Photo News - Financial Services Commission

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FSC Chairman holds meeting with savings banksSep 06, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with savings banks and discussed the importance of ensuring prudential management and improving accountability and credibility in the market on September 6. At the meeting, Chairman Kim talked about the need for savings banks to strictly implement the restructuring and liquidation plans for real estate development projects and prepare sufficient levels of loss reserves and capital, while actively seeking to boost their operating capacities and cope with digital transformation. Chairman Kim said that the FSC will actively seek measures to support savings banks to ensure market stability, and work with the industry to seek improvements in regulations where needed to ensure a successful repositioning of the savings banks sector amid various challenges facing the industry, such as demographic change in regionsand digital transformation.
FSC Chairman holds meeting with asset management businessesSep 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with the asset management industry on September 5 as part of a series of relay meetings aimed at engaging with different financial sectors since assuming office in July this year. At the meeting, Chairman Kim discussed the important role of asset management businesses in providing more individually tailored lifecycle wealth management services for consumers, contributing to the advancement of capital market, ensuring soundness and seeking qualitative growth of the industry, and meeting ever-evolving and divergent needs of consumers amid an aging society and technological advances. While speaking about the need to develop more innovative and specialized products to expand the horizon of investment market, Chairman Kim said that the government will seek to remove regulatory barriers if necessary.
FSC Chairman visits Japan to increase financial cooperation and promote Korea's corporate value-up initiativeSep 04, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission traveled to Tokyo, Japan from September 2 to 4 in effort to strengthen financial cooperation between Korea and Japan and gain policy insights to promote Korea's Corporate Value-up Program. During his trip, Chairman Kim held a meeting with Commissioner Ito Hideki of Japan's Financial Services Agency, visited three Japanese companies to talk about their experience with the value-up disclosure scheme in Japan, and met with officials from local branches of Korean financial companies operating in Japan. FSC Chairman Kim Byoung Hwan and FSA Commissioner Ito Hideki agreed to continuously work to maintain strong financial cooperation between the two countries well beyond the 60th anniversary of forming diplomatic ties between Korea and Japan next year.
Vice Chairman meets with SEC Commissioner Mark UyedaSep 02, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission met with Commissioner Mark Uyeda of the U.S. Securities and Exchange Commission at his office in Seoul Government Complex on September 2 and held talks on the prudential regulation reform for non-bank financial intermediaries being discussed at the Financial Stability Board and virtual asset regulations in Korea and the U.S. At the meeting, Commissioner Uyeda showed interest in Korea's virtual asset regulations especially regarding how the government has been making efforts to strike a proper balance between promoting new technologies, such as blockchain, and protecting users and ensuring financial stability. In this regard, Vice Chairman Kim said that related government ministries have been closely working together to maintain an appropriate balance in promoting innovation through blockchain technology and ensuring protection for virtual asset users. To make sure that market remains credible amid a changing financial market environment around the world caused by technological advances, Vice Chairman Kim said that he hopes to maintain active communication betweenthe financial authorities ofKorea and the U.S.
FSC Chairman holds talks with heads of securities firms to discuss ways to stimulate corporate financing and strengthen risk management and investor protection Aug 29, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with chief executive officers of domestic and foreign securities companies on August 29. At the meeting, Chairman Kim called for more active participation of securities companies in implementing the Corporate Value-up Program, one of key initiatives that the government has been driving to boost the competitiveness of our capital markets and companies. To ensure dynamism and sustainable growth of our economy, Chairman Kim said that our economy should move from debt-based financing to equity-based financing and, in the process, securities have their roles in stimulating equity financing. In response to ongoing uncertainties in the market, Chairman Kim also asked securities firms to preemptively and thoroughly strengthen their risk management, while strengthening investor protection to restore investors trust in the capital markets.
FSC Chairman holds talks with insurers on specific directions for development of insurance industryAug 28, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held talks with heads of insurance companies and relevant insurance associations on August 28 and shared a variety of views on ways to restore public trust in the insurance industry and how the insurance sector can better serve the national economy. At the meeting, Chairman Kim said that the insurance sector played an important role as the source of long-term funds in supporting the real economy. To ensure sustainable growth, however, Chairman Kim called for more active role of the insurance industry as investors with long-term investment horizon, while stably managing their assets. To this end, Chairman Kim outlined four directions for the insurance industry going forward: (a) seeking ways to provide better and more convenient services for customers, (b) strengthening risk management over a long-term period, (c) innovating sales channels with the emergence of new contactless, digital technologies, and (d) providing total solutions in response to future challenges including demographic, technological, and climate changes.
