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May 13, 2024
- Household Loans, April 2024
- In April 2024, the outstanding balance of household loans across all financial sectors rose KRW4.1 trillion (preliminary) from the previous month. When compared with the end of 2023, the household loan balance dropped KRW1.8 trillion, which shows that the growth trend remains on a stable course. * Change (in trillion KRW, m-o-m): +2.6 (Nov 2023), +0.1 (Dec), +0.9 (Jan 2024), -1.9 (Feb), -4.9 (Mar), +4.1 (Apr)p (By Type) Home-backed mortgage loans increased KRW4.1 trillion as the banking sector saw a significant growth in mortgage loans (up KRW0.5 trillion up KRW4.5 trillion). Other types of loans went up KRW0.03 trillion from a month ago (down KRW5.0 trillion) as the banking sector saw an increase of KRW0.6 trillion, while the nonbanking sector saw a slower pace of decline (down KRW2.8 trillion down KRW0.6 trillion). (By Sector) Household loans edged back up in the banking sector while declining at a slower pace in the nonbanking sector. Banks saw a rise of KRW5.1 trillion in household loans compared with the previous month as relevant statistics on household loan data began to incorporate certain types of housing loans previously excluded from household loan statistics but classified instead as policy funds. Banks issuance of new mortgage loans also expanded from a month ago (up KRW2.0 trillion up KRW3.6 trillion). A series of initial public offerings scheduled in April-May also pushed up the volume of credit loans temporarily. In the nonbanking sector, household loans fell KRW1.0 trillion. Although the pace of the decline slowed compared with the previous month (down KRW3.3 trillion), the overall trend since the second half of 2022 has steadily shown a slowing trend. Mutual finance businesses continued to see a decline (down KRW2.1 trillion) in household loans, while specialized credit finance companies (up KRW0.6 trillion), savings banks (up KRW0.5 trillion), and insurance companies (up KRW0.01 trillion) all saw growth led by increase in credit loans. (Assessment
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May 13, 2024
- FSC and FSS Announce Measures to Seek an Orderly Soft-landing in the Real Estate Project Finance Market
- The Financial Services Commission and the Financial Supervisory Service announced measures to seek an orderly soft-landing in the real estate project finance market on May 13, expanding upon the series of previously introduced measures aimed at stabilizing the market. Background Since the second half of 2022, the government has been working to facilitate an orderly soft-landing in the real estate project finance market through various market stabilization programs designed to stabilize financial markets, such as the PF-ABCP (project finance asset-backed commercial paper) market and bond market, and by providing funding support to the development projects that are considered to be financially viable, while encouraging restructuring or liquidation of projects that are deemed to be unviable. Corporate bond spreads, which stood at 109 bps at the end of September 2022, rose quickly to 177.2 bps on December 1, 2022 due to market anxieties about PF-ABCPs. However, as the government and the private sector actively took steps to respond in a timely manner, by introducing the corporate bond market stabilization fund and the PF-ABCP purchase program, bond market conditions began to stabilize since after January 2023, and corporate bond spreads as of the end of April 2024 stood at 46.6 bps. Spreads on commercial paper (CP) also spiked to 240 bps on November 23, 2022, but have come down to the recent level of 68 bps, showing signs that financial market conditions have returned to stability. To facilitate funding of the development projects that are operating on solid financial grounds, the government introduced a project finance guarantee program worth KRW30 trillion in October 2022, from which about KRW18 trillion has been implemented thus far in support for projects making a transition from bridge loans to project finance loans. Along this line, in September 2023, various lending support programs were also introduced to assist construction companies via policy financial instit
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May 09, 2024
- Authorities Introduce ATS Operation Plan to Promote Improvement in Capital Market Infrastructure
