Photo News - Financial Services Commission

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FSC Chairman attends KDB NextRound's fintech special roundDec 07, 2022

FSC Chairman Kim Joo-hyun attended KDB NextRound's fintech special round on December 7 and delivered congratulatory remarks. In his speech, Chairman Kim explained about the government's policy to promote fintech firms and drive innovation in digital finance and encouraged fintech entrepreneurs participating in the event for investment attraction. While speaking about the importance of adapting to the 4th industrial revolution and digital transformation, Chairman Kim said that the government will bolster policy support in the following four specific areas to ensure that fintech firms can overcome current difficulties and help lead the future of the financial industry--(a) expanding the availability of funding support for fintech startups, (b) pursuing regulatory reforms in line with digital transformation, (c) making improvements to the operation of the financial regulatory sandbox program and (d) building diverse infrastructures needed to promote innovation in financial sectors.
Vice Chairman delivers congratulatory remarks at KCGS's outstanding business award ceremonyDec 02, 2022

FSC Vice Chairman Kim So-young attended the Korea Institute of Corporate Governance and Sustainability's outstanding business award ceremony on December 2 and delivered congratulatory remarks. In his speech, Vice Chairman Kim explained about the government's policy on corporate governance structure and ESG management, saying that authorities will seek regulatory reforms to increase transparency in corporate governance structure to enhance regulatory consistency with advanced markets. In this regard, Vice Chairman Kim said that the government will gradually expand the English-language disclosure requirement in stages starting with large listed firms in 2024 and continue to make policy efforts to strengthen the transparency and sustainability in corporate management.
FSC holds talks with fintech and blockchain businessesDec 01, 2022

The FSC and the Ministry of Science and ICT jointly held a meeting with the fintech and blockchain sectors on December 1 to listen to policy suggestions for promoting blockchain-based fintech services. At the meeting, FSC Secretary General Lee Se-Hoon said that the government will seek balanced ways to promote innovation based on the blockchain technology and ensure consumer protections and financial stability at the same time. Secretary General Lee said that the government will establish a regulatory framework on virtual assets which will focus primarily on investor protections to promote the development of the virtual asset market rooted in investors' trust. At the meeting, participants agreed to maintain close public-private cooperation in continuously promoting the fintech and blockchain sectors.
FSC launches youth policy advisory groupNov 29, 2022

The FSC launched a youth policy advisory group on November 29, which is made up of twenty members led by the FSC's special youth policy advisor and will make recommendations on youth-oriented financial policies for a two-year term. The youth policy advisory group will be organized into four subdivisions--employment finance, housing finance, asset formation and management, and financial education--to monitor policy issues and search best practice cases and make policy recommendations. FSC Chairman Kim Joo-hyun attended the launch event and delivered welcoming remarks, saying that the youth policy advisory group will help strengthen the participation of young adults in drawing up financial policies that meet the needs and demands of young adults. Chairman Kim also said that effective and frequent communication should take place between financial authorities and the members of the youth policy advisory group.
KoFIU Holds 16th annual AML commemoration dayNov 28, 2022

The KoFIU held the 16th anti-money laundering (AML) commemoration day event on November 28, which is an annual event held to raise the awareness on AML controls and procedures and to award those who made contributions to the country's AML efforts. FSC Chairman Kim Joo-hyun attended the event and delivered welcoming remarks. In his speech, Chairman Kim said that the current AML regulatory framework, which makes up an integral part of Korea's financial system, has been made possible by persistent efforts of the KoFIU, especially with the enactment of the Act on Reporting and Using Specified Financial Transaction Information in 2020. As such, Chairman Kim urged the KoFIU to continue to grow as a globally trusted AML agency by keeping close tabs on evolving technologies and mechanisms that are used in money laundering and other illicit activities such as decentralized finance (DeFi) and virtual assets.
FSC Chairman holds meeting to review financial market conditions and monitor risksNov 25, 2022

FSC Chairman Kim Joo-hyun presided over a meeting with FSC officials on November 25 to check financial market conditions following the Bank of Korea's recent base rate hike of 25 bps. At the meeting, FSC officials checked year-end risk factors in financial markets and discussed response strategies. Authorities evaluated that the Bank of Korea's 25bp rate hike yesterday was largely in line with market expectations and that the recent turmoil in domestic credit market appears to be stabilizing somewhat due to expectations about a slower pace of monetary policy tightening at home and abroad and implementation of a series of market stabilization measures. However, as there are looming risks and uncertainties, authorities agreed to preemptively prepare and respond to both external and internal risks in order to prevent market anxieties from spreading.
FSC Chairman meets with venture startups and holds talks on ways to boost venture investmentNov 24, 2022

