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FSC holds 1st taskforce meeting on promoting overseas expansion of domestic financial industryMar 13, 2023

FSC Vice Chairman Kim So-young presided over the 1st taskforce meeting on promoting overseas expansion of domestic financial industry on March 13 together with financial industry associations, related authorities and research institutions. As a follow-up to the FSC's annual work plan announced in January, the taskforce has been set up to find measures to support overseas expansion of domestic financial sectors and ways to improve relevant regulations. At the beginning of today's meeting, FSC Vice Chairman Kim So-young spoke about some of the new challenges financial sectors face in Korea such as the slowing pace of economic growth and aging population and said that an external expansion of the financial industry is critical to effectively deal with these challenges. In the subsequent taskforce meetings, authorities will discuss ways to support domestic financial companies to expand and make investments overseas, overhaul regulations to attract more investment inflows into domestic markets and work to facilitate global financial companies' entry and business operation in Korea. The taskforce plans to hold a series of seminars with each sector to collect comments and policy suggestions from financial companies.
FSC holds meeting to monitor financial market situation in wake of SVB and Signature Bank Closure in U.S.Mar 13, 2023

FSC Chairman Kim Joo-hyun held a meeting with senior officials on March 13 to discuss financial market situations and measures for future response in the wake of the closure of Silicon Valley Bank and Signature Bank in the U.S. As it was discussed at the macroeconomic and financialmeeting held yesterday, experts continued to view that this will not spread as a systemic risk across financial sectors. However, as there are possibilities of rising market volatility, FSC Chairman Kim Joo-hyun told officials to strengthen monitoring of financial markets at home and abroad in close cooperation with related ministries and institutions. In particular, FSC Chairman Kim urged authorities to promptly check domestic financial companies' soundness and liqudity conditions in coordination with the FSS.
FSC holds talks with relevant authorities and experts on providing support for corporate M&AsMar 10, 2023

The FSC held a meeting with relevant authorities, industry groups and private sector experts on March 10 to discuss measures to support corporate mergers and acquisitions, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed the current MA market trends, the need to provide support for corporate MAs and the future policy direction. Inhis opening remarks,FSCVice Chairman KimSo-young talked about the significance of corporate MAs from the following three perspectives--(a) enhancing efficiency in business management, (b) boosting productivity of overall economy, and (c) increasing resilience of economic recovery.
Vice Chairman holds 2nd working group meeting of the taskforce on improving management and operating practices of banksMar 09, 2023

The FSC and the FSS held the second working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 8, chaired by FSC Vice Chairman Kim So-young. At the meeting, authorities discussed the current status in the development of a single-stop online loan transfer system and plan for its expanded application, as well as ways to promote competition between the banking and nonbanking sectors as an extension of the discussion held in last meeting. At the meeting, Vice Chairman Kim said that along with the loan comparison platform, single-stop online loan transfer system is anessentialinfrastructure needed to help ease interest rate burdens of the public. In this regard, Vice Chairman Kim emphasized the need to develop a loan transfer system for home mortgage loans.
FSC makes interim announcement on operation of youth savings accountMar 08, 2023

FSC Vice Chairman Kim So-young made an interim announcement on how the government-backed youth savings account will be operated at a media briefing held on March 8. As a key policy agenda of this administration, the youth savings account program is intended to support young adults (aged 19 to 34 years old) to accumulate assets over a medium- to long-term. Subscribers will put in monthly savings of up to KRW700,000 into his or her own savings account which will be matched by government contributions made at varying degreesin accordance withindividual income levels and monthly savings payments. With a five-year maturity, the youth savings account will run on fixed interest rates during the first three years and variable interest rates for the subsequent two years. Authorities also put out a notice for financial institutions that wish to offeryouth savings account.
FSC holds talks with fintech businesses to promote competition and innovation in financial industryMar 07, 2023

FSC Standing Commissioner Kwon Dae-young held talks with fintech businesses on March 7 and listened to their comments on ways to promote competition and innovation in the financial industry. Fintech businesses attending the meeting made suggestions for (a) introducing small licensing units tailored to the specific needs of fintechs, (b) allowing fintech businesses to provide payment settlement account services, and (c) promoting online platform services that provide comparison and recommendation services ondifferent financial products. At the meeting, FSCStanding Commissioner Kwon said that it is necessary to establish a regulatory system that corresponds to the characteristics of new technologies and business models of fintechs. In March, authorities plan to hold a series of meetings on promoting the entry of fintech businesses into the financial industry and take into consideration what has been discussed at these meetingswhen preparing regulatory improvement measures.
Financial authorities hold meeting to review corporate bond and money market situation and real estate PF risksMar 06, 2023

The FSC held a meeting with relevant authorities on March 6 to review the corporate bond and short-term money market situation and risks in the real estate project finance (PF) market, chaired by FSC Standing Commissioner Kwon Dae-young. At the meeting, authorities discussed (a) the current corporate bond and money market situation, (b) measures to induce a soft-landing of the real estate PF market, (c) ways to revise the creditors consortium agreement on real estate PF, and (d) measures to support self-restructuring efforts of the private sector.
Vice Chairman holds 1st working group meeting of the taskforce on improving operating practices of banksMar 03, 2023

The FSC and the FSS held the first working group meeting of the taskforce on improving the operating practices of banks on March 2, chaired by FSC Vice Chairman Kim So-young. At the meeting, authorities shared the operating method of the working group and taskforce and discussed specific task items intended to promote competition in the banking sector and seek improvements in its industrial structure. In his opening remarks, Vice Chairman Kim emphasized the need to examine the tasks for promoting competition in the banking sector with an aimtoboostworkable competition in a substantive way and decide priorities accordingly.
FSC holds foreign press conference on making improvements to capital markets in KoreaFeb 24, 2023

The FSC held a press conference for foreign media on February 24 on the theme of making improvements to Korea's capital market system. FSC Vice Chairman Kim So-young delivered opening remarks, outlining the government's key policy measures to (a) improve the transaction convenience for foreign investors, (b) improve the rights and interests of general and minority shareholders, and (c) expand the boundaries and improve the reliability of markets.
FSC Chairman meets with Crédit Agricole Group CEOFeb 23, 2023

FSC Chairman Kim Joo-hyun met with Crdit Agricole Group CEO Philippe Brassac on February 23 and held talks on regulatory issues concerningglobal financial institutions.
Vice Chairman holds 2nd meeting of inter-ministerial council on strengthening policy finance supportFeb 22, 2023

FSC Vice Chairman Kim So-young presided over the 2nd meeting of the inter-ministerial council on strengthening policy finance support on February 22 and held talks on ways to boost supply of funds from policy financial institutions and create innovative growth funds worth KRW3 trillion for 2023. In his opening remarks, Vice Chairman Kim said that the inter-ministerial council will play a critical role in ensuring the availability of prompt supply of funds to the key future-oriented industries amid a rapidly changing economic environment. In this regard, Vice Chairman Kim announced a plan to expand the size of policy finance support available to KRW91 trillion which will be injected to the key industrial areas prioritized by each ministry. Authorities expect that this will help to propel the growth impetus of the economy by fostering the development of future-oriented new industries and promote startups and venture businesses to scale up.
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.