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FSC Chairman meets with bank CEOs and holds talks on promoting innovation in the banking industryApr 01, 2024

Chairman Kim Joo-hyun of the Financial Services Commission met with the CEOs of major commercial banks and held talks on ways to promote innovation and seek progressin the banking industry on April 1. In his opening remarks,Chairman Kim expressed appreciation for the banking sectors contribution of KRW2.1 trillion in financial assistance programs for vulnerable sectors, and emphasized the need to continue to push for innovation in the banking sector through competition. In this regard,Chairman Kim said that the government will take bold steps to reform regulations onbanks ancillary services.
FSC Chairman holds event commemorating five years of operating financial regulatory sandbox programMar 29, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over an event commemorating five years of operating the regulatory sandbox program during which more than 300 "innovative financial services" have been designated. Since the regulatory sandbox program was first introduced in April 2019, the companies selected for "innovative financial services" have made significant contributions to the growth of the fintech industry by creating 2,220 new jobs and securing KRW6.03 trillion in new investments. In his speech, Chairman Kim praised highly about the milestone achieved over the past five years and pledged that the authorities will continue to work on making improvements to the operation of the sandbox program and provide strong support for innovative companies and technologies.
Vice Chairman holds talks on strengthening protection for consumers against the threat of illegal private lending and fraudulent activitiesMar 29, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from consumer protection organizations and industry groups on March 29 and discussed ways to strengthen protection for consumers. At the meeting, Vice Chairman Kim and participants discussed the need to raise awareness about illegal private lending and debt collection activities and to increase cooperation among related organizations to better inform consumers about their threat and protect them.
Vice Chairman speaks about promoting the use of artificial intelligence in the financial sectorMar 28, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a kick-off meeting of the council on promoting artificial intelligence in the financial sector joined by related organizations, research institutions, and financial companies on March 28. In his opening remarks, Vice Chairman Kim laid out some of the issues that need to be discussed in subsequent council meetings, such as the rules on network separation,governance and safety issues concerning generative AI, and challenges and opportunities of promoting the use of AI in the financial sector. In this regard, the FSC plans to operate working groups composed of experts and relevant industry officials to further discuss the use of AI in financial services.
Vice Chairman holds meeting to discuss ways to upgrade personal credit data managementMar 28, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related organizations and industry associations on March 28 to have talks on ways to improve the personal credit data management system with aims to support the credit recovery of vulnerable individuals and prevent vishing scams. At the meeting, Vice Chairman Kim discussed the significance of the improvement measures and pledged to promptly implement follow-up measures to assist the vulnerable. The FSC also announced proposals for revisions to relevant rules under the Credit Information Use and Protection Act, with aims to assist the credit recovery of vulnerable groups, prevent vishing scams, and overhaul regulations on data usage.
FSC Chairman visits Poland and AustriaMar 28, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited Warsaw, Poland and the United Nations Industrial Development Organization (UNIDO) in Vienna, Austria from March 24 to 28.Chairman Kims visit to Poland will help to strengthen foundation for financial cooperation between Korea and Poland, especially at a time when bilateral trade and cooperation in the defense materials and nuclear plant sectors are expected to grow. Having an enhanced level of cooperation with the UNIDO will also help the FSC to more systematically support domestic financial companies and fintech businesses to expand their operation in developing countries.
Vice Chairman holds meeting on loan transfer program with relevant groupsMar 26, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related industry groups and financial institutions on March 26 to review the progress of loan transfer services and ways to improve their operation. At the meeting, Vice Chairman Kim said that the introduction of loan transfer platform service for credit loans in May 2023 was the first of its kind in the world, and that after 300 days since then, we have successfully launched loan transfer platform services for housing loans as well. In this regard, Vice Chairman Kim praised the collective effort shown by financial institutions and the officials who have been behind the successful launch of the loan transfer platform services.
Global Money Week held from March 18 to 24Mar 19, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a seminar on financial education and spoke about the importance of providing financial education programs that are more age-specific and appropriate for one's lifespan needs. This year's Global Money Week (GMW), an international awareness-raising campaign led by the OECD, which aims to bolster financial awareness among young people, is held from March 18 to 24 on the theme of "protect your money, secure your future." The Financial Supervisory Service and other relevant organizations will make available a variety of financial education programs to diverse groups of audiences during the Global Money Week.
FSC Chairman meets with banking sector and discuss measures to boost climate financeMar 19, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over a meeting with officials from relevant government and industry organizations and heads of major commercial banks and policy financial institutions on March 19 and unveiled a set of measures intended to boost climate finance. In his opening remarks, Chairman Kim said that unprecedented challenges posed by climate change today require us to act not only for securing the competitiveness of our enterprises but also for guaranteeing security for future generations. In this regard, Chairman Kim highlighted today's meeting as an important first step towards countering climate risks as it demonstrates collective effort made by the government, policy financial institutions, and the banking sector. At the meeting, a set of measures intended to boost green investment to speed up low carbon transition was also introduced by the Ministry of Environment.
Vice Chairman holds market monitoring meeting and discuss market conditionsMar 18, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related organizations and industry groups on March 18 to go over current market situations and expectations for the future. At today's meeting, officials had discussions about current market situation, recent increases in default rates, and prudential management and loss absorbing capacity in the nonbank sector. During the meeting, Vice Chairman Kim said that thanks to our continuous efforts to ensure market stabilization, domestic financial markets have been made resilient to external shocks to a certain degree. In this regard, Vice Chairman Kim urged authorities to continue to stay vigilant to market contingencies and risks in the future. To be adequately prepared for potential risks arising from the real estate project finance loans, Vice Chairman Kim asked authorities to bolster prudential management over related sectors.
Vice Chairman delivers opening remarks at OECD-FSC-KIF Roundtable on Digital Finance in ASEANMar 18, 2024

The Financial Services Commission held a joint roundtable meeting on digital finance in ASEAN with the Organization for Economic Cooperation and Development (OECD) and Korea Institute of Finance (KIF) for two days on March 18-19. During the opening session, FSC Vice Chairman Kim Soyoung delivered opening remarks where he said that financial innovation based on digital technologies has been making positive impact on boosting the level of productivity in the financial industry. However, Vice Chairman Kim stressed the need to establish appropriate rules and ensure protection for consumers in response to newly emerging risks.
Vice Chairman holds meeting with institutional investors to promote active participation in the Corporate Value-up ProgramMar 14, 2024

Vice Chairman Kim Soyoung ofthe Financial Services Commission presided over a meeting with institutional investors on the Corporate Value-up Program on March 14.At the beginning of the meeting, Vice Chairman Kim delivered opening remarks, highlighting the three main principles behind the governments continuous push to end Korea discount(a) establishing a fair and transparent market order, (b) making Koreas capital market more accessible, and (c) promoting shareholder values in corporate management. In this regard, Vice Chairman Kim said that the Corporate Value-up Program is a part of the governments consistent efforts to upgrade our capital market with a focus on encouraging listed companies to make voluntary steps to make improvements and increase valuations.At the meeting, officials held discussions on how the stewardship code for institutional investors will be updated to promote their role in the Corporate Value-up Program and developing a new Korea value-up index.