- The Financial Services Commission announced that Koreas first alternative trading system (ATS), Nextrade, will begin to operate in domestic market starting in the first half of next year. This will mark the operation of a multiple and competition-based stock trading system in Koreas capital market as in the case with those found in major overseas economies. Introducing an ATS has been a key part of the governments capital market reform initiative, and it is intended to make domestic capital market more accessible for investors with enhanced convenience for transactions. With the operation of an ATS, stock trading hours will be extended to twelve hours a day from 08:00 am to 08:00 pm. Also, as more order types will become available for investors with enhanced competition to help lower fees, transaction costs will be reduced and trading convenience improved for investors. Seminar on ATS Operation Plan The FSC held a seminar on the measures for operating ATS with the Korea Financial Investment Association, Korea Exchange (KRX), and Nextrade on May 9. As the preliminary approval for operating an ATS was granted to Nextrade in July 2023, the FSC and related organizations have since worked on the measures for ATS operation and plans for ensuring effective market oversight in a comprehensive and integrated manner. At todays seminar, the authorities unveiled the measures and held discussions with market participants. FSC Vice Chairman Kim Soyoung delivered congratulatory remarks at the beginning of the seminar and emphasized the importance of ensuring stability and fairness in market management. Vice Chairman Kim also asked participants to thoroughly prepare for the official launch of an ATS and to ensure that investors are kept posted with relevant information. In addition, Vice Chairman Kim said that the financial authorities will work to prepare guidelines and revise relevant rules and regulations necessary for the operation of an ATS. A New Stock Trading Experience With
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May 02, 2024
- Guidelines on Corporate Value-up Plan Unveiled to Support Listed Companies' Voluntary Efforts to Boost Corporate Value
- The Financial Services Commission (FSC), the Korea Exchange (KRX), Korea Capital Market Institute (KCMI) and relevant organizations held the second seminar on the Corporate Value-up Support Plan on Thursday, May 2. At todays seminar, the draft Guidelines for Corporate Value-up Plan, one of key pillars of the Corporate Value-up Program, was unveiled to gather opinions from various stakeholders. Congratulatory Remarks by FSC Vice Chairman FSC Vice Chairman Soyoung Kim delivered congratulatory remarks reaffirming the governments strong will towards capital market reforms. In addition to regulatory reform initiativesin our capital markets that the government has made over the past two years, listed companies value enhancement efforts will help Koreas stock market tackle Korea discount and rise steadily over mid-to long-term, Vice Chairman said. Regarding the draft Guidelines on Corporate Value-up Plan unveiled today, Vice Chairman emphasized the importance of such plans, saying that corporate value-up plans will enable listed companies to communicate with shareholders and market participants about a comprehensive picture over the companies future, and allow investors to better understand companies in which they are going to invest in and make well-informed decision, thereby listed companies will be able to get proper market valuation for their true intrinsic value or expected value. He added that the corporate value-up program shall be deemed as a long-term initiative. In this regard, the guidelines unveiled today are not the end, but the beginning of our long-term plan, Vice Chairman said. Various incentives and support measures including guidelines, consulting, training, etc, will be provided to encourage active participation of listed companies, and then investors will properly evaluate companies value enhancement efforts and reflect them into their investment decision. The government and relevant organizations will continue to support companies corporate value-up ef
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Apr 30, 2024
- FSC to Promote Investment in Climate Technology Sector
- 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. Chairman Kim stated, Climate technology is both a means to achieve carbon neutrality and a future source of sustenance."He added, "The government and private sector together have come up with the plan for investing a total of KRW9 trillion in the climate technology sector by sector by 2030, including the Climate Technology Fund." Chairman Kim also emphasized that the Climate Technology Fund will be mandated to put a certain ratio of its investments into SMEs and venture companies possessing climate technology to ensure that funds are appropriately allocated. He also urged the Climate Technology Fund to actively seek out investment opportunities and serve as patient capital to support the growth of the climate technology sector, which faces significant uncertainties and challenges in achieving short-term results. The Climate Technology Fund plans to establish the master fund during the first half of the year, select the managers for the feeder funds, and complete the formation of these funds by early next year to commence investment. *
