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6th financial regulatory innovation committee meeting discusses capital market regulatory reform agendasJan 19, 2023

The financial regulatory innovation committee held its 6th meeting on January 19 and discussed measures to improve capital market regulations. The agendas included (a) measures to improve foreign investors' access to domestic capital markets through abolishment of the foreign investor registration system and expansion of English disclosure requirement in stages to boost the global dynamism in domestic markets and (b) establishing a regulatory framework on the issuance and circulation of security tokens. At the meeting, FSC Chairman Kim Joo-hyun said that although doing away with the three-decades old system and replacing it with a new regulatory framework may cause inconvenience and unforeseeable risk, authorities will adequately take into account what has been discussed at today's meeting and continue to actively communicate with market participants during the amendment process for specific regulations.
FSC Chairman visits traditional market ahead of Lunar New Year HolidayJan 16, 2023

FSC Chairman Kim Joo-hyun visited Tongin Traditional Market located in Jungno-gu, Seoul on January 16 to check prices for foodstuffs ahead of the Lunar New Year Holiday and listen to the needs and difficulties of small merchants. During his visit, Chairman Kim talked about the government's plan to strengthen and diversify the availability of financing support for small merchants and vowed to maintain close communication.
Vice Chairman holds market monitoring meeting with relevant authoritiesJan 12, 2023

FSC Vice Chairman Kim So-young presided over a meeting with the Financial Supervisory Service and policy financial institutions on January 12 to check the corporate bond and CP market conditions and discuss market stabilization measures. At the meeting, officials shared a common view that the corporate bond and CP market conditions have been improving recently as interest rates on corporate bonds and CPs are continuing to decline. Authorities said that the various market stabilization programs introduced last year still have KRW40 trillion or more in their support capacity and that they will be actively utilized to support market stabilization efforts. Vice Chairman Kim said that financial authorities will regularly meet to check financial market situations in 2023 and closely communicate with relevant authorities and financial sectors to preemptively respond to market situations. In 2023, Vice Chairman Kim also said that it is necessary to stay vigilant for newly emerging risk situations, such as risk contagion from the real economy to financial sector or expansion of risk originating from advanced or emerging economies.
FSC and Ministry of SMEs and Startups announce plan to provide KRW80 trillion in financial support for SMEsJan 11, 2023

The FSC and the Ministry of SMEs and Startups jointly held a meeting with policy financial institutions, the Korea Federation of Banks and a variety of industry groups representing SMEs on January 11 and announced the government's plan to supply KRW80 trillion in policy funds to support SMEs. At the meeting, FSC Chairman talked about the importance of support made available from the government to help SMEs overcome difficulties and secure competitiveness at a time when economic situations are not so favorable both at home and abroad. In this regard, Chairman Kim said that the KRW80 trillion financial support programs for SMEs will help to lower their borrowing costs, build an impetus for securing our economy's competitiveness through innovation, and strengthen measures to support normalization of business management for those experiencing temporary liquidity shortages or difficult financial situations. Chairman Kim said that the government and the financial sector will spare no effort in providing support and improving regulations to help SMEs.
FSC Chairman visits a bank branch providing retail banking service on extended operating hoursJan 05, 2023

FSC Chairman Kim Joo-hyun visited a KB Kookmin Bank branch that provides retail banking services with extended operating hours on January 5 to check the benefits and difficulties of having extended operating hours. With the acceleration of digital transition across financial sectors, the rise of contactless financial transactions has led to a decline in the number of bank branches, causing difficulties for digitally inept individuals including the elderly to access financial services. Against this backdrop, banks have been seeking alternative ways to enhance financial access for the digitally inept groups by extending working hours at certain branches, opening joint bank branches and making banking services available at local post offices. During his visit, Chairman Kim said that although these efforts made by the banking sector are still at an early stage, they will be very helpful to meet diverse demands from consumers who still prefer having adequate access to contact-based financial services.
FSC Chairman attends 1st consultative body meeting to boost financing support for export and investmentDec 29, 2022

FSC Chairman Kim Joo-hyun attended the 1st consultative body meeting on boosting financing support for export and investment on December 29 along with Trade, Industry and Energy Minister Lee Chang-yang and officials representing major industry groups and policy financial institutions. The consultative body meeting is the first minister-level communication and collaboration channelestablished in this administrationbetween the industryand financial sectors, and the meeting will be held on a regular basis every three or six months. At the meeting, FSC Chairman Kim said that the financial sector will provide active support for industries to ensure that businesses can maintain production and employment despite difficult situations. In this regard, Chairman Kim said that policy financial institutions will supply KRW81 trillion in policy funds to support the implementation of industrial policies sought by government ministries. To achieve the KRW100 trillion investment target, Chairman Kim said that the role of private sector financial institutions isalso crucial and that close cooperation is neededbetween industries and financial sectors.
Government and policy financial institutions announce policy funds supply plan for 2023Dec 26, 2022

