Photo News - Financial Services Commission

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FSC Chairman holds talks with group of experts on market risks and government responseJan 13, 2022

FSC Chairman Koh Seungbeom held a meeting with a group of experts on January 13 and discussed potential risk factors in domestic and overseas markets and ways to properly respond to them. The expert group consisting of academia, columnists and thinktank officials discussed various issues including the need to find a new equilibrium in policy mix, deepening market volatilities, the need to manage risks in the nonbank sector, loan loss provisions of financial institutions and the shifting paradigm in global value chains. In his keynote address, Chairman Koh stated that maintaining stability in the financial system remains as top policy priority for this year. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at an IBK Startup Factory opening eventJan 11, 2022

FSC Chairman Koh Seungbeom attended the opening of IBK Startup Factory in Daejeon on January 11 and delivered congratulatory remarks highlighting the importance of nurturing tech startups in different regions outside the Seoul metropolitan area. In his speech, Chairman Koh pointed out that the prime location of the new IBK Startup Factory in Daejeon will help facilitate tech startups to grow due to the availability of advanced industrial, educational and research infrastructures and resources in the city. In order to promote innovative tech startups, Chairman Koh said that the authorities will continue to make support available through financial assistance, consulting, etc. An announcement was also made about the creation of a new public-private joint startup fund worth KRW30 billion in support of startups and young entrepreneurs.
FSC Chairman meets with FSS Governor and pledges close cooperationJan 06, 2022

FSC Chairman Koh Seungbeom met with the governor of the Financial Supervisory Service Jeong Eun Bo on January 6 and pledged close cooperation to ensure policy consistency in managing risks. At the meeting, Chairman Koh spoke about the need to make available adequate supports for financially vulnerable groups and stressed the importance of financial consumer protection and the market supervisory role played by the FSS. Chairman Koh and Governor Jeong shared the same view on the importance of ensuring stability and tackling imbalances existing in the financial system.
FSC Chairman speaks about importance of credit recovery support for financially vulnerable groupsDec 29, 2021

FSC Chairman Koh Seungbeom attended a memorandum of understanding signing event between major credit guarantee institutions on December 29 and delivered a speech emphasizing the importance of providing stronger credit recovery support for small merchants and other financially vulnerablegroups. The Credit Counseling Recovery Service (CCRS) and five other relevant institutions including Korea Credit Guarantee andKorea Housing Finance Corporation signed an MOU pledging to improve standards for debt adjustment and strengthen support for credit recovery on guaranteed loans. At the event, Chairman Koh outlined the government's inclusive finance policy for 2022 and talked about the importance of providing stronger credit recovery support for the financially vulnerable who are struggling through the COVID-19 pandemic. * Please see press release for details.
FSC Chairman attends Financial Development Review CommitteeDec 20, 2021

The Financial Development Review Committee held a meeting on December 17 to discuss key policy initiatives for 2022 and review current trends and risks in the financial markets. At the meeting, FSC Chairman Koh Seungbeom stated that the government plans to focus on maintaining stability in the financial system, promoting financial development, supporting an overall economic growth, and expanding financial inclusion for vulnerable groups. The outcome of the discussion will be taken into account when drawing up financial policy agenda for 2022. * Please see the press release for details.
FSC Chairman holds meeting to promote financial services platformsDec 15, 2021

FSC Chairman Koh Seungbeom met with officials from platform service providers, financial companies and other relevant institutions on December 15 and held talks on ways to promote digital innovation through an advancement of financial services platform. In his keynote address, Chairman Koh said that the government will draw up strategies to promote digital innovation in the five key areas, such as big data, new technology, platform service, digital security and digital asset.The participants put forward diverse opinions on the promotion of digital innovation in the financial industry andChairman Koh said that the authorities will take their comments into account when formulating policy measures. * Please see press release for details.
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.