Press Releases - Financial Services Commission

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Jan 13, 2021

FSC Grants Preliminary MyData Business Licenses to Seven More Entities

The FSC decided to grant preliminary MyData business licenses to seven more business entities on January 13. The seven approved firms are Viva Republica, Minwise Co, Coocon, Fintech Inc., Habit Factory, Standard Chartered Korea and SK Planet.For Kakao Pay, the application review is still ongoing.The FSC plans to announce the final license approval results in late January.* Please refer to the attached PDF for details.
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Jan 13, 2021

FSC Announces Revisions to Enforcement Decree as a Follow-up to Improve Rules on Short Selling

The FSC announced revisions to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) on January 13 as a follow-up measure to the government’s effort to strengthen penalties on illegal stock short sale activities. The amendments will be put up for public comments until February 2, 2021.KEY REVISIONS(A) RESTRICTION ON SHORT SELLERS’ PARTICIPATION IN CAPITAL INCREASEThe revised FSCMA restricts short sellers from participating in a company’s capital increase via issuing new shares once the company has made such a plan public, except in certain cases. As such, the Enforcement Decree will be revised to determine a specific time period wherein the short seller’s participation in capital increase is restricted as well as specific cases for exception as specified below. If an investor has shorted a company’s stocks during the restriction period, the investor cannot participate in the company’s capital increase, except for the cases where the short selling is deemed to have no unjust effects on the issuing price as stated below.(RESTRICTION PERIOD) From one day after the disclosure of the company’s capital increase plan until the determination of the issuing price(EXCEPTIONAL CASES) (i) Purchase of new shares exceeding the amount of short positions between the time of the last short sale and the determination of the issuing price, (ii) participation in capital increase by trading units within a firm that operates separate trading units pursuant to the standards specified by the FSC that have no records of short selling the company’s stocks and (iii) short selling for market making or liquidity provision purposes(B) MAINTENANCE OF SHORT SALE TRANSACTIONS DATAThe revised FSCMA requires short sellers to keep their securities lending agreements for five years to be presented promptly to the relevant authorities upon request. As such, the Enforcement Decree will be revised to prescribe specific criteria to be maintained, includ
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Jan 12, 2021

FSC to Ensure Continuing Financial Support for Small Merchants and SMEs

Vice Chairman Doh Kyu-sang held the 32nd financial risk assessment meeting via teleconference on January 12 to review the progress of the COVID-19 financial support programs for small merchants and SMEs.The following is a summary of Vice Chairman Doh’s remarks.(PROVISION OF COVID-19 FINANCIAL SUPPORT) Since February last year, a total of KRW67.5 trillion in financial assistance has been provided to small merchants, SMEs and middle market enterprises. KRW18.3 trillion in lending support has been provided to some 790,000 small business owners. State-backed financial institutions offered preferential lending support to some 43,000 SMEs and middle market enterprises. In this regard, the government’s prompt response to the pandemic helped to lay foundations for an economic recovery this year.(IMPORTANCE OF PREVENTIVE MEASURES) Strict adherence to social distancing and other virus preventive measures needs to take place for a successful economic rebound. Financial institutions should strictly adhere to the social distancing measures. The authorities have been regularly conducting site inspections in this regard. Financial institutions should also ensure that their contingency plans are in place for an effective response to emergency situations.(COVID-19 FINANCIAL RESPONSE PLAN) The government will continue to ensure that financial assistance is available for small merchants and SMEs. In response to the third wave COVID-19 spread, the government unveiled additional assistance measures to ensure the availability of support for small merchants hit by recent social gathering restrictions. Local banks also announced their plans to lower interest rates by about one percentage point. As such, the government will work to ensure that the newly available small merchant support program is ready for operation starting from January 18.(UNSECURED LOANS) Credit-based loans issued by five major banks at the beginning of this year rose KRW217.9 billion. Compared to the early-month tre
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Jan 12, 2021

Government Announces KRW650 Billion Investment in KAMCO to Support Corporate Asset Sell-offs

