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Vice Chairman attends the 9th International Financial Cooperation ForumDec 09, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission attended the 9th International Financial Cooperation Forum hosted by the Council on International Financial Cooperation on December 9. The forum was held under the theme of "Deep Finance: Shaping the Future of Global Finance" and attended by officials from major international organizations and overseas financial authorities. At the forum, Vice Chairman Kim delivered luncheon remarks and spoke about the need to embrace deep tech in the financial industry. In this regard, Vice Chairman Kim said that there are currently various measures being drawn up to support the establishment of infrastructure facilitating the use of generative artificial technology (AI) for financial companies and the provision of big data in the financial sector.
FSC Chairman holds market monitoring meeting with finnacial holding companies and related authoritiesDec 09, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission convened a meeting on December 9 with officials from the Financial Supervisory Service, five major financial holding companies, policy financial institutions, and related organizations and industry associations to check market situations and discuss response measures. At the Ministerial Meeting on Economic Affairs held the day before, the government announced that the economic team will spare no effort in ensuring a stable management of the economy despite looming uncertainties caused by recent politicalsituations. In this regard, FSC Chairman Kim said that the FSC and the FSS will continue to carry out their responsibilities in unwavering ways to ensure the maintenance of stability in Korea's financial system and the external credibility in the financial sector. Speaking about the important role played byfinancial holding companies, Chairman Kim urged them to closely look into the liquidity and soundness conditions of their own subsidiaries, while working to also make sure that thereis no contraction of economic activities from businesses and other market participants.
FSC Chairman visits local housing development site and speaks about importance of ensuring stability in real estate project finance market Dec 05, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited the site of a new housing development project in Goyang-si, Gyeonggi Province on December 5 and held talks on the importance of ensuring a seamless implementation of the measures intended to seek a soft-landing in the real estate project finance market. The development project had faced the risk of delayed schedule due to increased construction costs but was able to return to normal operation as it secured financing support of KRW200 billion from the syndicated loan recently launched by the banking and insurance sectors. At the meeting with related industry officials, Chairman Kim talked about the importance of ensuring a soft-landing in the real estate project finance market not only for guaranteeing stability in the market but also from the perspective of guaranteeing a steady supply of housing. In this regard, Chairman Kim said that with the expectation of increased inflows of private sector funds into the real estate project finance market, the restructuring and resolution of problematic development sites and the purchase of nonperforming loans are currently taking place in ways that are both predictable and manageable.
FSC Chairman convenes meeting to monitor market situationsDec 04, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission convened a meeting with officials from related authorities and industry organizations to check market situations and discuss response measures following the lifting of martial law in the early morning hours of December 4. At the meeting, Chairman Kim asked financial authorities and industry groups to strictly adhere to their own contingency plans and work to ensure market stability and prevention of risks. Prior to this meeting, the government earlier held an Emergency Meeting on Macroeconomic and Financial Issues (F4 Meeting) and pledged to mobilize all available measures to stabilize the financial and foreign exchange markets through provision of unlimited liquidity support where needed in order to stem potential market instability amid current political turmoil.
Vice Chairman presides over consultative body meeting on mutual finance policyDec 03, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over this year's second consultative body meeting on mutual finance policy on December 3. At today's meeting, officials from related ministries and organizations discussed ways to boost the medium- to long-term soundness and strengthen risk management in the mutual finance sector. As the size of the mutual finance industry has grown significantly in domestic market and local economies, Vice Chairman Kim said that mutual finance businesses need to take more responsibility and make efforts to bolster their capital and reserve conditions and seek prompt liquidation of non-performing loans to improve the soundness in management. At the meeting, officials also went over the status of handling mid-range interest rate loans and the establishment of vishing prevention mechanisms by individual mutual finance businesses.
FSC Chairman holds media briefing and introduces regulatory reform plans to strengthen protection for general shareholdersDec 02, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission held a media briefing on December 2 and introduced the government's plans for seeking regulatory improvements in the Financial Investment Services and Capital Markets Act (FSCMA) to strengthen protection for general shareholders. The announced plan includes increasing information transparency and the disclosure duty of company boards, abolishing the current rule on the calculation of merger prices for MAs taking place between affiliated business entities, requiring an external evaluation and disclosure of evaluation results for all MAs in principle, and other regulatory reform measures intended to provide better protection for general shareholders in split-off IPO of listed companies.
