Photo News - Financial Services Commission

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Vice Chairman presides over second virtual asset committee meetingJan 15, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the second meeting of the virtual asset committee with officials from related ministries and organizations and committee members from the private sector on January 15. At the meeting, the committee kicked off discussions on key regulatory issues and legislative areas for seeking a second phase enactment of legislation on virtual assets and reviewed global trends and major issues surrounding stablecoins. In his opening remarks, Vice Chairman Kim spoke about the importance of maintaining regulatory consistency with global standards as major economies around the world are speeding up the process of establishing regulations on virtual assets. In this regard, Vice Chairman Kim said that this advisory committee will begin to have discussions on establishing a comprehensive regulatory and legislative framework addressing issues encompassing all stakeholders including virtual asset service providers and related businesses, users, and the market. The FSC expects to have a more detailed legislative bill on virtual assets in the second half of this year after having a series of taskforce and subcommittee meetings with related authorities.
Vice Chairman presides over first microfinance policy council meeting of 2025Jan 09, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over this year's first microfinance policy council meeting with officials from related ministries and organizations on January 9. To address the needs of financially vulnerable groups, the FSC decided to increase the supply of microfinance assistance to KRW11 trillion in 2025 from KRW10 trillion in the previous year. In addition, there will be stronger support made available for personal debt workout and for employment and welfare related services. At thebeginning of themeeting, Vice Chairman Kim spoke about the need to boost inclusiveness in finance to address the problem of structural inequality where income and wealth disparitiescanultimately lead to inequality in education, health, and other opportunities. To address this problem, Vice Chairman Kim outlined four key microfinance policy directions for 2025, which include (a) expanding the supply of microfinance assistance, (b) continuing to provide debt workout support for delinquent debtors, (c) boosting support through employment and welfare related services, and (d) ensuring strict responses to illegal private lending practices and other fraudulent activities that can harm people's livelihoods.
FSC Chairman holds meeting on Corporate Value-up ProgramDec 26, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with officials from related organizations, businesses, and financial companies on December 26 to discuss the progress of Corporate Value-up Program and plans for next year. At the meeting, Chairman Kim spoke about some of the notable achievements made this year through concerted effortsmade byboththepublic and private sectorsand said that the government and related organizations will continue to consistently carry out Corporate Value-up Program and related policies. More specifically, Chairman Kim said that the government will continue to push for legislative efforts and actively cooperate with the National Assembly to seek value-up tax support measures, bring about improvements to the corporate governancestructure through a revision to the Capital Markets Act, and make sure to thoroughly prepare for the resumption of short sale transactions next year.
Policy finance support worth KRW247.5 trillion planned for 2025Dec 26, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 9th consultative body meeting on policy finance support on December 24 where the authorities unveiled a plan for supplying policy funds in the amount of KRW247.5 tillion for 2025. For the five key strategic sectors prioritized by relevant government ministries, a total of KRW136 trillion in policy finance support is earmarked for next year, an increase of KRW20 trillion or 17.2 percent from this year. At the meeting, Vice Chairman Kim spoke about the importance of ensuring a consistent supply of policy finance support in any circumstances to boost the country's industrial competitiveness. In this regard, Vice Chairman Kim said that the role of policy finance is becoming evermore important as it can lead to highly efficient investment outcomes amid the heightened international competition over protecting domestic industries.
Authorities and banking sector hold meeting and announce financial support measures for small merchantsDec 23, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended the meeting with the Ministry of SMEs and Startups, the Financial Supervisory Service, and the banking sector where the plan forprovidingfinancial support for small merchants was announced on December 23. The financial support plan prepared by the banking sector includes debt adjustment support tailored to the needs of individual business owners and the supply of guarantees and loans as well as business consulting services for those undergoing difficulties. Speaking about the significance of this plan, FSC Chairman Kim said that the newly announced measures will offer a more sustainable wayof providing assistance to small business owners in ways that are more tailored to their individual needs. In addition, in order to ensure financial stability and enhance financial companies' capacity to support domestic companies and the real economy, Chairman Kim said that the FSC will continue to closely cooperate with the banking sector and actively take into account their suggestions.
FSC Chairman holds meeting to review business financing conditions and discusss response strategiesDec 19, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting to review business financing conditions and response strategies with officials from policy financial institutions and related businesses on December 19. At the meeting, Chairman Kim said that the government will continue to carry out what needs to be done to address market anxiety. In this regard, the planned introduction of stress capital buffers this year will be postponed until the second half of 2025 and the ways in which risk weights are calculated will be improved to help banks better manage their soundness and boost business financing activities. While speaking about recent volatility in the foreign exchange market, Chairman Kim asked banks to actively consider making adjustments to the FX payments transactions of businesses and the maturities of FX loans.