The government announced its decision to make in-kind contribution of KRW650 billion in the Korea Asset Management Corporation to facilitate its operation of the corporate asset purchase program on January 12.The KAMCO has been operating the corporate asset purchase program mainly through bond issuance, which has led to a rise in its debt ratio in 2020 compared to the previous year. The government’s in-kind contribution in this regard will help contain the KAMCO’s debt ratio within 200 percent until 2022.The in-kind contribution of KRW650 billion raises the government’s total investment in the KAMCO from KRW580 billion to KRW1.23 trillion.With this capital increase, the government expects that the KAMCO will be able to provide more steady support for companies in need of asset sell-offs.* Please refer to the attached PDF for details.
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Jan 07, 2021

Authorities Hold Meeting on Improving Financial Education Programs

The FSC and the FSS held a financial education council meeting via teleconference on January 7 to review the progress of the general plans to improve financial education programs announced on May 1, 2020 and to decide on a specific timeline for implementation. KEY DETAILS(CONTENTS) A guideline on the development of financial education contents and specific standards for the contents certification system are currently being developed. The authorities will finalize the guideline and the standards at the council meeting scheduled for April this year and begin the contents certification process.(CONTENTS DELIVERY CHANNELS) Due to the ongoing COVID-19 pandemic, a shift to more online contents delivery channels has taken place. In the second half of 2021, the one-stop online contents site will be set up to make certified educational contents available to the public at free of charge.(INSTRUCTORS) The authorities are currently working on developing certification standards for professional instructors. The instructor certification process will begin in the first half of 2021 and the one-stop online contents site will operate a professional instructor database in the second half of 2021.(EDUCATIONAL METHODS) Diverse educational and counseling programs are being developed for different groups of target audiences, which will be available for service in 2021.(SCHOOL PROGRAMS) Financial education programs suitable for middle school and high school students are being developed with a pilot program scheduled for March-April 2021.(IMPLEMENTATION FRAMEWORK) Specific details regarding the operation of the financial education council have been included in the enforcement decree of the new legislation on financial consumer protection, which will go into effect in March 2021. The FSS will assume the role of financial education center and coordinate functions of local financial education providers.* Please refer to the attached PDF for details.
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Jan 07, 2021

Amendments to Insurance Business Act to Set Up Joint Committee on Public-Private Health Insruance

The FSC announced amendments to the Insurance Business Act on January 7, which will lay legal foundations for an inter-ministerial cooperation between the FSC and the Ministry of Health and Welfare in the establishment and operation of a joint committee on public-private health insurance system.There have been growing needs for the development of a more closely linked health insurance system between the state-operated national health insurance (NHI) service and indemnity health insurance policies offered by private insurers. As such, the FSC and the MOHW have each drawn up amendments to the Insurance Business Act and the National Health Insurance Act, respectively, with an aim of guaranteeing the provision of a more systematic healthcare coverage and managing healthcare costs at a reasonable level.The amendments establish new provisions which (a) mandate policy cooperation between the FSC and the MOHW, (b) set up a joint committee on public-private health insurance system, (c) authorize the FSC and the MOHW to conduct joint surveys on the interplay between the NHI and private health insurance system and to disclose survey results to the public, etc.The revisions will be put up for public comments until February 16, 2021.* Please refer to the attached PDF for details.
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Jan 06, 2021

FSC Holds Talks on Boosting Innovation and Vitality in Financial Industry

Vice Chairman Doh Kyu-sang held a teleconference meeting with experts from consulting firms and financial institutions on January 6 and discussed the financial industry’s outlook for this year while sharing opinions on policy suggestions.The following is a summary of Vice Chairman Doh’s opening remarks.In the wake of the coronavirus outbreak in 2020, the government promptly rolled out emergency stimulus programs at an unprecedented scale and the financial sectors contributed to the recovery effort through maturity extension, deferment of payments, rent cuts, etc.The year of 2021 is critical as we need to successfully overcome the pandemic while carrying out strategies for a post-pandemic future at the same time. We should continue to move forward with digital innovation in our financial industry while looking for sustainable ways to maintain soundness and generate profit.On the regulatory front, there have been remarkable progress and improvements for digital finance in the areas of contactless, platform and big data services. This year, the government will continue to work on improving rules and regulations in our administrative capacity to make financial rules and regulations more predictable and reasonable. Key suggestions from today’s discussions will be included in the FSC’s work plan for this year.* Please refer to the attached PDF for details.
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Jan 05, 2021

