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Vice Chairman holds 4th working group meeting of the taskforce on improving management and operating practices of banksMar 23, 2023

The FSC and the FSS held the 4th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 22, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed the recent progress and future plan for online deposit product brokerage service which is aimed atenhancingconsumer convenience and boosting competition in the banking sector as well as ways to boost the competitiveness of internet-only banks.With regard toonline deposit product brokerage service, FSC Vice Chairman Kim So-young talked about the importance of participation by many financial institutions other than banks such as savings banks and mutual finance companies in order for it to work as a catalyst for promoting competition in the financial industry. On internet-only banks, Vice Chairman Kim said that they need to actively seek ways to providehigh-quality servicesat low costs.
Vice Chairman attends 2023 Global Money Week held on March 20-26Mar 20, 2023

FSC Vice Chairman Kim So-young attended this year's Global Money Week under the theme of "Plan your money, plant your future!" held on March 20. In his remarks, Vice Chairman Kim reviewed the implementation status of financial education based on different stages of life cycle and spoke about ways to promote tailored financial education. Vice Chairman Kim stressed the following three major implementation tasks as a way to promote financial education-(i) strengthening early financial education, (ii) developing and providing practical educational contentsthat reflect the rapidly changing financial situations in a timely manner, and (iii) normalizing face-to-face financial education.
Vice Chairman holds 3rd working group meeting of the taskforce on improving management and operating practices of banksMar 16, 2023

The FSC and the FSS held the 3rd working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 15, chaired byFSC Vice Chairman Kim So-young. At the meeting, authorities discussed measures to revamp the soundness requirements in the banking sector to improve bank's loss absorbing capacity and looked into the current status of major banks' bonus remuneration system to seek improvements. At the beginning of the meeting, Vice Chairman Kim So-young said that despite recent failures of Silicon Valley Bank and Signature Bank in the U.S., domestic banks appear to be operating with sufficient liquidity, adequate soundness and without significant exposures to those banks. However, as there are possibilities of rising market volatility in the future, the Vice Chairman said that authorities will spare no effort in maintaining financial stability. The 4th working group meeting expected to be held on March 22 will deal with the current progress in the savings comparison and recommendation services and ways to boost the competitiveness ofinternet-only banks.
FSC holds seminar on strengthening global competitiveness of financial investment businessesMar 14, 2023

The FSC held a seminar on strengthening the global competitiveness of financial investment businesses on March 14, together with the Korea Financial Investment Association and the Korea Capital Market Institute. In his congratulatory remarks, FSC Vice Chairman Kim So-young spoke about the strength and opportunity of Korea's financial investment sector in boosting its global competitiveness and expanding to overseas markets. Together with the financial investment sector and private sector experts, the FSC plans to hold a series of seminars to prepare policy strategies on (a) expanding market horizon, (b) responding to "new normal" settings, (c) improving profitability and benefits for investors, and (d) strengthening internal capabilities of financial investment businesses.
FSC holds talks on promoting data-driven innovation and competition in hyperscale AI eraMar 14, 2023

The FSC held a meeting with relevant authorities, private sector experts, big tech and fintech companies, and financial institutions on March 14 on the topic of the government's policy direction on financial data to promote innovation and competition in a hyperscale AI era, chaired by FSC Standing Commissioner Kwon Dae-young. At the meeting, participants held discussions on a variety of issues including (a) opening up essential non-financial data to expand the utility of MyData services, (b) expanding the scope of financial products comparison and recommendation services, (c) allowing re-utilization of converged data, (d) opening up public data on sole proprietors, and (e) building a credibleAI user environment. At the meeting, FSC Standing Commissioner Kwon Dae-young talked about the significance of big data as an essential facility to drive innovation and competition in a big blur eraand the need to create a level playing field among big platform service providers, financial institutions and fintech businesses.
FSC holds 1st taskforce meeting on promoting overseas expansion of domestic financial industryMar 13, 2023

FSC Vice Chairman Kim So-young presided over the 1st taskforce meeting on promoting overseas expansion of domestic financial industry on March 13 together with financial industry associations, related authorities and research institutions. As a follow-up to the FSC's annual work plan announced in January, the taskforce has been set up to find measures to support overseas expansion of domestic financial sectors and ways to improve relevant regulations. At the beginning of today's meeting, FSC Vice Chairman Kim So-young spoke about some of the new challenges financial sectors face in Korea such as the slowing pace of economic growth and aging population and said that an external expansion of the financial industry is critical to effectively deal with these challenges. In the subsequent taskforce meetings, authorities will discuss ways to support domestic financial companies to expand and make investments overseas, overhaul regulations to attract more investment inflows into domestic markets and work to facilitate global financial companies' entry and business operation in Korea. The taskforce plans to hold a series of seminars with each sector to collect comments and policy suggestions from financial companies.
FSC holds meeting to monitor financial market situation in wake of SVB and Signature Bank Closure in U.S.Mar 13, 2023