FSC Chairman Kim Joo-hyun visited Mapo Front1,a startup support center,on November 24and held talks withventure startupson the importance of establishing a startup-friendly ecosystem and ways to boostventureinvestments. During the meeting, Chairman Kim said that the FSC and policy financial institutions will step up efforts to provide financing support and facilitate investments from the private sector by creating a startup growth fund worth KRW15 trillion overfive years. Chairman Kim said that policy financial institutions will set up a funding support program worth KRW6.3 trillion which will offer low interest rate loans to venture startups based on their growth potential.
FSC holds meeting with P2P lending businessesNov 23, 2022

FSC Standing Commissioner Kwon Dae-young held a meeting with P2P (peer-to-peer) lending businesses and relevant institutions on November 23 to review recent trends in the industry and discuss ways to promote sound development of the P2P lending industryin the future. In his opening remarks, Standing Commissioner Kwon talked about the importance of P2P lending, especially in times of difficult economic situations, as P2P lending firms supply mid-interest rate loans to lower-income individuals and SMEs. In order to promote sound development of the P2P lending industry, Standing Commissioner Kwon said that there needs to be policy efforts to help alleviate their difficulties such as the tough borrowing conditions in the wake of interest rate hikes and declining investor confidence.
FSC holds talks with fintech labs and their affiliated financial holding companiesNov 15, 2022

FSC Standing Commissioner Kwon Dae-young held talks with fintech labs and their affiliated financial holding companies on November 15 and listened to how their fintech service development is being carried out and ways to facilitate their service development by making improvements tothe relevant regulations. During the meeting, Standing Commissioner Kwon said that increasing collaboration and coordination between financial holding companies and fintech firms will help bring about more innovation in the financial industry. In this regard, Standing Commissioner Kwon stated that it is important for fintech labs, especially in times of an economic slowdown, to step up efforts to more actively provide the role of fintech incubators to promote investments for fintech startups.
4th financial regulatory reform committee meeting heldNov 14, 2022

The financial regulatory reform committee held its 4th meeting on November 14 and discussed (a) ways to improve the regulation that requires separation of industrial and financial capital, (b) ways to overhaul financial institutions' subcontracting practices, (c) establishing a one-stop loan refinancing infrastructure and (d) measures to improve regulations in the insurance sector. In his opening remarks, FSC Chairman Kim Joo-hyun said that despite difficult current finacial market situation, seeking innovation in the financial industry and ensuring stability in financial markets need to take place coincidentally in order to move forward. In this regard, Chairman Kim said that the government is committed to work for both innovation and stability in financial markets.
Vice Chairman holds market monitoring meeting and announces additional measures to stabilize ABCP and CP marketNov 11, 2022

FSC Vice Chairman Kim So-young presided over a meeting with officials from the FSS, the Bank of Korea, financial industry groups and policy financial institutions on November 11 to review current market situation. At the meeting, authorities discussed recent trends in international financial markets, progress of the governments market stabilization measures announced earlier on October 23 and additional measures to help stabilize the CP (commercial paper) market. As financial markets both at home and abroad are rather sensitively reacting to unexpected market events recently, with heightened market volatility, FSC Vice Chairman Kim So-young urged authorities to closely monitor market situations and act swiftly by maintaining close communication with financial sectors and relevant institutions.
FSC Chairman holds talks with banking sector on market stabilization measuresNov 09, 2022

FSC Chairman Kim Joo-hyun met with the heads of Korea Federation of Banks and twenty major banks on November 9 and held talks on market stabilization efforts. At the meeting, participants shared their assessment on current market conditions as well as future forecasts and discussed (a) the banking sectors market stabilization role and future plan and (b) current difficulties in banks' financing and asset management conditions as well as ways to resolve them. During the meeting, Chairman Kim expressed appreciation for the banking sector as banks have provided steady support for vulnerable groups and supplied liquidity in response to the recent turmoil in money market and bond market. As the banking sector constitutes the core of our financial system, Chairman Kim said that banks should provide a leading roleinstabilizing markets by looking not only at the banking sector but at the whole financial system.