Photo News - Financial Services Commission

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9th FSC Chairman Kim Joo-hyun takes officeJul 11, 2022

Mr. Kim Joo-hyun took office as the 9th chairman of the Financial Services Commission on July 11, 2022. In his inaugural speech, Chairman Kim talked about both challenges and opportunities of the current economic and financial market situations such as growing market volatility as well as technological innovation and a shift in industrial structure. Against this backdrop, in order to meet the public's expectations for the role of the FSC, Chairman Kim outlined his policy approaches concerning financial market stability, measures for financial inclusion, seeking innovation in the financial industry and providing steady support for the real economy sector. After his inaugural ceremony, Chairman Kim held a brief QA session with the FSC press corps.
Vice Chairman holds joint financial market monitoring meetingJul 01, 2022

Vice Chairman Kim So-young presided over a joint market monitoring meeting with relevant securities institutions on July 1 to examine financial market conditions after the market closing amid a recent increase instock market volatility.At the meeting, the authorities decided to implement the following measures to mitigate market volatility--(a) 3-month exemption of the requirement to maintain a certain level of collateral ratios on credit loans for securities firms and (b) 3-month easing on the cap of the amount of daily buy orders for acquisition of treasury stocks by listed companies. * Please see press release for details.
Vice Chairman holds talks with private sector experts on new administration's financial policy agendaJun 29, 2022

FSC Vice Chairman Kim So-young held a meeting with relevant thinktanks, industry groups and market experts on June 29 anddiscussedthe new administration's financial policy agenda. Vice Chairman Kim and the participants exchanged opinions on the following three major policy areas--(a) financial system stability, (b) stable living conditions to help alleviate financial difficulties of vulnerable groups and (c) deregulation and regulatory innovation in financial sectors to boost the competitiveness of the financial industry.
Vice Chairman holds talks with U.S. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian NelsonJun 28, 2022

FSC Vice Chairman Kim So-young met with U.S. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson on June 28 and held talks on both countries' financial policies on a range of issues including digital assets, anti-corruption and corporate transparency, fintech and cyber security and exchanged views on bilateral cooperation. KoFIU Commissioner Kim Jeong-kag also attended the meeting and discussed mutual cooperation for anti-corruption and corporate transparency and AML/CFT.
Vice Chairman holds 2nd financial risk taskforce meetingJun 23, 2022

Vice Chairman Kim So-young held the 2nd financial risk taskforce meeting on June 23 jointly with the other relevant institutions.The meeting discussed the following three issues(a) expanded operation of the emergency response review system,(b) preparing ten major financial risk response tasks and focusing review on these issues and (c) working on preemptive support measures to prevent default risk of financial companies. In his opening remarks, Vice Chairman Kim emphasizedthe need to morecloselyand comprehensively check market risks with a strong sense of urgency amid expanding market volatility and deepening concerns about aslowdown in the economy. * Please see press release for details.
Vice Chairman holds 1st financial education council meeting of 2022Jun 21, 2022

FSC Vice Chairman Kim So-young presided over this year's 1st financial education council meeting with relevant ministries and public and private institutions on June 21. In his opening remarks, Vice Chairman Kim stressed the importance of financial education amid increasing volatility in the economy and financial markets, spread of digital financial services and growing vulnerability from financial fraud. In the first half of 2022, the authorities have worked on diversifying the financial education delivery methods, strengthening financial education programs forschool curriculum and making improvements to theoperatingrules of thefinancial educationcouncil meeting.
Vice Chairman presides over MOU signing event between Korea Post and BanksJun 16, 2022