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Apr 22, 2024
- Taskforce on ESG Finance Holds Meeting and Discusses Key Details of ESG Disclosure Standards
- The Financial Services Commission held the 4th taskforce meeting on ESG (environmental, social and governance) finance with related ministries, industry groups, investors, and experts on April 22 to have discussions on details of an open draft on domestic ESG disclosure standards. FSC Vice Chairman Kim Soyoung presided over the meeting and outlined basic principles and key details of the draft standards. A Summary of Vice Chairmans Remarks First, this open draft on domestic ESG disclosure standards is consistent with global standards as it amply takes into account cases from overseas. In this regard, the draft standards have been formulated to ensure interoperability with the ESG disclosure standards of other major countries to minimize the burden of redundant disclosure duties for domestic businesses. In addition, the draft standards will mandate climate-related disclosures first, while keeping the disclosure of information on other non-climate-related ESG elements on a voluntary basis. Second, the draft standards have been prepared to provide quality information to investors. Instead of simply requiring businesses to list up relevant data on climate risks and opportunities, the draft standards will actually promote behavioral change from businesses through a more systematic provision of information disclosures based on important categories, such as governance structure, strategy, risk management process, and so on. Third, the draft standards also take into account the needs of enterprises and ensure that there is no excessive burden placed on them. Considering domestic firms capabilities and level of preparedness, authorities will provide detailed guidelines and allow companies to disclose qualitative informationinstead of quantitative datafor certain types of indicators prone to a large degree of subjectivity in their measurement. This open draft on ESG disclosure standards also takes into consideration the need for our economy to address some of the newly emergi
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Apr 11, 2024
- Household Loans, March 2024
- In March 2024, the outstanding balance of household loans across all financial sectors fell KRW4.9 trillion (preliminary), declining at a faster pace compared to the previous month (down KRW1.9 trillion). * Change (in trillion KRW, y-o-y): +6.2 (Oct 2023), +2.6 (Nov), +0.1 (Dec), +0.9 (Jan 2024), -1.9 (Feb), -4.9 (Mar)p (By Type) Home mortgage loans increased KRW0.05 trillion, growing at a much slower pace compared to the previous month (up KRW3.7 trillion), due to a substantial drop in the banking sector (up KRW4.7 trillion up KRW0.5 trillion). Other types of loans declined KRW4.9 trillion, with drops seen in both the banking (down KRW2.8 trillion down KRW2.1 trillion) and nonbanking (down KRW2.7 trillion down KRW2.8 trillion) sectors. (By Sector) Household loans turned lower in the banking sector, while the pace of decline moderated in the nonbanking sector. In March, banks saw a decline of KRW1.6 trillion in household loans, which shifted down from the growth of KRW1.9 trillion a month ago, with the implementation of the stressed debt service ratio (DSR) rules. Other types of loans from banks also continued to decline (down KRW2.8 trillion down KRW2.1 trillion), led by credit loans. In the nonbanking sector, household loans fell KRW3.3 trillion. Mutual finance businesses (down KRW2.4 trillion) and insurance companies (down KRW0.2 trillion) saw slower paces of decline from a month ago, while specialized credit finance companies (down KRW0.4 trillion) and savings banks (down KRW0.3 trillion) saw faster paces of decline. (Assessment) The continued decline in household loans appears to be caused by the prolonged high interest rates and delayed recovery in housing market transactions. The financial authorities will continue to closely monitor situations regarding the housing market and interest rates to make sure that household debt growth is stably managed with a long-term perspective. * Please refer to the attached PDF for details.
