Photo News - Financial Services Commission

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FSC Vice Chairman holds meeting to see progress in the operation of youth savings accountMay 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from related organizations, representatives of the youth policy advisory group, and young adults who signed up for youth savings accounts on May 22 and held talks on the operation of the program and sought opinions for improving the system. From when the programwas launchedin June 2023 until April 2024, about 1.23 million individualssigned up for youth savings accounts, which offer higher savings rates and the incentive of matching contributions to young adults. During the meeting, FSC Vice Chairman Kim said that this program offers a foundation to help young adults accumulate assets, so that it should serve as an anchor to building asset portfolios for young adults. According to a recent survey, about 45 percent of young adults who have yet to sign up for the program showed a willingness to subscribe in the future. In June this year, the FSC will organize a focus group to facilitate discussions and gather more wide-ranging opinions to seek improvements. The FSC also plans to form a working group on youth finance with officials from related organizations and experts to explore various policy issues and areas that can help to address the needs of young adults.
Authorities hold this year's first mutual finance policy consultation group meetingMay 20, 2024

Secretary General Kwon Dae-young of the Financial Services Commission presided over this year's first mutual finance policy consultation group meeting with related government ministries and industry groups on May 20. At the meeting, authorities went over mutual finance businesses' prudential management situations and discussed ways to bolster their prudential management, promote improvements in their operating practices, and seek transparency in governance structures. As mutual finance businesses have continued to seek external expansion in terms ofthe scope of their operation and business areas, authorities discussed ways upgrade and improve the current regulatory and supervisory frameworks applied on various types of mutual finance businesses.As a first step to this end, at today's meeting,authorities discussed ways to strengthenthecapital requirements and loss absorbing capacityof mutual finance businessestohelpmake them more crisis resilient. At the meeting, Secretary General Kwon said that the financial authorities will continue to closely communicate with related authorities to ensure prudential management in the mutual finance sector and seek improvements in regulations.
Authorities meet with market experts and hold talks on measures to seek a soft-landing in the real estate PF marketMay 20, 2024

The Financial Services Commission and the Financial Supervisory Service held a meeting with market experts to share and exchangeopinions on the recently announced measures for seeking a soft-landing in the real estate project finance market on May 20. At the meeting, participants shared a common view that the recently announced measures intended to more effectively sort out financially viable projects from those deemed to fall below standards and to facilitate speedy restructuring and liquidation of the latter will significantly help to remove uncertainties in the market. Although there are concerns about a potential increase of risk in the nonbank sector, participants assessed that the possibility of insolvency risk spreading throughout the nonbank sector remains low due to improvements in the loss absorbing capacity of financial companies. Speaking about the importance of transparency and predictability, FSC Secretary General Kwon Dae-young said that the financial authorities will work to clearly communicate policy directions and implementation of specific measures with market participants.
FSC Chairman holds meeting on promoting investment for startups and venture businessesMay 16, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting on promoting investment for startups and venture businesses on May 16 along with experts and related organizations and businesses. After reviewing the status of funding support made available by Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund, and Korea Growth Investment Corporation, Chairman Kim outlined plans for this years startup and venture investment support and pledged to continue to closely listen to the needs of startups and venture businesses to boost investment and promote growth. In this regard, a total of KRW15.4 trillion in policy funds will be supplied to ensure the provision of seamless funding support for up-and-coming startups equipped with innovative technologies this year, up about 30 percent from the amount of support provided in the previous year. In addition, KDB-IBK's secondary fund worth about KRW1.2 trillion has been created for making investments starting from May this year.
FSC and FSS announce measures to seek an orderly soft-landing in the real estate project finance marketMay 13, 2024

Secretary General Kwon Dae-young of the Financial Services Commission held a media briefing on May 13and announced the government's plan for seeking an orderly soft-landing in the real estate project finance market. The announced measures will facilitate financial companies to more clearly distinguish construction projects that are deemed to be viable from the ones failing to meet standards in order to ensure seamless supply of funds to the former while encouraging market-driven restructuring or liquidation of the latter. Additional support measures have been prepared, such as additional guarantee support extended to builders for increased construction costs, creation of a syndicated loan to support restructuring or liquidation, and the availability of various incentives through temporary easing of financial regulations. At the briefing, Secretary General Kwon said that a successful soft-landing requires a clear, thorough, and transparent communication of policy tools to boost predictability, alongside the self-help efforts of market participants. To ensure that there is a sufficient level of predictability and work toward a successful soft-landing in the project finance market, Secretary General Kwon said that financial authorities will continue to closely engage with stakeholders and communicate relevant timeline and details of the measures.
Vice Chairman delivers congratulatory remarks at a seminar unveiling measures for ATS operationMay 09, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended a seminar held on May 9 in which authorities and related organizations discussed and unveiled measures for operating alternative trading system. During his speech, Vice Chairman Kim talked about the importance of ensuring stability and fairness, while urging participants to thoroughly prepare for the launch of an ATS and to ensure that investors are kept posted with relevant information. Introducing an ATS has been a key part of the government's capital market reform initiative, and it is intended to make domestic capital markets more accessible for investors with enhanced convenience for transactions. An ATS operated by Nextrade is expected to be launched for full operation beginning in the first half of 2025.
Inter-ministerial taskforce on finance, employment, and welfare support holds kick-off meetingMay 07, 2024

