Photo News - Financial Services Commission

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FSC Chairman oversees disaster response and safety management drill in financial sectorOct 28, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission presided over this year's disaster response and safety management drill in the financial sector on October 28. The FSC is mandated to oversee response measures and procedures in the event of any disasters or accidents taking place in the financial sector, which may have potential to cause major disruption in national core infrastructure. This year's disaster response and safety management drill took place under the scenario of a fire erupting at a financial institution with the potential of causing a digital bank run. Under this scenario, Chairman Kim convened a central disaster response meeting to reviewresponse strategies and action plans. At the meeting, participants also checked each institution's preparedness and discussed measures for improvement under the scenario of a digital bank run. At the meeting, Chairman Kim underscored the importance of being thoroughly prepared for disaster situations while saying that working to ensure prevention of suchincidentsshould take priority.
FSC Chairman meets with scholars to discuss policy direction on financial consumer protectionOct 28, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with a group of university professors and held talks on ways to more effectively provide safeguards for financial consumers on October 28. In his opening remarks, Chairman Kim stressed the importance of building strong trust-based relationship between consumers and the financial industry in order to seek further growth of the financial sector. At the meeting, participants discussed various issues regarding consumer protection, including the efficacy of sales regulations on highly complex financial products, the need to establish rigorous internal control measures by financial companies, and increasing the provision of financial education programs to help improve the awareness and understanding on the part of financial consumers. The FSC will take into account what has been discussed at today's meeting whenformulating consumer protection policies in the future.
Vice Chairman holds financial education council meetingOct 25, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over this year's second financial education council meeting with officials from related ministries, educational institutions, and organizations on October 25. At the meeting, participants discussed ways to promote financial education programs in high school academic curriculum and establish a systematic network for cooperation among financial education providers. With the establishment of a course on finance and economics being offered as an elective in high school academic curriculum from 2026, Vice Chairman Kim said that students will have more opportunities to gain understanding and increase their capacity in finance. To make sure to seamlessly provide financial education programs that are effective for school curriculum, Vice Chairman Kim said that related authorities and organizations will need to maintain close cooperation and seek coordination of specific details moving forward.
Digital indemnity health insurance claims process available from October 25Oct 25, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission attended an event commemorating the launch of digital indemnity health insurance claims system with related authorities and organizations on October 25. Starting from today, indemnity health insurance policy holders can claim their medical insurance payments online or via mobile app without having to visit hospitals or clinics to get necessary paperwork. Currently, 4,223 hospitals and community health care centers have agreed to participate in the digital indemnity health insurance claims system. Among them, 210 hospitals will begin to provide this service from today. At the event commemorating the launch of this service, FSC Chairman Kim said that it will help to simplify and streamline the insurance claiming process for the public who will no longer need to visit hospitals or face the burden of complicated paperwork. While speaking about the significance of launching the system for the public despite needed improvements, Chairman Kim said that authorities will continue to work with various entities and participants, such as health care service providers, electronic medical record (EMR) service providers, pharmacies, MyData service providers, and the insurance industry, to encourage more participation and increase convenience for service users.
FSC Chairman meets with small merchants and self-employed business owners to promote the availability of New Start FundOct 22, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited a traditional market in the city of Anyang, Gyeonggi Province on October 22 and met with small merchants and self-employed business owners to have talks on their needs and challenges and promote the availability of New Start Fund, a government-backed debt workout program intended for microenterprises. Since the program's eligibility has been expanded to a broader group of applicants on September 12, the volume of application being processed on a daily basis has increased about 26 percent on average. After listening to the needs and challenges of small business owners, Chairman Kim said that the government will continue to closely review how this debt workout support program is being operated to help minimize inconvenience and seek improvements for users.
FSC welcomes delegation from Vietnam's State Securities CommissionOct 16, 2024