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Apr 09, 2024
- Fintech Innovation Fund Worth KRW500 Billion Planned for 2024-2027
- The Financial Services Commission held a meeting with fintech businesses, venture investors, and related industry groups on April 9 and held talks on ways to promote investment and boost support for the fintech industry. FSC Vice Chairman Kim Soyoung presided over the meeting and spoke about the importance of todays meeting in his opening remarks. Vice Chairman Kim said that a continuation of high interest rates and economic uncertainties has pushed down investments for startup businesses and the fintech industry around the world. To help improve the competitiveness of our financial industry, Vice Chairman Kim added that it is crucial to make policy efforts to revitalize the fintech industry and its investment ecosystem. In this regard, Vice Chairman Kim said that the government will (a) expand the operation of fintech innovation funds to continue to make investment in promising fintech businesses, (b) upgrade the financial regulatory sandbox program, and (c) support overseas expansion of fintech businesses and expand the supply of related policy funds. As a part of the governments plan to continue to promote investment in the fintech industry, the FSC and related organizations discussed and announced a plan to set up a second batch of fintech innovation funds worth KRW500 billion for operation for four years between 2024 and 2027. The first batch of fintech innovation funds was in operation between 2020 and 2023, during which it raised a total of KRW513.3 billion and supplied KRW282.4 billion in investment to some 85 fintech startups. Thus, the size of fintech innovation funds will grow to a total of KRW1 trillion for eight years between 2020 and 2027. For creating the second batch of fintech innovation funds, big tech platform companies will newly make contributions following an agreement signed at last years Korea Fintech Week. In addition, Korea Growth Investment Corporation will support business-to-business (B2B) collaboration and partnership between fintech b
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Apr 04, 2024
- FSC Introduces a Plan for MyData 2.0 in Financial Services
- The Financial Services Commission held a meeting with financial MyData service providers and related organizations and announced a plan for MyData 2.0 in financial services on April 4. The measures included in the plan for MyData 2.0 have been drawn up after having a series of taskforce meetings with experts and industry groups. Since MyData in financial services first became available in January 2022, there are now 69 MyData service providers with more than 117.8 million subscribers in cumulative terms (as of the end of February 2024). With its successful launch and widespread usage, MyData in financial services has become a crucial part of everyday life for consumers, boosting convenience and improving access to financial services. However, during the past two years of operation, suggestions have been raised to improve service usability. Thus, the FSC has drawn up a plan for MyData 2.0 in financial services, taking into account these suggestions and opinions from users, with aims to expand data availability, promote usage, boost user convenience, and ensure data protection. First, the service availability will be expanded to the digitally vulnerable groups, such as the elderly and individuals with visual impairment. For these individuals, visiting bank branches to apply for and use MyData service on-site will be made possible. In addition, teens aged 14 year-old or older will be able to sign up for financial MyData services without having to present consent from a parent or legal guardian. Second, more detailed information about consumers spending records and payment history, including names of sellers, purchased items, and so on, will be made available to MyData service providers to help them better analyze each individual consumers spending pattern for the provision of more individually tailored asset management service. In addition, the scope of data opened up for financial MyData service will be expanded to include data from the public sector MyData service. T
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Apr 02, 2024
- Future Finance Taskforce Kick-off Ceremony Takes Place
- The Financial Services Commission held a kick-off ceremony for future finance taskforce on April 2, together with relevant agencies, thinktanks, and academia. In accordance with the 2024 financial policy agendas, a taskforce on future finance has been organized with the aim of finding ways to tackle various challenges, such as climate crisis, population decline, and digital transformation. At the meeting, participants freely discussed about challenges and opportunities in the financial sector brought by demographic shift, climate change, and technological advancement. In his opening remarks, FSC Vice Chairman Kim Soyoung said that we are in the midst of mega trends, such as rapid change in population structure, climate change, and technological innovation. In this regard, Vice Chairman Kim said that these challenges constitute the known unknowns and that they demand systematic analysis and measured responses from both the public and private sectors. The future finance taskforce will be organized into