Photo News - Financial Services Commission

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FSC holds 1st Fintech Open Networking DayJan 26, 2024

The Financial Services Commission held the first Fintech Open Networking Day on January 26 with fintech businesses, financial companies and investment firms joining along with related organizations. FSC Vice Chairman Kim Soyoung attended the event and delivered congratulatory remarks highlighting the importance of collaboration between diverse players in the fintech ecosystem. In this regard, Vice Chairman Kim said that the government will also make continuous efforts to facilitate a revitalization of the fintech industry.
FSC and MOEL sign MOU to provide joint support programJan 24, 2024

The Financial Services Commission and the Ministry of Employment and Labor signed a memorandum and understanding (MOU) on January 24 to ensure mutual cooperation between the two organizations and to make available a joint finance-employment assistance program to those in need. At the MOU signing event, FSC Chairman Kim Joo-hyun said that the government will provide self-recovery assistance to vulnerable groups by making available joint consultation and counseling programs on both microfinance and employment related issues. Under this joint assistance program, a visitor to a microfinance support center will be eligible to receive support from an employment assistance center, and vice versa, to boost opportunities for self-recovery.
FSC Chairman holds talks with securities businessesJan 24, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with securities businesses and officials from related industry groups on January 24 to talk about the government's capital market reform agendas and ways to boost investor confidence in securities firms. At the meeting, Chairman Kim outlined the government's key principles behind its policy measures, which include (a) protecting the rights and interests of ordinary shareholders, (b) improving regulatory consistency with global standards and (c) strengthening measures on unfair trading activities. In this regard, Chairman Kim explained that the government has been consistently maintaining these policy objectives and plans to carry out tax reform on financial investments and revise relevant regulations to further strengthen the rights and interests of minority shareholders and to prevent controlling shareholders from misusing treasury stocks to bolster their control. Chairman Kim also discussed the government's plan to operate a "corporate value-up program" and underscored the important role of securities businesses in providing crucial financial services to companies and the public.
Vice Chairman holds meeting on ways to improve the soundness of the convertible bond marketJan 23, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from relevant organizations and industry groupson January 23 and discussed the government's plan to bolster thesoundness of the convertible bond (CB) market. The measures included in the plan are intended to strengthen rules on disclosure of information on the issuance and distribution of convertible bonds, making improvements to the current refixing rules and procedure, and strengthening investigation over unfair trading activities involving CBs. Vice Chairman Kim said that the FSC will continue to closely monitor market situation and seek further reforms if deemed necessary.
Vice Chairman holds talks with CEOs of foreign financial companies operating in KoreaJan 22, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with a group of CEOs representing foreign financial companies operating in Korea on January 22. At the meeting, Vice Chairman Kim discussed the government's regulatory reform initiatives intended to promote and facilitate the entrance of overseas-based financial companies into domestic market with a goal to boost competition and innovation. The FSC plans to look into areas where regulatory reforms are needed after having a series of meetings with each financial sector and announce regulatory reform agendas thereafter. In drawing up specific measures, the FSC will take into account suggestions and recommendations raised by foreign financial companies.
FSC Chairman holds meeting to review the launch of online insurance comparison and recommendation platform serviceJan 18, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with officials from related organizations and industry groups on January 18 and checked the preparation for launching the online insurance comparison and recommendation platform service from tomorrow. At the meeting, Chairman Kim discussed the importance of providing financial services that are more innovative and convenient from the perspective of consumers. In this regard, Chairman Kim talked about a significant boost to consumer benefits and convenience expected from the launch of online insurance comparison and recommendation platform service as it can help to resolve the issue of information asymmetry between insurers and the insured.
FSC Chairman holds talks with climate-related businesses operating in North Jeolla ProvinceJan 18, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited a secondary battery recycling company based in Gunsan-si, North Jeolla Province on January 18 and held talks with a group of climate-related businesses on the challenges and strategies of dealing with climate change risks. At the meeting, Chairman Kim said that the country's future growth engine will depend on how appropriately and quickly we deal with the risks posed by climate change. While emphasizing the importance of achieving a carbon neutral society, Chairman Kim said that, in order to make that happen, it is also necessary to supply a significant amount of funds over a long period of time. To this end, Chairman Kim said that the government will work with the banking sector to jointly create a fund to boost facility investment in new renewable energy sources and support the growth of climate-relatedindustries through K-growth fund. Through close cooperation with relevant ministries, Chairman Kim said that the FSC will prepare measures to support climate-related industries.
Vice Chairman holds meeting to review operation of youth savings accountJan 18, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with young adults and officials from relevant organizations on the operation ofyouth savings account on January 18. At the meeting, Vice Chairman Kim listened to suggestions and recommendations made by young adults and urged officials from related organizations and financial institutions to ensure a seamless operation of the system and application process and thoroughly provide information about specific details ofyouth savings account to make sure that applicants are able to fully understand the benefits and requirements.
FSC Chairman outlines key policy measures to strengthen the role of finance to help expand the ladder of opportunityJan 17, 2024

Chairman Kim Joo-hyun of the Financial Services Commission held a media briefing about key details of the government's policy measures intended to strengthen the role of finance to help expand the ladder of opportunity for the public, the topic of discussion dealt with at the fourth policy discussion forum held earlier on January 17. To bolster the role of finance in facilitatingasset accumulation of the public, Chairman Kim said that the government will carry out various measures to improve rules on capital markets. To assist those struggling with high interest rates, Chairman Kim said that the government will continue to work on measures to lower high financing costs for vulnerable groups.
Vice Chairman holds media briefing on ways to strengthen the role of financeJan 17, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a background briefing on the government's financial policy plans to strengthen the role of finance to foster co-prosperity and expand the ladder of opportunity on January 16. At the briefing, Vice Chairman Kim outlined government's plans for (a) strengthening the role of capital markets to facilitate asset accumulation of the public, (b) reducing the burden of high interest rates in support for vulnerable groups, and (c) assisting vulnerable debtors to recover and regain footing from financial difficulties and debt problems.
FSC Chairman calls for provision of prompt credit recovery support to help borrowers in payment delinquencyJan 15, 2024

Chairman Kim Joo-hyun of the Financial Services Commission attended an MOU signing event held for financial industry groups and credit information companies with an aim to provide prompt credit recovery support for borrowers in payment delinquency on January 15. With this agreement in place, the financial industry associations and credit information companies will suspend the practice of sharing and making use of borrowers' past delinquent payment information for processing new loan applications and so on. Up to some 2.9 million individuals are expected to benefit from this credit recovery support as their delinquent payment history will be removed from the record. At the event, Chairman Kim said that it is necessary to give a second chance to those who fell victims to the unavoidable environmental circumstances, such as the effects of thecoronaviruspandemic and continuation of high interest rates and high inflation. In this regard, Chairman Kim asked financial companies to promptly make such help available.
Authorities and industry officials hold meeting to discuss ways to continue to stably control household debt growth in 2024 Jan 10, 2024

Secretary General Kwon Dae-young of the Financial Services Commission presided over a meeting with officials fromrelated government ministries, organizations and industry groups on January 10to go over the current household debt situation and discuss ways to continue to effectively control growth in 2024. At the meeting, Secretary General Kwon talked aboutthree principled strategies that need to be observed in a consistent manner,while saying that it will require close cooperation and communication between theauthorities and financial institutions.