Standing Commissioner Lee Hyung Ju of the Financial Services Commission held a meeting with a delegation from Vietnam's State Securities Commission at Seoul Government Complex on October 16. The Vietnamese delegation's visit to the FSC this time follows Standing Commissioner Lee's trip to Vietnam in September this year to attend the Korea-Vietnam Financial Cooperation Forum and hold meetings with high ranking financial authorities of Vietnam.
Vice Chairman holds meeting to check preparation for implementing new law on personal credit management and debtor protectionOct 08, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from related organizations and financial industry groups on October 8 to check readiness for implementing the Personal Credit Management and Debtor Protection Act, which is scheduled to take effect from October 17. Since promulgation of the law in January this year, authorities have worked to prepare subordinate rules and regulations, best practice guidelines, frequently asked questions, and relevant document forms. The Personal Credit Management and Debtor Protection Act aims to facilitate direct consultation and engagement between financial companies and debtors for the resolution of personal debt problems, ease the burden of overdue interests, prevent excessive debt collection practices, and strengthen rules on sales of debt and individual debtor protection. With the implementation of this law, Vice Chairman Kim said that financial companies will be more encouraged to provide debt adjustment service on their own to enable debtors to regain footing economically. In this regard, authorities plan to set up and operate a taskforce to ensure a seamless implementation of the new law. To this end, Vice Chairman Kim also urged financial companies to actively take steps to set up proper internal control mechanisms and provide training to their own staff.
FSC Chairman visits Busan to tour global startup hub site and confer awards to young startup entrepreneursOct 02, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission visited the site of a global startup hub currently in the stage of being established in Busan, which is modeled after the French startup campus Station F on October 1. The newly established global startup hub is expected to open in the first half of 2026 and offer startup incubating, training, and other relevant services and resources to young entrepreneurs. While visiting Busan, Chairman Kim attended Fly Asia 2024 and conferred awards to a group of startup companies selected for outstanding idea demonstrations. Chairman Kim also took part in KDB V:Launch, a regional venture investment platform, to deliver congratulatory remarks on the importance of cultivating local startup companiesto boost our growth potential and promote a well-balanced growth across the country. In his speech, Chairman Kim said that the FSC will actively participate in parliamentary discussions on the issue of relocating Korea Development Bank's head office to Busan topromotecity'sdevelopment as a global hub for the logistics, finance, and high-tech industries.
FSC Chairman meets with CEOs of financial holding groupsSep 30, 2024

Chairman Kim Byoung Hwan of the Financial Services Commission met with the heads of domesticfinancial holding groupson September 30and held talks on the important role and responsibility of financial holding companies. Chairman Kim's meeting with the CEOs of financial holding groups today marks the final stop in a series of meetings he has had with individual financial sectors since taking office in July this year. During the meeting, Chairman Kim talked about the importance of effectively managing the pace of household debt growth, strengthening internal control in financial sectors to bolster public confidence, and pursuing appropriate strategies and solutions that will help to cope with the major changes taking place in socioeconomic spheres, such as demographic shift, climate change, and technological advances. In this regard, Chairman Kim said that the government will provide active support through regulatory and supervisory means to promote financial holding groups to take appropriate actions toward these ends.
Vice Chairman presides over 3rd insurance reform committee meetingSep 26, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 3rd insurance reform committee meeting with officials from related industry groups, research institutions, and organizations on September 26. At the meeting, officials discussed ways to promote fair competition in the insurance industry, bring about improvements to insurance companies' reserve requirements, and strengthen internal control mechanisms. In his opening remarks, Vice Chairman Kim spoke about the significant impact that interest rate declines can have on insurance companies' prudential management and profitability. In this regard, Vice Chairman Kim said that insurance companies need to take proactive steps to strengthen risk management to be prepared for rate declines.
Vice Chairman presides over 8th consultative body meeting on policy financeSep 25, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 8th consultative body meeting on policy finance with relevant government ministries,organizations, and policy financial institutions on September 25. At the meeting, authorities discussed major policy projects sought by individual ministries and the financing demands of industries prior to establishing a plan for supplying policy finance support for 2025. With the Korea Technology Finance Corporation newly joining the consultative body meeting, the total amount of policy finance support extended by policy financial institutions in 2024 will amount to KRW240.5 trillion from the previously expected volume of KRW212 trillion. Korea Technology Finance Corporation's participation will also push up the volume of policy finance support provided to the five key government-designated strategic sectors from the previously anticipated amount of KRW102 trillion to KRW116 trillion. In his opening remarks, Vice Chairman Kim talked about the importance of making sure that policy finance support is efficiently distributed in accordance with the diversified demands from industries and based on the concrete plans prepared by related ministries.
Vice Chairman holds meeting on financial market conditions and policy direction forwardSep 24, 2024

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with a group of market experts and officials from related organizations on September 24. At the meeting, participants discussed current economic and financial market situations amid the shift in global monetary policy stances and policy directions moving forward. Speaking about the effects of monetary policy shifts taking place in major economies, Vice Chairman Kim said that interest rate cuts may bring about positive effects, such as facilitating economic recovery, boosting consumption, and expanding investments, but that there are also risks, such as liquidity growth and leverage expansion. In this regard, Vice Chairman Kim said that the government will strengthen macroprudential management and work to increase funding flow into productive sectors, while making consistent efforts to ensure market stability.