three working groupspopulation, climate, and technology. First, the population working group aims to identify demographic factors that will have impact on the real economy and financial markets. It will also seek to explore ways to more effectively provide financial support measures to help young adults and newlyweds. Second, the climate working group aims to seek ways to reach the 2050 carbon neutral goal and enhance corporate climate adaptation capacity with a long-term perspective. It will also explore various ways to promote climate financing in low-carbon transition, renewable energy, and so on. Third, the technology working group aims to promote the use of advanced digital technology, such as blockchain and artificial intelligence, in financial services to boost user convenience and enhance the competitiveness of financial companies. It will also explore ways to more effectively regulate the use of new technologies and ensure financial stability and consumer prote
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Apr 02, 2024
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Apr 01, 2024
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Apr 01, 2024
- KRW11 Trillion-plus in Corporate Financing Support from the Banking Sector to be Provided to MMEs and SMEs
- The Financial Services Commission announced that corporate financing support programs for middle market enterprises (MMEs) and small and medium-sized enterprises (SMEs) will begin to be provided from the banking sector from April 1. This is a part of the total KRW76 trillion-plus corporate financing measures announced in last February, made available by close cooperation between policy financial institutions and five major commercial banks. First, the Korea Development Bank (KDB) and five major commercial banks will provide KRW6 trillion in low interest rate loans exclusively for MMEs that are attempting to enter into new growth sectors and expand their business operation. Qualified MMEs are eligible to receive up to KRW150 billion per business for facilities investment, funding for research and development, and operating costs with the benefit of 1%p reduction in interest rates. Qualified MMEs should meet the industry and/or production requirement specified by the common criteria for innovative growth, which lay out specific industry areas and products qualified for policy funding support for innovative growth. Second, the Industrial Bank of Korea (IBK) and five major commercial banks will provide about KRW5 trillion in interest support program for SMEs that are operating on a normal financial condition but are having difficulties with heavy interest burdens. In this regard, qualified SMEsthose with loans with interest rates of more than 5.0 percentare eligible to receive up to 5 percent reduction in interest rates for one year. When qualified SMEs apply for this interest support program with their lenders, their qualification will be verified by the lender, and they can choose to receive the interest reduction benefit for one year either immediately or from the time of refinancing. Third, the prompt liquidity support program made available for SMEs from the banking sector will be operated on an expanded basis. The liquidity support program was first introduced by
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Mar 28, 2024
- FSC Chairman's Visit to Poland Helped to Strengthen Foundation for Bilateral Financial Cooperation
- Chairman Kim Joo-hyun of the Financial Services Commission visited Warsaw, Poland and the United Nations Industrial Development Organization (UNIDO) in Vienna, Austria from March 24 to 28. Korea-Poland Bank Federations MOU and Joint Seminar Chairman Kim attended the Korea-Poland banking associations memorandum of understanding (MOU) signing ceremony and joint seminar event held on March 25 and delivered congratulatory remarks. In his speech, Chairman Kim said that enhanced partnership between the banking groups of the two countries will help to propel economic cooperation between the two countries and expressed strong support for this partnership. Meeting with Chair of the Polish Financial Supervision Authority On March 25, Chairman Kim met with Jacek Jastrzebski, Chair of the Polish Financial Supervision Authority. This marked the first meeting between chief financial authorities of two countries. At the meeting, both sides shared a common view on the significance of strengthening financial cooperation between the two countries against the backdrop of deepening economic cooperation and trade relations in the defense materials and nuclear plant sectors. The two leaders also discussed ways to facilitate Korean banks to gain authorization to operate in Poland and agreed to work for a prompt conclusion of an MOU on supervisory cooperation. Both sides also agreed to strengthen cooperation in extending support for SMEs and startup businesses. Chairman Kim invited Chair Jacek to Seoul for the signing of the MOU, and Chair Jacek responded favorably to his invitation. Meeting with Korean Companies Doing Business in Poland On March 26, Chairman Kim met with a group of Korean enterprises doing business in Poland in the defense materials, battery, and auto parts industries and held talks on their local operating conditions and financing difficulties. At the meeting, Chairman Kim said that providing export financing support is one of the governments key policy agendas and that