FSC Announces Availability of One-stop Credit Card Reward Points Redemption Service

The FSC announced the introduction of one-stop credit card reward points redemption service made available through the websites and mobile apps of the Credit Finance Association and the Korea Financial Telecommunications and Clearings Institute.Beginning on January 5, individuals can visit either www.cardpoint.or.kr or CFA’s mobile app or KFTC’s mobile app called AccountNFO to check reward points from all their credit cards and redeem in cash and transfer to the account of their choosing.In addition, from January 5, making changes to automatic scheduled payment from credit or debit cards has become easier through KFTC’s mobile app (AccountNFO) or www.payinfo.or.kr.The FSC will continue to work on improving convenience and user experience for financial consumers.* Please refer to the attached PDF for details.
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Dec 29, 2020

Extra Lending Support Available for Small Merchants Hit by Social Gathering Restrictions

The government unveiled additional financial support for small merchants who have been hit by the recent heightening of social gathering restrictions at the 24th Meeting of the Central Economic Response Headquarters held on December 29. The newly announced support will be made available as soon as the system becomes ready at the lending institutions in mid-January 2021.KEY DETAILS(EXISTING PROGRAM) For all small merchants using the second phase small merchant financial support program, the current guarantee fee of 0.9 percent will be lowered to 0.3 percent for the first year for up to KRW20 million in loans.(NEW PROGRAM) A special lending support program will be newly launched to provide targeted support for small merchants who have been negatively affected by the recent heightening of social gathering restrictions. The new lending support for small merchants will be available for up to KRW10 million regardless of whether the borrower is a recipient of the government-sponsored second phase financial support program. There will be no guarantee fee for the first year with 0.6 percent fee rate applied from the second year.The lending institutions are recommended to make available these options to small merchants with low interest rates at their own discretion.* Please refer to the attached PDF for details.
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Dec 24, 2020

Government Extends SPV Operation for Six Months to Ensure Continuing Support

The government, the Bank of Korea and the Korea Development Bank decided to extend the operating period of the special purpose vehicle set up to purchase low-rated corporate bonds and CP for six months until July 13, 2021.The SPV was launched on July 14, 2020 with an initial operating period of six months until January 13, 2021. In order to strengthen support for companies facing liquidity problems, the SPV will reduce the purchasing of AA rated bonds while expanding the proportion of low-rated (A~BBB) corporate bonds. To raise the purchasing capacity of the SPV, a second capital call will be made in the amount of KRW2 trillion.The government, the BOK and the KDB will continue to maintain close cooperation to ensure stability in the financial markets.* Please refer to the attached PDF for details.
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Dec 23, 2020

Government Unveils Plans for K-New Deal Fund

The government announced its plans for the K-New Deal fund at the 23rd Meeting of the Central Economic Response Headquarters held on December 23.PUBLIC SECTOR-LED NEW DEAL FUNDFrom 2021 to 2025, the government aims to raise a total of KRW20 trillion public sector-led New Deal fund through matching investments from the private sector. The public sector funds in the amount of KRW7 trillion will be invested in the fund over the next five years, which will pump-prime private sector investments in the amount of KRW13 trillion.In 2021, the government aims to launch and operate a New Deal fund in the amount of up to KRW4 trillion, thirty-five percent of which will be funded by the public sector including fiscal spending of KRW510 billion and investments from the Korea Development Bank and Korea Growth Ladder Fund. The remaining portion of the fund will be financed with private sector investments from both institutional and retail investors. Retail investors will be allowed to invest via public offerings of privately placed funds, which will make up about five percent of the total private sector investments.INVESTMENT ALLOCATION PLANThe public sector-led New Deal fund in 2021 will be allocated according to policy priorities and the purpose of the investments. First, fund allocation will be based on a bottom-up approach, reflecting investment proposals from the private sector. The investment will be focused on six major New Deal sectors—data, network and artificial intelligence (DNA) sectors, future car green mobility sectors, eco-friendly green industries, New Deal services, SOC digital logistics and smart manufacturing smart farming sectors.At the same time, the fund will invest in New Deal sector businesses for their New Deal related projects on MAs, acquisition of technologies, RD, facility investment and business transformation projects. The proportion of investments on New Deal businesses will make up about seventy to ninety percent with about ten to thirty percent o
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Dec 22, 2020

