small business loan refinancing program worth KRW8.5 trillion to help lower interest payment burdens of self-employed business owners and small merchants. Director General Kwon Dae-young from the Financial Policy Bureau gave a briefing on the availability of low interest rate refinancing programfrom September which isdesigned tohelp alleviate the self-employed and small merchants' payment burdens with their current high interest rate business loans. * Please see press release for details.
FSC holds media briefing on the availability of relief conversion loan from September 15Aug 10, 2022

The FSC held a media briefing on August 9 and announced the availability of relief conversion loans from September 15. At the briefing, Director General Kwon Dae-young from the Financial Policy Bureau explained that the authorities will make available KRW25 trillion in relief conversion loans with preferential benefits which will provide low income households and non-speculative homebuyers a chance to convert their current adjustable or mixed rate mortgage loans into long-term fixed rate refinancing products at low interest rates with ability to make payment in installments. Application and registration for relief conversion loans will open on September 15 which can be accessed from the websites of Korea Housing Finance Corporation and six major banks.
FSC Chairman presents financial policy agenda of the new administrationAug 08, 2022

FSC Chairman Kim Joo-hyun presented the new administrations financial policy agendaat a media briefing heldon August 8. The financial policy agendafocuses on preemptive handling and management of crisis and providing steady reinforcement for the revitalization of the financial industry and economy beyond crisis. Some of the key policy tasks include (a) effective implementation of the financial sector measures to help stabilize peoples livelihoods, (b) response to potential management and financing difficulties of SMEs, (c) building new foundation for digital innovation in the financial industry, (d) promoting responsible development of the digital asset industry and (e) strengthening financial support for innovative growth in the private sector. * Please see press release for details.
Vice Chairman meets with experts and holds talks on promoting the use of AI in financial servicesAug 04, 2022

Vice Chairman Kim So-young presided over a meeting with relevant industry officials and experts on August 4 and held discussions on ways to promote the use of artificial intelligence (AI) in financial sectors and ensure public trust in financial services based on AI.In his opening remarks, Vice Chairman Kim emphasized the importance of making advancement in AI technology to make effective use of the exponentially increasing availability in big data amid hyperconnected networks and the hyperconvergence and big blur phenomena. To help realize success in digital financial innovation, Vice Chairman Kim said that financial regulatory reforms need to take place to ensure that financial sectors can make use of big data and AI technology effectively. * Please see press release for details.