Photo News - Financial Services Commission

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FSC Chairman visits Boston and New York to strengthen financial cooperationApr 23, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission traveled to Boston and New York, the United States on April 21-22. On April 21, Chairman Kim visited the Korea Health Industry Development Institute (KHIDI)'s U.S. office in Boston's biotech cluster and held a meeting with the investment companies and Korean biotech firms operating in the U.S. to seek insights on ways to bring about regulatory improvements to promote Korea's biotech venture investment. In Boston, Chairman Kim also visited AVEO Oncology, a U.S.-based biopharmaceutical company owned by LG Chem, and held talks on policy tasks to more effectively support Korea's biotech venture ecosystem. On April 22, Chairman Kim visited New York andhad a meeting with Blackstone Chairman and CEO Stephen Schwarzman.
Vice Chairman presides over ESG finance taskforce meetingApr 23, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 5th ESG finance taskforce meeting on April 23 to review global trends (the EU's Omnibus Package) on sustainable disclosure standards and the progress in formulating domestic disclosure standards. In his opening remarks, Vice Chairman Kim discussed the importance of establishing domestic disclosure standards and roadmap that take into account relevant developments in major overseas countries. At the meeting, participants discussed the EU's Omnibus Package, Japan's final disclosure standards, and relevant developments in major countries, such as the U.K., the U.S., and Canada. The taskforce plans to continue to work on preparing domestic disclosure standards and roadmap that will be consistent with global standards, readily embraced by businesses, and useful for information purposes.
Vice Chairman holds media briefing on capital market reform initiativesApr 21, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a media briefing on the government's capital market reform initiatives and future plans on April 21. During his presentation of key outcomes and progress of capital market reform agendas, Vice Chairman Kim touched upon some of the major improvements achieved so far and spoke about the importance of making persistent efforts to upgrade relevant rules and regulations to continuously seek improvementsfor both investors and businesses.
Vice Chairman holds meeting and discusses ways to make financial services more accessible for people with disabilitiesApr 15, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with related organizations and industry groups on April 15 and held discussions on ways to make financial services more accessible for people with disabilities. In his opening remarks, Vice Chairman Kim outlined the government's three major policy directions intended to make financial services more accessible for people with disabilities and spoke about the importance of making financial services more inclusive. In this regard, Vice Chairman Kim said that the government will seek to (a) resolve inconveniences in financial transactions experienced by those with disabilities, (b) promote the development of more tailored services and products for those with disabilities, and (c) work to prevent fraudulent activities and financial crimes targeting people with disabilities.
FSC and Busan Metropolitan City Government sign MOU on one-stop financial and welfare assistance programApr 11, 2025

Chairman Kim Byung Hwan of the Financial Services Commission and Mayor Park Heong-joon of the Busan Metropolitan City Government signed a memorandum of understanding (MOU) on April 11 to enhnace cooperation in facilitating the provision of comprehensiveone-stopfinancial and welfare assistance program to local residents in Busan. Various microfinance assistance programs will be made available in Busan as officials plan to make visits to different districts in Busan to offer face-to-face consulting services. While speaking about the importance of maintaining cooperation with local governments to boost the effectiveness of policy implementation, Chairman Kim said that the FSC and related financial organizations will closely cooperate with the Busan Metropolitan City Government in providing practical assistance to help vulnerable individuals to recover and regain footing financially.
FSC Chairman attends 3rd fintech open networking dayApr 10, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission attended the 3rd fintech open networking day held on April 10 and delivered a speech highlighting the importance of deepening cooperation between financial companies and fintech businesses. While speaking about the importance of providing support for the scale-up and overseas expansion of fintech services, Chairman Kim said that the financial authorities will continue to work to remove regulatory barriers and facilitate financial holding companies to more actively invest in fintech businesses. Various financial companies along with Fintech Center Korea participated in the event and presented their plans to provide assistance for fintech businesses in their overseas business expansion efforts.