FSC Chairman Kim Joo-hyun held a meeting with senior officials on March 13 to discuss financial market situations and measures for future response in the wake of the closure of Silicon Valley Bank and Signature Bank in the U.S. As it was discussed at the macroeconomic and financialmeeting held yesterday, experts continued to view that this will not spread as a systemic risk across financial sectors. However, as there are possibilities of rising market volatility, FSC Chairman Kim Joo-hyun told officials to strengthen monitoring of financial markets at home and abroad in close cooperation with related ministries and institutions. In particular, FSC Chairman Kim urged authorities to promptly check domestic financial companies' soundness and liqudity conditions in coordination with the FSS.
FSC holds talks with relevant authorities and experts on providing support for corporate M&AsMar 10, 2023

The FSC held a meeting with relevant authorities, industry groups and private sector experts on March 10 to discuss measures to support corporate mergers and acquisitions, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed the current MA market trends, the need to provide support for corporate MAs and the future policy direction. Inhis opening remarks,FSCVice Chairman KimSo-young talked about the significance of corporate MAs from the following three perspectives--(a) enhancing efficiency in business management, (b) boosting productivity of overall economy, and (c) increasing resilience of economic recovery.
Vice Chairman holds 2nd working group meeting of the taskforce on improving management and operating practices of banksMar 09, 2023

The FSC and the FSS held the second working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 8, chaired by FSC Vice Chairman Kim So-young. At the meeting, authorities discussed the current status in the development of a single-stop online loan transfer system and plan for its expanded application, as well as ways to promote competition between the banking and nonbanking sectors as an extension of the discussion held in last meeting. At the meeting, Vice Chairman Kim said that along with the loan comparison platform, single-stop online loan transfer system is anessentialinfrastructure needed to help ease interest rate burdens of the public. In this regard, Vice Chairman Kim emphasized the need to develop a loan transfer system for home mortgage loans.
FSC makes interim announcement on operation of youth savings accountMar 08, 2023

FSC Vice Chairman Kim So-young made an interim announcement on how the government-backed youth savings account will be operated at a media briefing held on March 8. As a key policy agenda of this administration, the youth savings account program is intended to support young adults (aged 19 to 34 years old) to accumulate assets over a medium- to long-term. Subscribers will put in monthly savings of up to KRW700,000 into his or her own savings account which will be matched by government contributions made at varying degreesin accordance withindividual income levels and monthly savings payments. With a five-year maturity, the youth savings account will run on fixed interest rates during the first three years and variable interest rates for the subsequent two years. Authorities also put out a notice for financial institutions that wish to offeryouth savings account.
FSC holds talks with fintech businesses to promote competition and innovation in financial industryMar 07, 2023

FSC Standing Commissioner Kwon Dae-young held talks with fintech businesses on March 7 and listened to their comments on ways to promote competition and innovation in the financial industry. Fintech businesses attending the meeting made suggestions for (a) introducing small licensing units tailored to the specific needs of fintechs, (b) allowing fintech businesses to provide payment settlement account services, and (c) promoting online platform services that provide comparison and recommendation services ondifferent financial products. At the meeting, FSCStanding Commissioner Kwon said that it is necessary to establish a regulatory system that corresponds to the characteristics of new technologies and business models of fintechs. In March, authorities plan to hold a series of meetings on promoting the entry of fintech businesses into the financial industry and take into consideration what has been discussed at these meetingswhen preparing regulatory improvement measures.
Financial authorities hold meeting to review corporate bond and money market situation and real estate PF risksMar 06, 2023

The FSC held a meeting with relevant authorities on March 6 to review the corporate bond and short-term money market situation and risks in the real estate project finance (PF) market, chaired by FSC Standing Commissioner Kwon Dae-young. At the meeting, authorities discussed (a) the current corporate bond and money market situation, (b) measures to induce a soft-landing of the real estate PF market, (c) ways to revise the creditors consortium agreement on real estate PF, and (d) measures to support self-restructuring efforts of the private sector.