FSC Chairman presides over meeting on one-stop financial, employment and welfare assistance program for vulnerable groupsDec 18, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with officials from related government ministries and organizations on December 18 and discussed progress in the operation ofthe one-stop, comprehensive assistance program for vulnerable groups and plans for making improvements going forward. The one-stop, comprehensive assistance program offers an automated referral service to those seeking assistance for their financial, employment, or welfare needs by connecting the support programs previously made available through each individual organization. Since the program was launched in January this year, it provided comprehensive assistance services to some 72,000 individuals, an increase in the number of beneficiaries compared with the previous year, with more support being offered to the economically vulnerable groups. At the meeting, authorities listened to suggestions made by some of the beneficiaries and discussed ways to make improvements in the operation of the program going forward. Speaking about the importance of program efficiency from a user's standpoint, Chairman Kim said that authorities will continue to work on bringing about improvements and ensure close cooperation and coordinationamong related organizations.
FSC Chairman meets with CEOs of card companies to discuss merchant card transaction fees and seek ways to promote development of card businessesDec 17, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with CEOs of card companies to discuss merchant card transaction fees for 2025 and seek ways to promote further development of card businesses on December 17. At the meeting, authorities introduced ways to reduce merchant card processing fees in the amount of about KRW300 billion annually and decided to extend the period for making areassessment on fee levels to once every six years in principle from once every three years currently. In his opening remarks, Chairman Kim spoke about the growing capacity of card businesses as a big data-driven platform enabled by the vast volume of payments data and related infrastructure, and pledged that authorities will continue to provide active support to promote innovation of card businesses. While speaking about the necessity of maintaining sufficient liquidity and ensuring prudential management, Chairman Kim said that since there is no deposit-taking function, it is more important for specialized credit finance businesses to preemptively act to bolster their liquidity and soundness conditions against market volatility.
Vice Chairman speaks about promoting financial innovation with AI at joint AI conference held with BOK and BISDec 17, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended the AI conference jointly organized by the FSC, the Bank of Korea, and the Bank for International Settlements in Seoul on December 17 and spoke about the promises and opportunities of embracing AI technology in financial services. The conference was held under the theme of "AI, Finance and Central Banking: Opportunities, Challenges, and Policy Responses," and it brought together a diverse group of experts and authorities from at home and abroad. During the opening session, Vice Chairman Kim delivered opening remarks where he spoke about the importance of maintaining an appropriate balance between the policies promoting the use of AI and the efforts to establish proper standards to ensure the safety and ethical use of AI technology in financial services. During his speech, Vice Chairman Kim also touched upon recent political uncertaintiesin Koreaand said that the FSCismaking utmost efforts to closely work with relevant ministries in ensuring stability in the financial system.
Vice Chairman holds 5th insurance reform committee meetingDec 16, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 5th insurance reform committee meeting with officials from related authorities, research institutions, and industry groups on December 16. At the meeting, authorities discussed various policy reform agendas and expressed a common view on the need to consistently seek policy improvements according to the previously planned schedule. Speaking about the recent volatility in financial markets, Vice Chairman Kim said that insurance companies should step up risk monitoring and work to ensure soundness in their liquidity conditions and prudential management.
FSC Chairman visits IBK startup incubating platform in Daejeon and meets with startup entrepreneursDec 13, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a startup incubating platform operated by Industrial Bank of Korea in Daejeon on December 13 and held talks with a group of local startup entrepreneurs on ways to promote local venture and startup businesses. At the meeting, Chairman Kim emphasized the important role played by IBK startup incubating factory in creating a ladder of growth and opportunities in our economy. Speaking about current economic and market situations, Chairman Kim said that the government is making utmost efforts to promptly resolve market uncertainties and to continue to pursue policies that can support businesses. To continue to bolster support for localventure and startup businesses, Chairman Kim said that relevantauthorities and organizations areplanning to expand the availability of startup incubating facilities in different regions.
Vice Chairman presides over meeting of AI council in financial sectorDec 12, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the artificial intelligence (AI) council meeting in the financial sector on December 12 with officials from related authorities, research institutions, and financial companies. At the meeting, authorities introduced a set of measures aimed at promoting the use of generative AI in the financial sector. In his opening remarks, Vice Chairman Kim said that these measures will provide practical assistance to financial companies through the establishment ofthe infrastructure needed for the use of AI, ensuring the supply of financial big data needed for embracing AI technology, and making necessary changes in the financial sector's AI guidelines.