FSC Designates 15 More 'Innovative Financial Services' for Regulatory Sandbox

The FSC added fifteen more financial solutions to the financial regulatory sandbox on December 22, bringing the total number of ‘innovative financial services’ to 135 since the launching of the financial regulatory sandbox program on April 1, 2019.OVERVIEW OF NEWLY ADDED ‘INNOVATIVE FINANCIAL SERVICES’1. A mobile food order platform within the existing mobile banking application that offers convenience and low-cost financial services to both registered small merchants and consumers (Shinhan Bank)2. A personal health condition rating service offering discounts to existing health insurance premiums (Grade Health Chain)3~5. Personal authentication and ID verification services using facial recognition technologies (Kakao Bank, Toss Securities, Toss Innovation)6. A contactless real-name verification service based on digital certification system (Coinplug)7. An online-based business insurance subscription service that allows an easier sign-up process (DB Insurance)8. A group insurance service offering coverages for small scale employers with less than five employees (Kyobo Life Insurance)9~11. Mobile gift card services using e-commerce platforms (Hana Life Insurance, Kyobo Life Insurance, etc.)12~14. Monthly housing rent payment services using credit cards (Samsung Card, Woori Card, Hyundai Card)15. A credit card reward points service that helps small merchants save on credit card transaction fees and offers them reward points on credit card sales amount on the next business day following credit card transaction (Shinhan Card)* Please refer to the attached PDF for details.
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Dec 22, 2020

FSC Grants Preliminary MyData Licenses

The FSC decided to grant preliminary MyData business licenses to twenty-one financial institutions, fintechs and electronic financial businesses out of a total of thirty-five applicants on December 22. The approved entities were tested on six specific categories, such as the minimum capital requirement, data security capacity, appropriateness of business plan, shareholders’ financial background, board qualifications and professional expertise.For eight other applicants, application review is ongoing as they are asked to take supplemental actions to meet requirements.Aside from the approval process, the authorities are working on measures to strengthen consumer protection in MyData sector. The authorities plan to come up with a specific guideline in this regard in February 2021.* Please refer to the attached PDF for details.
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Dec 21, 2020

FSC Chairman Reviews Policy Response to COVID-19 & Discusses Next Year's Financial Policy

FSC Chairman Eun Sung-soo held a meeting via teleconference on December 21 to assess the implementation of the COVID-19 financial support programs and discuss the 2021 financial policy direction.At the meeting, Chairman Eun stated that the effective provision of the COVID-19 financial support packages was made possible due to close cooperation from all financial sectors, which also helped to create the right conditions for an economic rebound. As a result, out of the KRW175 trillion-plus stimulus programs, about 76 percent of the first phase emergency loan program for small merchants was provided within the first two months and some KRW32.5 trillion in special lending support for SMEs and middle market enterprises was provided in excess of the original target amount of KRW29.1 trillion. Since April, the financial authorities, local lenders and other relevant institutions were able to systematically respond to the crisis by holding financial risk assessment meetings thirty-one times.With regard to the protracted pandemic situation and the next year’s financial policy direction, Chairman Eun stressed the importance of strict compliance with virus prevention measures and urged cooperation from all financial sectors. As the COVID-19 pandemic continues to place burdens on small merchants and SMEs, Chairman Eun indicated his intention to focus on the vulnerable sectors.Chairman Eun also pledged to preemptively manage risks emanating from abundant market liquidities by preventing concentration of liquidities in high risk assets and promoting an orderly deleveraging.Finally, Chairman Eun called for financial institutions to take a leading role in the country’s transition toward a “first mover” economy in the post-pandemic era, highlighting the importance of their active participation in the government’s New Deal initiative and carbon neutral goal for 2050.* Please refer to the attached PDF for details.
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Dec 21, 2020

Open Banking Available from Mutual Finance & Securities Firms

The FSC announced the availability of open banking services from five mutual finance businesses, the Korea Post and thirteen securities companies starting from December 22.During the first half of 2021, savings banks and credit card companies will also join the open banking system.In addition, from January 1, 2021, open banking inquiry fee levels for participating institutions will be reduced to one third of the previous levels.With more types of financial institutions joining the open banking system, it will help promote competition and improve consumer convenience.* Please refer to the attached PDF for details.
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Dec 21, 2020

