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Vice Chairman announces availability of online one-stop loan transfer system from May 31May 30, 2023

FSC Vice Chairman Kim So-young gave a briefing on May 30 and announced the opening of the online one-stop loan transfer system from May 31. Establishing an online one-stop loan transfer system has been a key policy agenda of this administration to help alleviate peoples interest payment burdens and promote digital transformation in the financial sector and competition between banks. Beginning on May 31, consumers will be able to use their smartphone apps (MyData-enabled loan comparison platform app or major financial company apps) to search for loans offering better borrowing terms and make a switch from their existing credit loans issued by 53 financial institutions (19 banks, 18 savings banks, 7 credit card companies and 9 specialized credit finance businesses).
Authorities hold meeting and announce measures to reform regulations on CFD tradesMay 30, 2023

FSC Vice Chairman Kim So-young presided over a meeting with relevant institutions on May 26 to finalize a set of measures intended to strengthen regulations on trading of contracts for difference (CFDs). Financial authorities plan to (a) enhance transparency in the provision of relevant investment information, (b) close loopholes to prevent regulatory arbitrage, (c) require individual investors applying for the qualified professional investor status to go through an in-person verification process and (d) establish a new investment requirement for OTC derivatives transactions such as trading of CFDs. At the beginning of the meeting, Vice Chairman Kim said that the government and the relevant institutions plan to quickly and thoroughly carry out reforms to address the problems that have been pointed out in the wake of the recent unfair market transactions which have resulted in the erosion of public trust and market confidence.In this regard,Vice Chairman Kim said that the financial investment industry should actively take up the regulatory improvement measures and promote sound investment practices.
Vice Chairman meets with World Bank Managing Director for Operations Anna BjerdeMay 25, 2023

FSC Vice Chairman Kim So-young met with World Bank's Managing Director for Operations Anna Bjerde on May 25 and held talks on ways to strengthen mutual cooperation between the FSC and the World Bank.
Vice Chairman holds 9th working group meeting of the taskforce on improving management and operating practices of banksMay 25, 2023

The FSC and the FSS held the 9th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 24, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to improve the qualitative structure of household debt by expanding the proportion of fixed interest rate loans. More specifically, the meeting dealt with (a) ways to incentivize banks to supply more fixed rate loans, (b) ways to strengthen consumer awareness about the risk of variable interest rate loans and incentivize them to use more fixed rate loans and (c) ways to diversify the role of policy financial institutions to support expanded supply of fixed interest rate loans by local banks. At the meeting, Vice Chairman Kim So-young talked about the need to build a wide-ranging consensus on the importance of having more fixed interest rate loans from the perspective of making qualitative improvements to the structure of household debt and also for boosting our economy's crisis response capabilities.
Authorities hold joint conference and pledge to stamp out unfair trading activities in capital marketsMay 23, 2023

The FSC held a joint conference on May 23 with the Financial Supervisory Service, the Korea Exchange and Seoul Southern District Prosecutors Office on the topic of stamping out unfair trading activities in capital markets.The conference was attended by experts from academia and research institutions. The heads of the FSC, FSS, KRX and the prosecutors office all agreed to boost inter-agency cooperation and expressed strong willingness to root out unfair trading activities in capital markets.In opening remarks, FSC Chairman Kim Joo-hyun outlined the government's plan to bolster collective response to root out unfair trading activities in capital markets.
FSC Vice Chairman Visits Kyrgyzstan to Promote Cooperation in Financial Infrastructure DevelopmentMay 22, 2023

FSC Vice Chairman Kim So-young visited Kyrgyzstan on May 18-19 and attended the opening ceremony of a Korean financial companys local subsidiary and the business agreement ceremony on advancing Kyrgyzstans payment infrastructure.In an interview held with Kyrgyzstans state media on the sidelines ofthe business agreement ceremony, Vice Chairman Kim said that he hopes that cooperation in transferring Koreas financial payment technology can contribute to the development of an advanced payment ecosystem in Kyrgyzstan. In the future, Vice Chairman Kim said that he hopes the two countries can expand cooperation in financial infrastructure development and increase exchange of relevant authorities.
Vice Chairman highlights mutual cooperation with Central Asia during visit to UzbekistanMay 18, 2023