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Mar 27, 2024
- Government to Ensure Provision of Financial Support for Vulnerable Sectors
- The Financial Services Commission announced the governments plan to ensure provision of financial support intended to help improve conditions for vulnerable sectors on March 27. To reduce the financing burden of SMEs and small merchants and boost their operating conditions, the following measures have been prepared. First, for SMEs, KRW41.6 trillion in funding support will begin to be provided from April, and additional guarantee support (KRW1.7 trillion) for small merchants will also be sought after through coordination between related ministries. Second, banks will continue to work on making sure that their own interest refund programs for small merchants amounting to about KRW1.5 trillion are being implemented seamlessly. Interest refunds from nonbanks, amounting to about KRW300 billion, will begin to be paid out from the end of March. Borrowers with high interest rate loans (7% or higher interest rates) will have opportunities to switch to lower interest rate loans. In addition, the banking sector plans to make available KRW600 billion more in financing support for vulnerable groups from April. Banks will make contributions to relevant agencies in support for lower income households and small merchants. Third, there will be steady provision of support for small merchants to help them recover and regain footing through debt adjustment (New Start Fund) and credit recovery support. As of the end of February 2024, about 175,000 individuals have already benefited from this credit recovery support program, with their credit scores increased by an average of 102 points. To ensure stability in the housing market, the government will bolster support for project financed real estate development projects and actively seek to resolve difficulties of construction firms through a private-public joint effort. First, additional support in the form of loan guarantees amounting to a total of KRW9 trillion is newly planned for property developments under PF loans (KRW5 trillion) a
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Mar 27, 2024
- New Operating Rules on Virtual Asset Market Inspection to Ensure Strict Investigation and Punishment on Unfair Trades
- The Financial Services Commission issued a preliminary notice for the enactment of new operating rules on the inspection of virtual asset market being proposed for public comment from March 28 to May 7. The new operating rules will specifically deal with details of the procedures and methods regarding the examination and investigation of unfair trading activities in the virtual asset market. Pursuant to the Act on the Protection of Virtual Asset Users (the Act hereinafter), which is scheduled to go into effect from July 19 this year, unfair trading activities involving virtual assets, such as the use of material nonpublic information, price manipulation, and other fraudulent activities, are prohibited and subject to criminal punishment or penalty surcharge.Once the Act becomes effective, unfair trading activities (or suspicious transactions) involving virtual assets will be first (a) monitored by virtual asset service providers (VASPs), then the case will be (b) examined by the FSC and the FSS (Financial Supervisory Service) to bring a formal charge with the prosecutors office, which will then (c) investigate the case for (d) imposing a criminal punishment or penalty surcharge. In this regard, the new operating rules being proposed prescribe specific procedures and methods for each stage of the investigation process. First, upon finding a suspicious transaction activity, VASPs should take appropriate measures to protect users, by issuing a warning, fact-checking about the rumor and disclosing findings, restricting orders, suspending transactions, and so on. When it is suspected to have detected an unfair trading activity, VASPs should report the case to the FSC and the FSS. When there is enough corroborating evidence demonstrating that an unfair trading activity took place, or if a request has been received from an investigative authority about an ongoing investigation, VASPs should immediately report the case to the prosecutors office. Second, the FSC and the FSS a
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Mar 25, 2024
- FSC to Bolster the Role and Function of the Council on International Financial Cooperation
- The Financial Services Commission and the Council on International Financial Cooperation announced measures to bolster the role and function of the CIFC for 2024 on March 25. The CIFC was launched in 2013 with aims to support domestic financial institutions business expansion overseas and facilitate their sharing of experience and know-how with other countries. Financial institutions from the public and private sectors as well as financial industry associations are members to the CIFC, which is currently run by the Korea Institute of Finance. Since its establishment, domestic financial institutions demand for overseas business expansion has grown. In order to meet this demand and more systematically support domestic financial companies overseas business expansion, the FSC has prepared the following measures to bolster the role and function