Plans to Improve Rules on Market Makers & Tighten Monitoring of Illegal Short Sale Trades

The FSC introduced measures to improve market maker rules and strengthen detection of illegal stock short-selling activities on December 21 with an aim of boosting accountability in the market and establishing an effective monitoring system for illegal short sale activities. BACKGROUND The National Assembly passed a revision bill to the Financial Investment Services and Capital Markets Act on December 9, which introduces stricter penalties on illegal short sale activities. Along the same line, the government has prepared the following measures to improve rules on market makers and to strengthen monitoring of illegal short sale activities in order to boost accountability and develop a more effective system for market supervision. KEY MEASURES I. IMPROVING RULES ON MARKET MAKERS Marker makers quote prices on both buy and sell sides to satisfy the market. The marker maker system was first introduced in the derivatives markets in 1999 and then in stock markets in 2005. Recently, however, there have been concerns about the possibility of the abuse of the system as the trade volume of market makers has grown significantly as well as their short sale orders. In this regard, the Korea Exchange has conducted inspections on market makers compliance with short sale regulations, covering their transactions data from January 2017 to June 2020, and has found a few suspicious cases of naked short selling and violation of the uptick rule. To address this problem, the following measures have been drawn up to help restore confidence in market makers and foster their market making function. a) Introduce restrictions on short sale trades - Ban market makers short selling of mini-KOSPI 200 futures and options (when acting in their capacity as market makers) - Discontinue the uptick rule exemption for market makers in stock markets to address the issue of unfairness - Develop an automated monitoring and detection system for naked short selling activities and violation of the uptick rule
Dec 18, 2020

Tech Financing Guildeline to Facilitate Effective Lending Support For Innovative SMEs

The FSC announced the introduction of a new tech financing guideline, which outlines details about the specific target business sectors and relevant procedures of tech financing. The guideline will go into effect from January 2021.BACKGROUNDSince it was first introduced in January 2014, tech financing grew significantly as more banks and tech credit bureaus (TCBs) became interested in offering financing options to innovative SMEs based on their technological prowess and future growth potential. Until now, five tech credit bureaus and ten banks have been providing tech credit evaluation service using their own evaluation models. In order to strengthen the accountability and stability of tech financing and improve its qualitative standards, a guideline on tech financing has been established as follows.KEY DETAILS1) Setting up necessary infrastructure for tech financing- Require TCBs to set up a division specializing in tech financing and specify division members’ professional qualifications- Introduce a standardized TCB evaluation model to enhance consistency and stability- Establish an independent organization charged with inspecting the standard TCB evaluation model2) Providing support to SMEs with technological prowess and innovativeness- SMEs with innovative ideas in manufacturing, knowledge and content industries, tech-based environmental or construction sectors, new and renewable energy sectors, as well as those with proven records of technological prowess through patents, etc.3) Establishing clear procedures on tech financing- Provide specific guidelines on tech financing procedures for SMEs, banks, TCBs and Korea Credit Information Services- Make site inspections mandatory in principle with specific cases for exemption- Require tech credit evaluating institutions to set up internal inspection frameworks to ensure the appropriateness and fairness of their tech credit evaluation4) Recommending a set of professional rules and ethics for banks and TCBs- Promote
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Dec 17, 2020

