Photo News - Financial Services Commission

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FSC Chairman visits local bank and pledges contiuous support for small merchantsFeb 27, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited a local bank on February 27 to check on the provision of banking sector's proposed financial assistance programs for small merchants. On February 24, banks decided on their joint efforts to provide debt adjustment support for small merchants and lending assistance for those undergoing business closures. Starting from today, banks have begun to provide earlyconsultation on these support programs, and small merchants are able to seek relevant information from them. In his visit to a local bank, Chairman Kim held talks with the bank employees and small merchants there and pledged to provide continuous support to ensure a seamless operation and implementation of the proposed financial support programs.
Vice Chairman holds media briefing and announce measures to prevent mis-selling of highly complex financial investment productsFeb 26, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a media briefing on February 26 and announced a set of measures intended to prevent mis-selling of highly complex financial investment products. The FSC and the FSS prepared the measures to bring about improvements to the sales practices of financial investment products at banks, to make sure that consumer protection principles are effectively observed by financial companies, and to help establish internal control mechanisms designed to prevent mis-selling and strengthen regulatory oversight. In the aftermath of large-scale losses incurred to investors regarding the sales of Hong Kong index-linked ELS products by domestic financial companies, the financial authorities have held a series of meetings with related experts and industry groups to come up with specific measures, which include allowing banks to sell ELS products only at certain qualified branches that are equipped with adequate consumer protection mechanisms and requiring a physical separation of counters between those handling the sale of ELS products and those handling ordinary deposit-taking and lendingfunctions.
Vice Chairman holds meeting on early implementation of policy fundsFeb 19, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting on February 19 with officials from policy financial institutions and related government ministries to discuss the progress of early implementation of policy funds to support industries this year. Amid a slowing growth rate in the economy expected to continue throughout this year, Vice Chairman Kim said that it is important for policy financial institutions to frontload the implementation of policy funds to support industries and facilitate a recovery in the real economy. As of February 14, five major policy financial institutions have supplied a total of KRW33.0 trillion in policy funds, up 17 percent or KRW4.9 trillion compared with the same period a year ago. In the first quarter of this year, policy financial institutions plan to supply a total of KRW88 trillion to support industries and KRW122 trillion by the end of April. Through early implementation of policy funds, policy financial institutions will supply about 60 percent of their annual supply plan in the first six months of this year.
Vice Chairman presides over third virtual asset committee meetingFeb 13, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the third meeting of the virtual asset committee on February 13 and held discussions with related ministry officials and private sector experts on the final policy measures intended to allow corporate transactions of virtual assets in the virtual asset market. At the meeting, the committee also discussed ways to bring about improvements to the best practice guidelines for listing virtual assets and reviewed the progress of regulatory reform regarding the introduction of security token offering (STO). In the first half of this year, the sale of virtual assets will be allowed by law enforcement agencies, non-profit corporations and universities, and virtual asset exchange service providers only for the purpose of liquidating them into cash. In the second half of this year, a pilot test of corporate transactions will be introduced for investment and financial purposes by about 3,500 listed companies and registered companies that are classified as qualified professional investors under the FSCMA.
FSC Chairman visits Busan and holds meeting on boosting investment support for local businessesFeb 10, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited Busan and held a meeting on ways to expand investment support for local businesses on February 10. The meeting was attended by officials from the Busan metropolitan government, financial companies, and a group of local businesses operating in Busan and its surrounding areas. At the meeting, participants discussed establishing a green and digital investment fund intended to provide support for local industries, which will help to make them more eco-friendly and digitally up-to-date in their business operations. Every year for the next nine years (from 2025 to 2033), a green investment fund worth KRW250 billion or more will be set up to facilitate the transition. At the meeting, Chairman Kim spoke about the significance of this investment plan as an important step towardboosting corporate financing support for the region and promotingmore equity-based investment support. In this regard, Chairman Kim said that the FSC and policy financial institutions will continue tomakeactive supportavailablefor the development of local industries.