The FSC, relevant government ministries and policy financial institutions signed an agreement on December 26 to supply policy funds in 2023prioritizing on the key industrial strategies of relevant ministries. At theagreementsigning event, FSC Chairman Kim Joo-hyun said that it is critical to strengthen collaboration between the government ministries and policy financial institutions to effectively respond to the current complex risk situation at home and abroad. In this regard, Chairman Kim said that the policy funds supply plan for 2023 that has been agreed upon today is an important result of close cooperation between relevant ministries and policy financial institutions. For 2023, the total amount of policy funds made availablethrough the Korea Development Bank, Industrial Bank of Korea and Korea Credit Guarantee Fund willbeKRW205 trillion, up KRW11 trillion from this year. While reflecting the "new growth 4.0 strategy" and key industrial policy of each ministry, authorities will select 5 major strategic areas for support from policy funds and supply funds worth KRW81 trillion in those stratetic areas.
Authorities announce financial education plan for 2023Dec 22, 2022

FSC Vice Chairman Kim So-young presided over the 2nd financial education consultative body meeting on December 22 to discuss the outcome of financial education programs in 2022 and the planfor 2023. In his opening remarks, Vice Chairman Kim said that theways in whichfinancial education is being provided has changed over the last three years from a contact-based, one-way education method to a contactless, two-way education method, due to the COVID-19 pandemic and advancement in information technology. However, Vice Chairman Kim said that this paradigm shift in financial education does not bring aboutthe same outcomefor all age groups, and therefore, authorities will seek to provide financial education tailored to the needs of different age groups according to one's life cycle.
5th financial regulatory innovation committee meeting discusses reform agendas to promote innovation in digital financeDec 20, 2022

The financial regulatory innovation committee held its 5th meeting on December 20 and discussed measures to increase support for fintech companies, improve relevant data infrastructures to facilitate financing of SMEs and micro-enterprises and make further advancementonthe regulations regarding data security in financial sectors. In his opening remarks, FSC Chairman Kim Joo-hyun said that the government will make policy efforts in diverse areas to seek improvements in regulations across all financial sectors, provide funding assistance to fintechs through fintech innovation fund, support launching of "innovative financial services" by making improvements to how the financial regulatory sandbox program is operated, and expand the type of data available for financial MyData services and build an AI data library. Chairman Kim also said that the government will seek ways to improve regulations on P2P lending businesses and MyData service providers to ensure that these newly emerging fintech-based services can help boost consumer convenience based on stable market conditions.
Inter-ministerial consultative body launched to boost collaboration between policy financial institutions and government authorities overseeing industrial policyDec 14, 2022

FSC Vice Chairman Kim So-young presided over a kick-off meeting of the inter-ministerial consultative body on strengthening collaboration between policy financial institutions and relevant ministries overseeing industrial policy on December 14. At the meeting, participants discussed (a) industrial challenges and opportunities for 2023 and ways to provide policy support, (b) operational plans for the consultative body and (c) policy financial institutions' strategies for supplying financing support in 2023. In his opening remarks, Vice Chairman Kim talked about the importance of establishing a systematic linkage between policy-based financial resources and industrial policies sought by relevant government ministries. Vice Chairman Kim said that the inter-ministerial consultative body will discuss and prepare strategies for supplying policy-based funds for 2023 whichwill reflect industrial policy demands from relevant ministries. Vice Chairman Kim also said thatthe government will make utmost efforts to ensure that financial resources made available through policy financial institutions are put to the most effective use in the sectors and areas that can help contribute to our economy's innovative growth.
FSC and FSS hold 2022 ASEAN, Indian Ambassadors and Korean Financial Institution CEOs' Dinner EventDec 13, 2022

The FSC,FSS and Korea Federation of Banks held the 2022 ASEAN, Indian Ambassadors and Korean Financial Institution CEOs' dinner event on December 9. At the event, FSC Chairman Kim Joo-hyun talked about President Yoon Suk Yeol's indo-pacific strategy unveiled in November and said that the mutual relationship between Korea and ASEAN and India can develop further even against the backdrop of rapidly changing international political and economic order. In finance, Chairman Kim said that considering the high level of mobile infrastructure and usage in ASEAN and India, Korean financial institutions can become partners inpromoting the development offintech and digital financial services. In this regard, Chairman Kim said that the Korean government willalso makeactive support available.
FSC and KIPO hold 4th Intellectual Property Finance ForumDec 09, 2022

The FSC and the Korean Intellectual Property Office (KIPO)jointly held the 4th IP Finance Forum on December 9 on the theme of promotingfinanceand investmentin intellectual property of innovative companies. FSC Vice Chairman Kim So-young attended the forum and delivered congratulatory remarks, emphasizing the importance of IP financing to facilitate the growth of innovative businesses into globally leading unicorn companies. In his speech,Vice Chairman Kim said that the government will make efforts to facilitate innovative businesses to raise funds needed for growth by attracting investment for their intellectual property. To this end, Vice Chairman Kim said that authorities will support expanding the size of the KRW900 billion tech finance fund already established so far until this year, provide a technology-based IP evaluation model for investmentand refine the method of assessing the value of intellectual property, etc.