KoFIU Begins Operating Upgraded AML System

The FSC announced that the Korea Financial Intelligence Unit (KoFIU) will begin to operate an upgraded anti-money laundering system from December 17, which will improve efficiency in its suspicious transaction report system, strengthen assessment and analysis capabilities and enhance information security.BACKGROUNDThe KoFIU analyzes suspicious transaction reports (STR) and currency transaction reports (CTRs) of financial companies and provide results to law enforcement agencies for detection and prevention of money laundering activities. It is a central AML infrastructure connecting about 6,000 reporting entities, eight law enforcement agencies and some twenty related administrative agencies. Since the system began to operate in 2002, the rising volume of reports it handles has placed increasing burdens on the system. To address this problem, the KoFIU started upgrading the system in May 2019, and after system development and a test run, the upgraded AML system began its operation on December 17, 2020.IMPROVEMENTS EXPECTATIONS(INCREASED EFFICIENCY IN STR SYSTEM) The upgraded AML system enables financial institutions to file STRs about three times more than that of the previous capacity. The KoFIU’s processing capacity has also increased about five times, guaranteeing a swift and secure transfer and processing of the rising volume of STRs.(STRENGTHENED ASSESSMENT ANALYSIS CAPABILITIES) The upgraded AML system utilizes machine learning technology in assessing and analyzing money laundering activities. By directly connecting KoFIU with other administrative agencies, it also greatly reduces the time it takes to gather necessary data from relevant institutions.(ENHANCED INFORMATION SECURITY) The upgraded AML system has been set up at the National Information Resources Service to ensure high levels of security and stable management.FURTHER PLANSThe authorities will work to ensure system stability and continue to effectively respond to money laundering schemes that are b
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Dec 16, 2020

FSC Plans to Promote Role of Insurers in Healthcare Industry

The FSC announced its plans to expand the role of insurance businesses in the provision of non-medical healthcare services on December 16. The FSC will work to improve relevant regulations through consultative body meetings on digital finance and by setting up a taskforce to prepare more detailed plans in the first half of 2021.BACKGROUNDHealthcare and insurance share a common denominator in offering security to individuals, although the functional linkage between the two has been severed due to restrictions in regulation and limitations in technology. However, with the advancement of technologies in the areas of Internet-of-Things, big data and platforms, a convergence between healthcare and insurance services is increasingly becoming available. Amid an aging society and higher prevalence of chronic diseases, the newly emerging healthcare industry has received growing attention. As such, the FSC plans to pursue a mid- to long-term strategy of promoting the role of insurers in the provision of non-medical healthcare services, which will contribute to the overall improvement in the healthcare system.KEY MEASURESI. ALLOW INSURERS TO PROVIDE HEALTHCARE SERVICES TO GENERAL PUBLICCurrently, insurance companies are allowed to provide non-medical healthcare services only to their own coverage subscribers, such as personal health data management and fitness assistance platform services, as indicated by the guidelines issued by the Ministry of Health and Welfare. This service provision will be extended to the general public with the expectation of promoting diversity and quality of healthcare services while lowering insurance premiums in the long run.II. IMPROVE RULES ON SUBSIDIARIES FOR INSURANCE BUSINESSESCurrently, insurance companies are permitted to own shares of subsidiaries in the areas prescribed by the Enforcement Decree of the Insurance Business Act. However, due to a lack of specific provisions, there exist legal uncertainties with respect to whether insurers are
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Dec 14, 2020

FSC Chairman Holds Press Briefing and Discusses Policy Outline for Next Year

FSC Chairman Eun Sung-soo held a virtual press briefing on December 14 and discussed key policy plans for the next year.The following is a summary of Chairman Eun’s remarks.(LOOKING BACK TO 2020) In the wake of the pandemic declaration earlier this year, financial markets fell into turmoil temporarily. Contractions in economic activities put extra burdens on small merchants and self-employed business owners. Then, the KRW175 trillion-plus emergency support programs were introduced by the government to respond to the situation in a prompt and preemptive manner. As a result, the OECD forecast Korea’s 2020 economic growth to be the first among its member economies. In recent weeks, KOSPI has been setting record highs as well.This successful market turnaround was made possible due to the effectiveness of K-quarantine and economic response measures on top of strong corporate earnings performance. While focusing our attention on the COVID-19 crisis management, the FSC has also worked on financial innovation, consumer protection and fair economy measures this year. The revision to the Credit Information Use and Protection Act built foundations to develop data industry. The consultative body meetings on digital finance have focused on establishing an environment for fair competition between financial companies, fintechs and big techs. The Financial Consumer Protection Act is scheduled to go into effect next year and the newly passed legislation on the supervision of non-holding financial groups will help remove loopholes. In the meantime, however, the issue of large scale investor damages in the wake of redemption halts by some PEFs remains regrettable.(2021 FINANCIAL POLICY OUTLINE) The first policy task is overcoming the pandemic crisis. Overcoming the spread of the virus requires prompt treatment, preventive measures and development of vaccines. The COVID-19 financial policy requires a well-balanced functioning of financial support for the vulnerable sectors, financi
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