FSC Chairman speaks about importance of AML efforts in virtual asset marketNov 28, 2024

The Korea Financial Intelligence Unit (KoFIU) held the 18th annual anti-money laundering commemoration event on November 28. At the event, awards were presented to 4 organizations and 28 individuals who have made contributions to Korea's AML efforts. Chairman Kim Byoung Hwan of the Financial Services Commission attended the event and delivered a commorative speech highlighting the importance of boosting AML capacity in the virtual asset market. Through close cooperation and coordination with law enforcement agencies and overseas organizations, Chairman Kim said that the FSC and the KoFIU will make utmost efforts to prevent and combat illegal activities and work to bring about improvements in relevant policies.
Vice Chairman presides over future finance taskforce meetingNov 28, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the future finance taskforce meeting held on November 28 with related industry organizations, authorities, private sector experts, and academia and discussed the role and strategy of finance to effectively cope with demographic shifts, climate change, and technological advances. In his opening remarks, Vice Chairman Kim spoke about the need to actively seek strategies to effectively deal with megatrends in the demographic, climate, and technology sectors in order to guarantee sustainable ways to grow our economy. Since the three megatrends can provide opportunities for growth and innovation, Vice Chairman Kim asked officials to continue to make concerted efforts to find policy solutions that are aimed at mitigation, adaptation, and innovation.
FSC Chairman meets with President and Chief Operating Officer of J.P.Morgan ChaseNov 22, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with President and Chief Operating Officer of J.P.Morgan ChaseDaniel Pinto athis office in Seoul on November 22 and discussed issues concerning the current global financial market situation, a shift in the financial industry in the wake of the U.S. presidential election, and cooperation going forward.
FSC Chairman meets with fintech entrepreneurs and fintech lab operatorsNov 19, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended this year's second fintech open networking day event and delivered congratulatory remarks on November 19. The biannual event organized by the FSC brings together fintech businesses, financial companies, and investment organizations to seek ways to promote collaboration and boost investment in digital finance. Prior to the scheduled event, FSC Chairman Kim held talks with financial holding companies' fintech lab operators and fintech entrepreneurs to listen to their needs and suggestions. To help fintech businesses to continue to grow and scale up and to promote digital transformation of financial companies, Chairman Kim said that it is necessary to make regulatory improvements regarding financial companies' fintech investment and ownership rules. Moreover, to help make sure that digital payment services can continue to grow with a sense of legal stability in the future in the areas of authentication, big data, and artificial intelligence, Chairman Kim said that relevant regulations on electronic financial services and digital authentication system need to be upgraded. To continue to promote overseas expansion of outstanding domestic fintech companies, Chairman Kim said that the government will provide support through established overseas networks and joint investment promotion activities.
FSC Chairman holds meeting to review stock market situationNov 18, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with related authorities and market experts to check recent situation in the stock market in the wake of U.S. presidential elections. At the meeting, participants assessed that there have been significant movements of global investments toward the U.S. and increased volatility in stock markets around the world since the election of President Donald Trump. Amid uncertainties regarding the new U.S. administration's policy directions, participants assessed that it is possible that stock markets may experience increased volatility in the future. To help ease current volatility in the domestic stock market, the Korea Exchange and related organizations will start to implement the value-up fund worth KRW200 billion from this week and will seek to raise a second batch of value-up fund in the size of KRW300 billion. With increased uncertainties at home and abroad, FSC Chairman Kim said that financial authorities will continue to stay vigilant and closely monitor market developments, and asked related organizations for a swift implementation of investments through the value-up fund. Chairman Kim also said that financial authorities are prepared to employ appropriate market stabilization measures when considered to benecessary.
Vice Chairman holds market monitoring meeting and announces plans to extend the availability of market stabilization programsNov 13, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting on November 13 with related organizations and market experts to go over economic and financial market conditions at home and abroad in the wake of U.S. presidential elections and Feds monetary policy pivot and discuss policy responses to ensure market stability. At the meeting, Vice Chairman Kim said that it is necessary to maintain backstops in order to be prepared for the potential of rising uncertainty and volatility in the market. Therefore, Vice Chairman Kim said that the market stabilization programs currently in place will continue to be operated at the same level in 2025. At the meeting, Vice Chairman Kim also announced plans to extend the period of the temporarily eased regulations currently in place to facilitate a soft-landing in the real estate project finance market. As the restructuring and liquidation of real estate development projects are currently taking place, the availability of the temporarily eased regulations, which is set to expire at the end of 2024, will be extended until June 2025, with specific plans for normalization expected to be determined in the first half of 2025 after considering market conditions.