FSC Chairman presides over this year's first fintech support council meetingFeb 06, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission presided over this year's first fintech support council meeting with relevant organizations and financial institutionsin attendanceand discussed plans to support domestic fintech firms toscale up for overseas business expansion.At the meeting, Chairman Kim said that the government will actively support financial holding companies' investment in fintech and promote mutual cooperation and collaboration between financial companies and fintech businesses. For this year, there is new fiscal assistance made available for fintech scale-up programs in partnership with the fintech incubation labs operated by financial companies. In addition, the annual fintech expo, Korea Fintech Week, will be held in a bigger scale this year under the theme of "AI and fintech, customized financial innovation" with participation from more overseas businesses and countries.
Vice Chairman speaks about need to make improvements to Korea Stewardship CodeFeb 05, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission attended a seminar on stewardship code organized by Korea Institute of Corporate Governance and Sustainabilityon February 5 and delivered congratulatory remarks on the need to make improvements to the Korea Stewardship Code. Taking into account examples from major overseas markets, such as the U.K., Japan, Germany, and Singapore where countries have madeimprovementsto their stewardship codes, Vice Chairman Kim talked about the need to bring up to date key features of the stewardship standardsin Koreato expand the scope of fiduciary responsibility and incorporate sustainability issues in line withthe changes incapital market environment andcurrentsituation.
Chairman meets with small merchants ahead of Lunar New Year holidayJan 23, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited Tongin Traditional Market in Jongno-gu, Seoul on January 23 ahead of the Lunar New Year holiday and bought some foods. During his visit, Chairman met with small business owners and listened to their challenges, while touching upon the government's plan to draw up financial assistance programs for small merchants.
Chairman visits individual rehabilitation and bankruptcy comprehensive support centerJan 23, 2025

Chairman Kim Byoung Hwan of the Financial Services Commissionvisited the individual rehabilitation and bankruptcy comprehensive support center operated by the Korea Legal Aid Corporation in Seoul on January 23 and held talks with center staffand customers on predatory lending and scams and also challenges faced by a vulnerable group in accessingfinancial support programs. During his visit, Chairman Kim also expressed gratitude to the employees and commended their continued endeavor.
Vice Chairman holds 6th insurance reform committee meetingJan 21, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission convened the 6th insurance reform committee meeting on January 21 along with officials from the Financial Supervisory Service, related institutions, and insurance companies. At themeeting, participants discussed a variety of issues concerning key tasks in the insurance industry, ways to bolster responsibilities of insurers, how to ensure business management in a stable way in the industry, and tasks to be prepared for the future.
Vice Chairman holds meeting with youth policy advisory groupJan 17, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting on January 17 with the newly formed youth policy advisory group commissioned tobe operated for the next two years. At the meeting, Vice Chairman Kim conferred certificates of appointment to the members of the newly formed youth policy advisory group and discussed key financial policy issues and the government's efforts to bring about policy improvements for young adults. In this regard, Vice Chairman Kim said that the increased level of public sector contribution made available for the youth savings account program from January this year has already led to a much higher level of subscription compared with the previous three months. To help make financial policies work better for young adults, the members of the youth policy advisory group vowed to seek ways to improve policies in diverse areas, such as personal credit and debt management, housing, and financial education.
Vice Chairman presides over second virtual asset committee meetingJan 15, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the second meeting of the virtual asset committee with officials from related ministries and organizations and committee members from the private sector on January 15. At the meeting, the committee kicked off discussions on key regulatory issues and legislative areas for seeking a second phase enactment of legislation on virtual assets and reviewed global trends and major issues surrounding stablecoins. In his opening remarks, Vice Chairman Kim spoke about the importance of maintaining regulatory consistency with global standards as major economies around the world are speeding up the process of establishing regulations on virtual assets. In this regard, Vice Chairman Kim said that this advisory committee will begin to have discussions on establishing a comprehensive regulatory and legislative framework addressing issues encompassing all stakeholders including virtual asset service providers and related businesses, users, and the market. The FSC expects to have a more detailed legislative bill on virtual assets in the second half of this year after having a series of taskforce and subcommittee meetings with related authorities.