FSC Chairman attends 2024 Korea Fintech Week expo and sees innovative fintech technologiesAug 27, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended this year's Korea Fintech Week, a fintech expo held on an annual basis, on August 27 at Dongdaemun DesignPlaza in Seoul. At the event, Chairman Kim delivered an opening speech and toured fintech companies' booths where he was briefed on new andinnovative fintech technologies and services. In addition, Chairman Kim held pep talks with participating staff from fintech businesses.
Safe suspension of personal credit transactions introduced for consumers in anti-vishing effortAug 23, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting on the safe suspension of personal credit transactions program being introduced from today with officials from related organizations and financial industry groups on August 23. A total of 4,012 financial companies including banks, financial investment businesses, insurance companies, specialized credit finance companies, and mutual finance businesses will offer safe suspension of personal credit transactions to their customers starting from today with aims to prevent vishing scams. Under the program, consumers can visit on-site branches of financial companies and apply for the blocking of new credit transactions from taking place under their names. Priortothe meeting, FSC Chairman Kim took part in service demonstration and had pep talks with tellers at a bank branch. At the meeting, Chairman Kim said that the newly introduced service will help to protect consumers' daily financial activities. To make the service more accessible and convenient in the future, Chairman Kim said that the authorities will work to open up online application channel and permit submission of application by delegated persons.
FSC Chairman holds talks with specialized credit finance businessesAug 22, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with the CEOs of fifteen specialized credit finance businesses and held talks on ways to effectively cope with changes in the payment environment and industrial structure on August 22. At the meeting, Chairman Kim discussed the important role provided by specialized credit finance businesses as they help to fill the gap left by traditional financial businesses and sincethey are able to more quickly respond to the changing trend in consumer needs and industrial structure to lead innovative solutions. While speaking about the importance of ensuring stability in the payment and settlement system, Chairman Kim said that credit card companies are expected to play a more responsible role as they make up a crucial pillar in the domestic payment and settlement network. Chairman Kim also talked about the need to maintain an adequate level of loss absorbing capacity for capital businesses to bolster prudential management. Since it is important to push for a transition toward an equity-centered approach away from the current debt-driven model in our economy, Chairman Kim said that the government will provide active support by making improvements to relevant regulations.
Authorities hold meeting on household debt managementAug 21, 2024

The Financial Services Commission held a meeting on household debt management with related authorities and industry groups on August 21, chaired by FSC Secretary General Kwon Dae-young. The outstanding balance of household loans has been rising recently led by mortgage loans from banks and policy loans for housing. At the meeting, authorities discussed the following measures to effectively control the pace of household debt growth in the second half of 2024. First, from September 1, the second phase stressed debt service ratio (DSR) rule will take effect. A stress rate of 0.75%p will be additionally applied onmortgage loans and credit loans from banks and mortgage loans fromnonbanks. However, mortgage loans issued by banks for houses in the Seoul metropolitan area will be subjected to an increased stress rate of 1.20%p. Second, for household loans issued from September 1, banks will be required to calculate DSR on all types of household loans for their owninternal management purposes. This will help the banking sector to more closely monitor and examine relevant data on DSR. Third, in the future, authorities will consider implementing additional policy measures, such as expanding theapplication of DSR on other types of loans and increasing mortgage loans' risk weight for banks, after looking at household debt growth andhousing market conditions.
FSC Chairman delivers congratulatory remarks at the opening of 2024 finance job fairAug 21, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended the opening ceremony of the 2024 joint job fair in the financial industry and delivered congratulatory remarks on August 21. The annual finance job fair for this year will be held for two days from August 21 to 22 at Dongdaemun Design Plaza (DDP). Job seekers visiting the site will have opportunities to have an actual interview with officials from banks and career consultations with about 49 financial companies participating. There will be a variety of experiential programs offered throughout the event. In his speech, FSC Chairman Kim said that financial authorities will continue to work with the financial industry to make sure that there are abundant opportunities for quality jobs in finance.
Vice Chairman holds meeting on card processing fee systemAug 20, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the taskforce meeting on card processing fee system on August 20. The meeting was attended by relevant industry and consumer groups whereparticipants helddiscussions on ways to appropriately balance the needs of small merchants and consumer convenience, reduce cost burdens for various stakeholders by addressing the issue of high cost structure in the credit card industry, and upgrade regulations and seek diversification of business operation for credit card businesses. At the meeting, Vice Chairman Kim said that it is important to find appropriate ways to share costs amongvariousstakeholders and tackle high cost structure in the credit card industry, while seeking to upgrade rules in line with changing business environment.