Photo News - Financial Services Commission

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FSC Chairman meets with fintech industry and pledges support for financial innovationDec 09, 2021

FSC Chairman Koh Seungbeom met with officials from the fintech industry and held talks on ways to further promote the growth of fintechs and financial innovation. Chairman Koh talked about the need for regulatory improvements aimed at facilitating financial companies investment in fintechs, providing incentives to enable more collaboration between financial companies and fintechs and providing more opportunities to launch financial services (including MyData service) via online and contactless channels. While discussing both advantages and potential harmful effects of the emergence of platform-based financial services, Chairman Koh said that the government will work on strengtheningconsumer safeguards and ensuring stability in the systemwhileencouraging more collaborative efforts between traditional financial institutions and fintechs. * Please see press release for details.
FSC Chairman holds press briefing on financial policy tasks for 2022Dec 06, 2021

FSC Chairman Koh Seungbeom held an end-of-year press briefing in a virtual format on December 3 to discuss policy outcomes for this year and explain key policy tasks for 2022. At the beginning of his keynote address, Chairman Koh touched upon some of the important policy initiatives and their outcomes for 2021, including the effects of the household debt management measures and the provisionof COVID-19 financial support for small merchants and SMEs. While seeking to achieve a proper balance between maintaining stability in the financial system and pursuing inclusive financial policies, Chairman Koh said that the FSC will (a) continue to work on tackling financial imbalances, (b) strengthen financial support for vulnerable groups and improve measures for financial inclusion and (c) work to ensure a seamless rollback of some of the accommodative and deregulatory policy measures introduced amid the pandemic in 2022. * Please see press release for details.
FSC Chairman speaks at KoFIU’s 20th anniversary commemoration eventNov 23, 2021

FSC Chairman Koh Seungbeom attended the KoFIUs 20th anniversary commemoration event on November 23 and delivered a speech highlighting the progress made on Koreas AML/CFT regime and ways to move forward in an era of digital transformation. Chairman Koh praised the efforts made by the authorities in making Koreas AML/CFT regime more on a par with global standards. To continue to ensure the effectiveness of the system, Chairman Koh said that the KoFIU should focus on regulatory improvements, rigorous inspection and supervision and diversification of analytical techniques to meet evolving demands in a digital era. In this regard, Chairman Koh also stressed the importance of close communication and cooperation with the relevant law enforcement agencies and financial institutions.
KoFIU holds international conference commemorating 20th anniversaryNov 23, 2021

The Korea Financial Intelligence Unit (KoFIU) hosted an international conference commemorating the 20th anniversary of its establishment on November 23. The conference was held to promote discussion on virtual asset and other important issues related to the anti-money laundering (AML) regime and foster strong international cooperation in this area. While delivering a keynote address, Commissioner Kim Jeong-kag spoke about the importance of digital transformation and the essential role of the AML/CFT regime in building trust across the financial system. Commissioner Kim also underscored the importance of closer cooperation and mutual understanding between international organizations, regulatory authorities and financial institutions. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at 7th dinner event between Korean financial institutions and ASEAN and Indian ambassadorsNov 22, 2021

FSC Chairman Koh Seungbeom attended the 7th ASEAN, Indian Ambassadors and Korean Financial Institution CEOs Dinner Event held on November 22 and delivered congratulatory remarks highlighting the importance of financial cooperation. During his speech, Chairman Koh touched upon some of the historical and cultural similarities that have served as the foundation fordevelopingcloser ties between the countries. Speaking about high proportions of mobile-savvy young populations and the availability of digital infrastructure, Chairman Kohsaid that more cooperation should follow in the digital finance sector to promote mutual growth.
FSC Chairman signs agreement to set up joint debt adjustment program for young adultsNov 22, 2021

FSC Chairman Koh Seungbeom signed an agreement with the Ministry of Education, the Korea Student Aid Foundation and the Credit Counseling and Recovery Service on November 22 to set up a joint debt adjustment program for young adults who are struggling with multiple debts. Chairman Koh said that the joint debt relief program will provide meaningful assistance to young adults who are facing the burden of multiple debts. From 2022, the program is expected to provide assistance to some 20,000 young adults annually in paying off their student loan debt. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at Youth Finance ForumNov 22, 2021

FSC Chairman Koh Seungbeom attended the Youth Finance Forum held on November 19 at Seoul National University and delivered congratulatory remarks. During his speech, Chairman Koh spoke about the tendency of young people to more comfortably use digital tools and online platforms in their daily use of financial services and asset management. In this regard, Chairman Koh said that their demand for more innovative financial services and leadership across different fields of industry will help facilitate important discussions in seeking further improvements in the financial services industry.
FSC Chairman holds talks with specialized credit finance sectorNov 17, 2021

FSCChairman Koh Seungbeom met with the heads of credit card companies and other credit finance businesseson November 17 and discussedways tofacilitate the development of the specialized creditfinance sector through digital transformation and platform-based services.Atthe meeting, Chairman Kohsaid that the financial authorities will support credit card companies to grow as integrated payment service providers and help specialized credit financecompanies to develop financial service platforms that can offer services tailored to the everyday needs of consumers. Chairman Koh also pledged to improve regulations to help facilitate investments in new technology, etc. * Please see press release for details.
FSC Chairman holds talks with young startup entrepreneursNov 07, 2021

FSC Chairman Koh Seungbeom visited the Imagine Future festivalon November 7 and held talks with young startup entrepreneurs on the government's efforts to foster the development of a vibrant startup ecosystem. During the meeting, Chairman Koh talked about the importance of being able to turn crisis situations into new opportunities amid significant changes taking place inthebusiness environment, such as digital transformation, climate change and the spread of platform business. To encourage young startup entrepreneurs with innovative venture ideas, Chairman Koh said that the FSC andthe government-backed financial institutions will continue to provide active support.
FSC Chairman holds meeting with heads of insurance companiesNov 03, 2021

FSC Chairman Koh Seungbeom held a meeting with the CEOs of insurance companies and industry officials on November 3 and held talks on ways to promote development of the insurance industry and ensure consumer protection. Amid rapid changes taking place in the structure of demographics, rising interest rates, digital transformation and so on, Chairman Koh pledged that the government will provide active support for insurance businesses in making innovative attempts. Chairman Koh also said that the government's support for insurance business should be provided under the condition of well-established consumer protections and consumer trust. * Please see press release for details.
FSC Chairman speaks at 4th accounting day commemoration eventNov 01, 2021

FSC Chairman Koh Seungbeom attended the 4th accounting day commemoration event held in Seoul on November 1 and delivered a speech emphasizing the importance of accounting reforms which began with the 2017 revision of the Act on External Audit of Stock Companies. With the international accounting and auditing standards introduced in Korea about ten years ago, Chairman Koh said that smaller sized companies may have been overburdened in some cases due to high costs of compliance relative to benefits. In this regard, Chairman Koh pledged to continue to work for improvements in Korea's accounting and auditing system.
FSC Chairman holds talks with bank chiefs and industry officialsOct 28, 2021

FSC Chairman Koh Seungbeom met with the heads of major banks and industry group leaders in the banking sector on October 28 and held talks on ways to promote the banking industrys growth in the future. At the meeting, Chairman Koh talked aboutmajor changes taking place in the banking sector due to digital transformation, such as an increasedvolume offinancial transactionsbeing conductedthroughmobile and contactless channels, unbundling and re-bundling ofvariousfinancialservices and financial services being provided through platforms. Against this backdrop, Chairman Koh pledged that the FSC willwork toprovide active supportto the banking sector to promote digital transformation,adopt innovative business models and create a level playing field. * Please see press release for details.