of the CIFC. First, the networking program including forums and seminars will be held more frequently and more in association with other relevant programs made available by international organizations, for instance. Second, an integrated database system will be set up to facilitate information sharing and exchange between members. Third, the training program will be overhauled to provide more effective vocational training courses on a longer-term basis. Fourth, a visiting scholars program will be newly introduced to invite senior officers from overseas financial regulatory agencies for joint research projects and collaboration. In 2024, this research program will begin with Indonesia and then be expanded to Vietnam. In 2024, the CIFC plans to hold financial cooperation forums twice to provide more opportunities for networking. The CIFC has plans to offer long-term training courses to foreign government officials from Laos, Thailand, Cambodia, and Malaysia. With its organizational capacity expected to grow beginning from this year, the CIFCs role of serving as a control tower for domestic financial sectors business expansion overse
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Mar 25, 2024
- FSC Chairman to Visit Poland to Strengthen Bilateral Cooperation in Financial Sector
- Chairman Kim Joo-hyun of the Financial Services Commission will travel to Poland from March 24 to 27. The visit will mark the first such trip to Poland by an FSC Chairman and underscore increased demand for cooperation in the financial sector since a bilateral summit took place between the two countries in July last year. In the wake of the Korea-Poland summit held in July last year, domestic banks have shown growing interest in expanding business to the Central European country, since Koreas exports to Poland in defense materials, nuclear plants, and infrastructure are expected to rise in the future. In this regard, on Monday, March 25, FSC Chairman Kim Joo-hyun will meet with the Chair of the Polish Financial Supervision Authority and express the Korean government and financial sectors strong commitment to ensure seamless financing for various cooperation projects. At the meeting, Chairman Kim will also seek active cooperation from his Polish counterpart to facilitate Korean banks business operation there. In Poland, Chairman Kim also plans to meet with Korean companies doing business in Poland in defense, battery, and auto parts sectors and hold talks on local market conditions and ways to help resolve their difficulties. Chairman Kim will also attend seminars organized by both countries financial and fintech industry groups and demonstrate support. The FSC expects that Chairman Kims Poland visit will help to expand the horizon of bilateral cooperation to the financial sector and make great contributions to large-scale cooperation projects and trades between the two countries. On a second leg of his trip, Chairman Kim will travel to Austria to meet with officials from the United Nations Industrial Development Organization (UNIDO) and sign an MOU (memorandum of understanding) aimed at strengthening cooperation to promote Korean financial and fintech companies business expansion and operation in developing countries. * Please refer to the attached PDF for details.
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Mar 19, 2024
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Mar 18, 2024
- OECD-FSC-KIF Roundtable on Digital Finance in ASEAN Held on March 18-19
- The Financial Services Commission held a joint roundtable meeting on digital finance in ASEAN with the Organization for Economic Cooperation and Development (OECD) and Korea Institute of Finance (KIF) for two days on March 18-19. The roundtable was organized around the topic of digital finance, offering officials a chance to share relevant policy trends and to discuss ways to address newly emerging risks arising from digital transformation in the financial sector. The two-day roundtable meeting will be participated by many officials and experts from Asia and OECD member economies. The roundtable meeting will deal with the following topics(a) digital assets, CBDCs and tokenization, (b) DeFi and crypto-assets in ASEAN and beyond, (c) cyber-security in the financial sector, (d) artificial intelligence in finance, and (e) generative AI in finance in Asia and ASEAN. During the opening session, FSC Vice Chairman Kim Soyoung delivered opening remarks where he said that financial innovation based on digital technologies hasbeen making positive impact on boosting the level of productivity in the financial industry. However, Vice Chairman Kim stressed the need to establish appropriate rules and ensure protection for consumers in response to newly emerging risks. Moreover, as there are increasing international exchanges taking place in the financial industry, Vice Chairman Kim said that Korea will seek to strengthen cooperation with international organizations and ASEAN economies to share the latest financial industry trends and ensure regulatory consistency with global standards. The FSC will take into account the global trends and key issues dealt by the roundtable meeting for future policy reference. The FSC will continue to work on strengthening financial cooperation with other countries and international organizations. * Please refer to the attached PDF for details.