The Financial Services Commission held a kick-off meeting of the inter-ministerial taskforce on finance, employment, and welfare support with related government ministries and agencies on May 7. The inter-ministerial taskforce was formed to facilitate close cooperation and coordination among related authorities in providing finance, employment, and welfare-related support to vulnerable groups in a more comprehensive and integrated way. At today's meeting, the authorities reaffirmed their strong commitment to closely work together to make available comprehensive support programs that can address the financial, employment, and welfare needs of vulnerable individuals. The taskforce will regularly hold meetings with related organizations and experts to draw up specific measures that will help to boost the effectiveness of joint support programs. Based on these meetings, the taskforce plans to finalize and announce a comprehensive set of measures in the first half of this year.
Authorities launch insurance reform committee and hold kick-off meetingMay 07, 2024

The Financial Services Commission and the Financial Supervisory Service held a kick-off meeting of the insurance reform committee together with related authorities, research institutions, and industry groups on May 7. The insurance reform committee was launched with aims to restore public confidence and seek new and innovative growth drivers for the future. At today's meeting, participants discussed the operating plan for the committee, major industry-wide concerns, and ways to make improvements and seek new growth drivers for the future. The insurance reform committee will regularly meet to draw up improvement measures and hold a policy conference tounveil final measures in early 2025.
Vice Chairman holds teleconference with global investment banks to discuss domestic market situation and key policy issuesMay 07, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a teleconference meeting with global investment banks on May 7 to exchange views on the current economic and financial market situations in Korea. With regard to the current financial market situation, Vice Chairman Kim said that domestic financial markets remain stable, despite various uncertainties at home and abroad, since domestic financial companies are equipped with adequate levels of loss absorbing capacity and that the government is also sufficiently prepared to handle crisis situations through various market stabilization programs amounting to KRW94 trillion. After discussing some of the progress and plan for key policy areas, such as the normalization of the real estate project finance market, effective management of household debt growth, bolstering prudential management of nonbank financial institutions, and the Corporate Value-up Program, Vice Chairman Kim said that it is important for the Korean government and financial sectors to frequently communicate with global investors and overseas market participants to more accurately explain our market stabilization and reform efforts to helpimprove confidence in Korean financial markets.
Vice Chairman attends seminar on Corporate Value-up Program May 02, 2024

Vice Chairman of the Financial Services Commission Kim Soyoung attended a seminar outlining the draft guidelines on the Corporate Value-up Program co-hosted by the Korea Exchange, Korea Capital Market Institute, and relevant organizations held on May 2. Vice Chairman delivered congratulatory remarks on the government's will to achieve capital market reforms, while elaborating on the plan to boost valuations of listed companies.
FSC to promote investments in climate technology sector Apr 30, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended the technology fund agreement ceremony on April 30. This agreement ceremony is a second follow-up measure for expanded financial support measures for climate crisis response after its first follow-up measure the ceremony for the establishment of the Future Energy Fund, which supplies venture capital for the expansion of renewable energy facilities, including offshore wind power.The FSC plans to invest a total amount of KRW9 trillion in the climate technology sector through its various funds like Innovation Growth Fund and Growth Ladder Fund. Among those funds stands the Climate Technology Fund, which Industrial Bank of Korea and five major commercial banks are to commit a total of KRW1.05 trillion into its master fund by 2023, and invest KRW3 trillion in climate technology companies through private capital matching. The master fund is managed by Korea Growth Finance.
Vice Chairman holds meeting on ESG finance and outlines details of domestic ESG disclosure standardsApr 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 4th taskforce meeting on ESG finance on April 22 and outlined basic principles and key details of an open draft on domestic ESG disclosure standards. In this opening remarks, Vice Chairman Kim laid out basic principles behind the open draft, stating that the draft standards have been prepared to meet global consistency and that they strike a reasonable balance between the needs of investors and those of businesses. A full version of the open draft on domestic ESG disclosure standards is expected to be made public on April 30. The FSC expects that the introduction of ESG disclosure standards will help to boost the competitiveness of our economy and businesses, while laying foundation for a more sustainable growth.