Photo News - Financial Services Commission

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FSC Chairman holds meeting on registration of VASPsSep 26, 2021

FSC Chairman Koh Seungbeom held a meeting with relevant officials on September 26 to discuss ways to protect consumers from facing financial losses. As of September 24, a total of 42 VASPs have completed submitting their registration reports to the Korea Financial Intelligence Unit.At the meeting,Chairman Koh stated that the financial authorities will work to inspect VASPs and any illegal activities in close coordination with the investigative authorities. Chairman Koh also emphasized that users are advised to check the registration status of VASPs and report any delay or illegal activities to the financial authorities if they encounter. * Please see press release for details.
FSC Chairman holds meeting to review registration of VASPsSep 22, 2021

FSC Chairman Koh Seungbeom presided over a joint meeting between the FSC and the FSS on September 22 to review the progress of registration of virtual asset service providers as the September 24 deadline for business registration draws near.As of September 22, six VASPshave filed their registration reports and the authorities have so far decided to grant approval to one entity (Upbit).The authorities expect that most VASPs and other entities (wallet or depository service providers) that have obtained ISMS certifications will file registration reports as 31 other entities (21 VASPs and 10 others) besides those mentioned above have entered preliminary consultation. During the meeting, Chairman Koh urgedbothvirtual asset service providers and their users totake necessary steps to minimize damages inflicted on users. * Please see press release for details.
FSC Chairman meets with financial industry groups over six-month extension of loan support for SMEs and small merchantsSep 16, 2021

FSC Chairman Koh Seungbeom held a meeting with the heads of financial associationson September 16 and agreedon a six-month extension(until the end of March 2022)of the availability of loan maturity extension and deferment of principal and interest payments for SMEs and small merchants that have been struggling through COVID-19. At the meeting,Chairman Kohand the heads of financial associations also discussed working for an orderly normalization process and laid outspecific plans to help both capable and vulnerabledebtors with repayment plans tailored to the needs of individual debtors. * Please see press release for details.
FSC Chairman meets with small merchants and self-employed business owners at the Korea Inclusive Finance Support CenterSep 14, 2021

FSC Chairman Koh Seungbeom visited the Korea Inclusive Finance Support Center on September 14 and held a meeting with small merchants and self-employed business owners on the governments microfinance programs. At the meeting, Chairman Koh discussed the important role of microfinance programs for lower income earners and low credit holders who have beenhitparticularlyhard by the COVID-19 pandemic.Chairman Koh said that the government has increased the amount of support available throughmicrofinanceprograms from KRW7.9 trillion to KRW9.6 trillion. By closely cooperating with relevant authorities, Chairman Koh also pledged to strictly deal with illegal activities, such as predatory lending and vishing scams. * Please see press release for details.
FSC Chairman meets with heads of major financial holding companiesSep 10, 2021

FSC Chairman Koh Seungbeom met with the heads of major financial holding companies on September 10 and held talks on ways to strengthen household debt management as well as the issue of loan maturity extensions and payment deferrals among others. At the beginning of themeeting,Chairman Koh laid out his principleof financial policy and supervisory role of the FSC as aiming for market-friendly policy and supervision with respect for the creativity and autonomy of financial institutions. On the issue of household debt management, Chairman Koh said that it was his top policy priority andpledged to effectively implement the measures in place while working to come up with improved measures. * Please see press release for details.
FSC Chairman holds talks with SME and small merchant groupsSep 09, 2021

FSC Chairman Koh Seungbeom held talks on the COVID-19 support measures with the heads of the Korea Federation of SMEs and other relevant industry groups representing small merchants on September 9. At the meeting, Chairman Koh spoke about the government's financial support to help SMEs and small merchants hit by the pandemic-induced crisis such as loan maturity extensions and payment deferrals. Chairman Koh also stated that the authorities will draw up further measures. * Please see press release for details.
FSC Chairman Koh Seungbeom meets with Bank of Korea Governor Lee JuyeolSep 03, 2021

FSC Chairman Koh Seungbeom held his first meeting with the Governor of the Bank of Korea Lee Juyeol in his capacity as the chairman of the FSC on September 3. Chairman Koh and Governor Lee exchanged views on wide-ranging issues surrounding the current economic and financial situations and raised the same voice on the importance of maintaining close cooperation and communication between the two institutions. In particular, Chairman Koh and Governor Lee shared the same view on the urgency to address the buildup of financial imbalances, the necessity to closely coordinate in order to prepare for a global policy shift and to continue to maintain pandemic support for vulnerable sectors. Chairman Koh and Governor Lee agreed to meet regularly and maintain close communication through diverse channels.
FSC Chairman Koh Seungbeom meets with FSS Governor Jeong Eun-boSep 02, 2021

FSC Chairman Koh Seungbeom held a meeting with the governor of the Financial Supervisory Service Jeong Eun-bo on September 2 and discussed ways to strengthen cooperation and communication between the two institutions. During the meeting, Chairman Koh and Governor Jeong agreed to take preemptive measures in response to potential risk factors surrounding the current economic and financial situations, such as the growth in household debt and changes taking place amid digital transformation in the financial sector. Chairman Koh and Governor Jeong agreed to meet regularly in the future to better communicate and strengthen cooperation for the common goal of advancing the financial system.
Mr. Koh Seungbeom takes office as the 8th chairman of the FSCAug 31, 2021

Mr. Koh Seungbeom took office as the 8th chairman of the Financial Services Commission on August 31, 2021. During his inaugural speech, Chairman Koh talked about the importance of formulating financial policies that can be effective in addressing problems in real life and of maintaining close communication and cooperation with relevant institutions in order to devise policies that are well balanced.
FSC Chairman meets with financial industry group leaders to discuss credit recovery support for individualsAug 11, 2021

FSC Chairman Eun Sung-soo met with the heads of financial industry groups and other relevant officials on August 11 and held talks on the necessity of credit recovery support for individuals struggling through the COVID-19. Amid an ongoingCOVID-19 situation,Chairman Eunstated thatcredit recoverysupport for individualsis neededto help prevent vulnerable individualsandindividual business owners from facing the risk of a credit score downgrade.All financial sectors pledged active cooperation on this matter. * Please see press release for details.
FSC Chairman holds talks with financial holding group CEOsAug 10, 2021

FSC Chairman Eun Sung-soo met with the heads of five financial holding groups on August 10 and held talks on creating quality jobs for young adults in financial sectors, managing household debt levels and maintaining COVID-19 financial support. At the meeting, Chairman Eun discussed the importance of creating quality jobs in financial sectors as rapid transition to a digital economy can lead to diminishing employment opportunities in financial sectors. In this regard, Chairman Eun noted that the growth of fintechs hasled to the creation ofmany quality jobs that are desirable for young adults.On the issue of COVID-19 financial support, Chairman Eun emphasized the importance of maintaining a right balance between continuing to make support available and preemptively managing risks, such as household debt. * Please see press release for details.
FSC Chairman visits a financial call center and calls for strict adherence to level 4 distancing measuresJul 28, 2021

FSC Chairman Eun Sung-soo visited Lotte Card'scall centeroffice in Seoul on July 28 to check the call center's compliance to the level 4 social distancing measures. During his visit, Chairman Eun talked about the importance of financial institutions adhering to their own business continuity plans to ensure a seamless service provision amid the pandemic. Chairman Eun also expressed his concern about the rapidly rising level of nonbank loans and called for strong risk management.