Vice Chairman holds meeting to monitor progress of Personal Credit Management and Debtor Protection ActApr 09, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related organizations and industry groups on April 9 to discuss the progress of implementing the Personal Credit Management and Debtor Protection Act. This law provides strengthened protections for individual debtors throughout the entire process of personal debt management. Between October 17, 2024 when the law became effective until March 14, 2025, the number of debt workout applications filed with financial companies stood at 56,005, and among them, 44,900 cases have entered into debt workout programs. To actively promote the use of personal debt management services made available by financial sectors, Vice Chairman Kim said that is it crucial to maintain close communication and cooperation between the financial authorities and the financial industry. Meanwhile, the six-month grace period granted for implementing this law will be lifted according to initially set schedule on April 16, 2025.
FSC Chairman holds meeting with CEOs of securities businessesApr 09, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with the CEOs of ten major comprehensive financial investment business entities (CFIBEs) and introduced the government's plans to improve the competitiveness of corporate financing by securities firms on April 9. In his opening remarks, Chairman Kim underscored the important role of capital markets in making sure that our economy maintains vitality and continues to grow in the future. In this regard, Chairman Kim said that the plans being introduced today are intended to boost the role of securities businesses in corporate financing. While speaking about theneed to seek innovation in their business operations and actively participate in value-up efforts, Chairman Kim said that securities businesses need to also strengthen risk management and internal control practices. To promote innovation and ensure stability in the capital markets, Chairman Kim called for close cooperation between the financial authorities and the securities business sector.
Vice Chairman presides over kick-off meeting of capital market strategy forumApr 08, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the kick-off meeting of capital market strategy forum with officials from related organizations and private sector experts on April 8. At the meeting, participants reviewed the progress of capital market reform agendas and discussed mid- to long-term policy strategies. In his opening remarks, Vice Chairman Kim spoke about various downside risks presented by uncertainties at home and abroad and underscored the need to make consistent efforts for the advancement of our capital markets. Touching upon the progress made in the past few years, Vice Chairman Kim said that the government has been working to make improvements based on the following three key principles--(a) establishing a fair and transparent market order, (b) making capital markets more accessible for both domestic and foreign investors, and (c) promoting corporate management practices centered on shareholder values. To make sure that capital market reform agendas can continue to be implemented in a consistent manner in the future, Vice Chairman Kim said that the capital market strategy forum was established to seek new reform agendas and ensure continuous discussions.
FSC Chairman presides over market monitoring meeting to review market situations and discuss response strategiesApr 07, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with officials from related organizations and financial industry groups on April 7 to review market situations and discuss response strategies. In his opening remarks, Chairman Kim spoke about significant market uncertainties presented by U.S. tariffs and the importance of ensuring a stable management over our economy and financial markets for the next two months until the next administration comes into place. To this end, Chairman Kim said that the financial authorities will spare no effort in makingsure that KRW100 trillion market stabilization program can be put to use anytime when it becomes necessary. Moreover, Chairman Kim stressed the importance of maintaining policy consistency and ensuring continuous implementation of financial policies according totheir own implementation timetableto ensure market confidence.
FSC Chairman attends policy conference jointly organized by BOK and KIFApr 03, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission attended apolicy conference jointly organized by the Bank of Korea and the Korea Institute of Finance on April 3. The policy conference was held to facilitate discussions on the problem of concentration of credit on real estate assets and ways to resolve this problem.
Vice Chairman holds meeting on debt workout program for small businessesMar 27, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission met with officials from related organizations and microfinance support center on March 27 and held talks on the provision of debt workout assistance made available for small merchants and self-employed business owners under the new start fund program. The government-sponsored debt workout program has been in place since October 2022 and the scope of partnership organizations and its eligibility criteria have been expanded since then to make assistance available for a broader group of businesses. In this regard, Vice Chairman Kim underscored the significance of backstop provided by this program for small merchants and self-employed business owners who are struggling to restart or regain footing. Prior to the meeting, Vice Chairman Kim took time to visit a business that has been able to continue to operate despite pandemic-era difficulties with assistance provided by the debt workout program.