FSC Vice Chairman Kim So-young attended the Korea-Uzbekistan fintech associations MOU (memorandum of understanding) signing ceremony as well as a joint seminar hosted by both countries banking associations during his visit to Uzbekistan on May 17.Vice Chairman Kim delivered a keynote address at the seminar and spoke about ways to promote financial cooperation between Korea and Central Asia. In particular, Vice Chairman Kim spoke about the potential synergy effects of Korean financial companies entering markets in Central Asian countries. Other speakers at the seminar also discussed issues regarding Koreas financial data infrastructure, financial regulatory sandbox program and credit information system.
FSC Chairman speaks about opportunities and challenges in embracing AI in financial sectorMay 17, 2023

FSC Chairman Kim Joo-hyun attended a seminar on boosting the competitiveness of artificial intelligence (AI) in financial sectors hosted by Korea Credit Information Services on May 17 and delivered congratulatory remarks. At todays seminar, experts from both public and private sectors shared key trends of AI usage in financial sectors and discussed policy strategies to boost the competitiveness of the financial industry. In his speech, Chairman Kim said thatrecentdevelopment of hyper-scale, generative AI has put a new spotlight on the potential of AI andurged financial institutionsto invest in AI and make use of the technology to enhance the global competitiveness of domestic financial businesses. Chairman Kim also said thatthe FSC has been working to embrace the use of AI in financial services and will continue to provide active support in this regard.
FSC holds 3rd policy seminar on strengthening global competitiveness of domestic financial investment businessesMay 12, 2023

FSC Vice Chairman Kim So-young attended the 3rd policy seminar on strengthening the global competitiveness of domestic financial investment businesses on May 12 and delivered congratulatory remarks. On the theme of "responsestrategies fornew normal," the seminar had presentations and panel discussions on the issue of ESG disclosures and retirement pensions. In his speech, Vice Chairman Kim said that ESG disclosures and retirement pensions are the topics that need to be dealt with in earnestin order to ensure thatour economy can continue to develop on a sustainable footing. In this regard, Vice Chairman Kim said that the government will announce a roadmap for ESG disclosures in the third quarter of this year which will require a gradual expansion of ESG disclosure duties for KOSPI-listed companies starting from 2025.
FSC holds talks to review progress in development of online one-stop loan transfer platformMay 12, 2023

FSC Chairman Kim Joo-hyun presided over a meeting with officials from the FSS and the Korea Financial Telecommunications Clearings Institute as well as with heads of major banks and platform businesses on May 12 to discuss the progress in the development of online one-stop loan transfer platform which is scheduled to be launched on May 31. Once it becomes available, borrowers will be able to switch their existing loans issued by 53 financial institutions at lower interest rates via online platforms. Financial institutions will be able to choose their partner platforms through which they will offer new loan products to consumers. During the meeting, Chairman Kim stressed the importance of the underlying purpose of developing online one-stop loan transfer platform, which is encouraging digital transformation and promoting competition in the financial industry and boosting convenience for consumers. Although online loan comparison services are currently available in other countries, launching an integrated platform service that makes transferring loans between financial institutions possible will be the first in the world.
Vice Chairman holds 8th working group meeting of the taskforce on improving management and operating practices of banksMay 11, 2023

The FSC and the FSS held the 8th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 10, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to improve the revenue generating practices of banks which tend to focus too much on interest revenues. As a way to encourage banks to expand non-interest revenues, participants talked about permitting banks to provide quasi-investment advisory service to their customers since it can bring about benefits to both banks and their customers in the area of asset management service. During the meeting, Vice Chairman Kim said that banks' interest revenues have grown significantly on the back of rising market interest rates since the volume of loans expanded amid the low interest rate environment and COVID-19 pandemic. In this regard, Vice Chairman Kim talked about the need for banks to diversify their source of profit-making. A set of measures to promote diversification of banks' business models through convergence of financial and non-financialbusinesses will beprepared for announcement by the end of June. In the 9th working group meeting scheduled for May 24, participants will discuss ways to improve the qualitative structure of household debt by expanding the proportion of fixed interest rate loans.
FSC plans to boost financial support for shipbuilding industryMay 10, 2023

FSC Chairman Kim Joo-hyun visited HD Hyundai Heavy Industries' Ulsan Shipyard on May 10 and attended the naming ceremony of an LNG bunkering vessel (Blue Whale) which is the first of its kind built with domestic cargo hold technology. During his visit, Chairman Kim held talks with officials from the shipbuilding industry and said that the government is well aware of the need to boost financial support for the sector and announced plans to expand the availability of support through additional issuance of refund guarantees and expanded support for special guarantees.