Vice Chairman Kim So-young presided over an MOU signing event between Korea Post, four major banks and the Korea Financial Telecommunications Clearings Institute (KFTC) on June 16 for expanding consignment partnership between the banks and the post office. Vice Chairman Kim also announced the governments plan for improving offline access to banking services in order to guarantee consumers choice in accessing financial services and improve convenience for vulnerable groups such as the elderly. During his opening remarks, Vice Chairman Kim said thatit is necessary for the government and the industryto make joint effort to help improve offline access to financial services becauseoffline financial services will continue to play an important role for maintaining the quality of banking services, ensuring inclusive finance for vulnerable groups such as the elderlyand meeting diverse demands of consumers. * Please see press release for details.
Vice Chairman holds a financial market risk monitoring meetingJun 14, 2022

FSC Vice Chairman Kim So-young presided over a joint meeting with the Financial Supervisory Service and Korea Center for International Finance on June 14 to monitor rising volatility and risk factors in financial markets at home and abroad. At the meeting, Vice Chairman Kim urged officials to maintain close monitoring of financial market situations and to ensure that market stabilization measures can be readily implemented when it becomes necessary. Vice Chairman Kim also emphasized the importance of frequently checking the soundness of financial companies in order to help prevent risk transfers amid growing market volatility.
Vice Chairman holds meeting to urge all FSC staff to ensure smooth operation of policy tasksJun 08, 2022

FSC Vice Chairman Kim So-young held a meeting with officials on June 8 and urged all FSC staff to ensure a smooth operation of key policy tasks while preparing for the task of "financial stability" and "innovation in financial regulation" underscored by the FSC Chairman nominee. Vice Chairman Kim said that it is important not only to maintain close monitoring of market trends but also to inspect risk factors in each financial sector and prepare measures to address areas of vulnerability. On the need for regulatory innovation, Vice Chairman Kim stated that the financial industry should be able to respond tochanges taking place indigital environments in an agile manner and urged authorities to seek areas where regulatory improvements can take place in financial markets.
Vice Chairman holds financial risk assessment meetingMay 18, 2022

Vice Chairman Kim So-young presided over a financial risk assessment meeting jointly held with the Financial Supervisory Service and the Korea Deposit Insurance Corporation on May 18 and went over recent financial market situations and risks while checking potential risks and response capabilities of financial companies. In his opening remarks, Vice Chairman Kim said thatthe current economic and financial conditions surrounding the Korean economy are not so favorable both internally and externally as this meeting was the first item on his schedule on the very first day of his tenure as the Vice Chairman of the FSC.To be able to respond to complex crisis in a timely manner, Vice Chairman Kim said that the authorities will strengthen monitoring of financial markets while closely monitoring potential risks of financial companies and even the risks associated with the real economy such as the household and corporate sectors. * Please see press release for details.
FSC Chairman holds meeting with financial industry groups on six-month extension of maturity extension and payment deferment for businessesMar 23, 2022

FSC Chairman Koh Seungbeom held a meeting with the financial industry groups and state-backed financial institutions on March 23 and made a final decision to extend the availability of loan maturity extension and payment deferment for SMEs and small merchants for six more months until the end of September 2022. With a six-month extension on the availability of these support measures, SMEs and small merchants that have been either directly or indirectly affected by the coronavirus pandemic can apply for maturity extension and payment deferment on new and existing loans until the end of September 2022. The authorities also agreed to continue to make available the measures to help ease the payment burdens of businesses once these programs expire by offering one-on-one pre-consultation for rescheduling of debt payments. * Please see press release for details.
FSC Chairman holds talks with banking industry over small business loan forbearanceFeb 28, 2022

FSC Chairman Koh Seungbeom held a meeting with the banking industry on February 28 and discussed extending the availability of loan maturity extensions and payment deferments for small-scale businesses. Along with the discussion on extending the period of loan forbearance measures, Chairman Koh also urged close cooperation from banks in drawing up measures that will help prevent abrupt payment burdens on businesses while providing supports tailored to their individual needs and situations. Chariman Koh also touched upon the importance of risk management amid the heightened market volatility in the wake of the Ukraine crisis as well as ways to help strengthen the competitiveness of the banking industry through digital transformation.