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Vice Chairman outlines policy directions for updating open banking servicesFeb 21, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission visitedKorea Financial Telecommunications Clearings Institute (KFTC) in Seoul andheld a meeting with officials from relevant organizations and industry groups on February 21 to discuss ways to improve infrastructures for financial innovation and a plan to expand open banking services. At the meeting,Vice Chairman Kim outlined policy directions for further improvements in open banking and MyData services, saying that a further plan to bring improvements toopen banking services will be prepared to enhance convenience for financial consumers. * Please see press release for details.
Authorities hold meeting on household debt related risksFeb 20, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with relevant authorities and organizations on February 20 to discuss current household debt situation, related risks and future expectations. At the meeting, the authorities also went over the situation with policy mortgage loans and held talks on ways to improve the quantitative and qualitative structure of household debt.To work for a soft-landing of the current household debt situation, Vice Chairman Kim said that it is necessary to control the growth of household debt in quantitative terms in the short term, while building foundations to encourage the practice of borrowing within ones own debt service capacity over a medium- to long-term.
FSC Chairman meets with banks and holds talks on corporate financing support programsFeb 15, 2024

Chairman Kim Joo-hyun of the Financial Services Commission presided over a meeting with the heads of five major commercial banks and policy financial institutions on February 15 and announced the governments plans to provide tailored funding support for enterprises.In his opening remarks, Chairman Kim said that the future of Korean economy depends on the competitiveness of our enterprises, and that to boost our industrial competitiveness through new initiatives to ensure a continuous growth amid uncertain business environment, it is essential to havethefinancial sectorplay an active role. In this regard, Chairman Kim stressed that it is necessary to have (a) a large-scale investment support for high-tech industries, (b) a targeted investment support for middle market enterprises, and (c) assistance programs made available for businesses undergoing challenges due tohigh interest rates and so on.
Vice Chairman holds meeting on ESG disclosure standardsFeb 14, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from industry groups, investors, related organizations and private sector experts on February 14 and held a discussion on the preparation of domestic disclosure standards for environmental, social and governance (ESG) management. In his opening remarks, Vice Chairman Kim outlined trends in global disclosure standards and direction for domestic standard setting. In this regard, Vice Chairman Kim said that authorities will make sure that domestic ESG disclosure standards will reflect global standards to ensure regulatory consistency and interoperability. Authorities plan to announce a draft proposal in March-April this year.
Financial development review committee holds first meeting of the yearFeb 07, 2024

The Financial Services Commission held this years first financial development review committee meeting on February 7. At todays meeting, seven new members were appointed to the committee, and the authorities discussed key financial policy plans for 2024. Atthe meeting, FSC Chairman Kim Joo-hyun delivered opening remarks emphasizing on the need to strategically respond to shifting demographic structures, climate change and advancement in technologies. Chairman Kim said that authorities will set up taskforces to more closely analyze these issues and prepare response strategies.
FSC to closely work with other ministries to facilitate a recovery in the construction sectorFeb 06, 2024

The government held a meeting with the construction sector on February 6 and talked aboutways to facilitate a recovery in the construction industry. Chairman Kim Joo-hyun of the Financial Services Commission attended the meeting and outlined FSC's market stabilization efforts including the KRW85 trillion-plus market stabilization programs. In particular, regarding the issue of delayed wage payments for the suppliers and subcontractors of Taeyoung Engineering Construction, Chairman Kim said that the issue of overdue payments has been resolved and that the authorities will continue to closely work together in finding solutions for its partners and the pre-construction unitsubscribers. Taeyoung EC is expected to come up with a business improvement plan until April 10, and the government plans to draw up best practice examples on the soft-landing of real estate project finance market.
Vice Chairman holds meeting on upgrading rules on corporate mergers and acquisitionsFeb 06, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related organizations and industry groups on February 6 and announced plans to improve rules on corporate mergers and acquisitions (MAs). The measures are aimed at strengthening protection for investors, which will also help to boost regulatory consistency with global standards. At the meeting, Vice Chairman Kim delivered opening remarks, outlining some of the problems observed in the market and policy proposals to address them. The proposed measures include (a) strengthening disclosure duties on corporate MA activities, (b) upgrading rules on third-party evaluating agencies, and (c) improving the method for calculating merger prices in MAs between non-affiliated companies. The FSC plans to revise relevant rules and regulations in the third quarter of this year to ensure that these measures are implemented promptly.
FSC Chairman visits a traditional market ahead of the Lunar New Year holidayFeb 05, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited Tongin Traditional Market in Jongno-gu, Seoul on February 5 and held talks with small business owners there ahead of the Lunar New Year holiday. During his visit, Chairman Kim talked about the availability of interest rate support programs for small businesses and pledged to make continuous efforts to boost policy support for small businesses and bolster corporate social responsibility in financial sectors.
FSC and MOIS sign MOU to boslter cooperation on prudential supervision on MGCCCFeb 05, 2024

The Financial Services Commission announced that it has signed a memorandum of understanding (MOU) with the Ministry of the Interior and Safety (MOIS) to strengthen cooperation between the two organizations to bolster supervision over MG Community Credit Cooperatives (MGCCC) on February 5. At the MOU signing event, FSC Chairman Kim Joo-hyun pledged to actively cooperate with the MOIS and urged related authorities to make sure a seamless operation of the joint inspection units. The government expects that this agreement will serve as a first step in helping to bolster prudential supervision on MGCCC.
Vice Chairman holds talks on rule changes and security issues of financial industryFeb 01, 2024

FSC Vice Chairman Kim Soyoung held a meeting with relevant institutions and financial businesses at the Financial Security Instituteon February 1and announced plans to bolster cyber and information security capacity and resilience of the financial industry. Vice Chairman statedthat it is necessary to set up a forward-looking cyber and information security system in the financial industry, adding that the FSC will seek ways to make the cyber and information security system more adaptable and resilient. * Please see press release for details.
FSC Chairman visits IBK Startup Factory in SeoulFeb 01, 2024

FSC Chairman Kim Joo-hyun visited IBK Startup Factory in Guro, Seoul on February 1. During his visits, Chairman Kim held talks about business growth stories with leaders of six startups backed by the Industrial Bank of Korea. Chairman Kim expressed gratitude to IBK Startup Factory for providing support for nurturing venture startups and pledged the government's continuous assistance to outstanding entrepreneurs.
Vice Chairman holds a meeting on upgrading rules on listed companies' treasury stocksJan 30, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting withofficials from related authorities, industry groups and research organizations on January 30 to discuss and announce measures to improve rules on treasury stocks of listed companies.At the meeting, Vice Chairman Kim outlinedmarket participants views on Koreas treasury stock system and proposed measures for improvement.To protect the rights and interests of ordinary shareholders in corporate spin-offs,authorities will prohibit allocation of new shares on treasury stocks. To ensure the provision of transparent information on the acquisition, holding and disposal of treasury stocks, authorities will upgrade rules to require listed companies to disclose in detail when the proportion of their treasury stock holding rises above a certain level and to strengthen disclosure dutyonthedisposal of treasury stocks.