Photo News - Financial Services Commission

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FSC and FSS hold meeting with bank holding companies and announce reform measuresJul 05, 2023

FSC Chairman Kim Joo-hyun held a meeting with major bank holding companies on July 5 and announced a set of measures aimed at promoting competition in the banking sector.The measures have been prepared after holding a series of taskforce meetings on improving the management and operating practices of banks since February this year. The key banking sector reform areas include (a) promoting competition and overhauling the industrial structure, (b) improving the interest rate system through expanded availability of fixed interest rates, (c) enhancing loss absorbing capacity, (d) increasing the proportion of non-interest revenues, (e) improving the employee remuneration system and the shareholder return policy and (f) promoting corporate social responsibility.
Vice Chairman holds press briefing on measures to improve the management and operating practices of banksJul 05, 2023

FSC Vice Chairman Kim So-young gave a briefing on the measures to improve the management and operating practices of banks on July 3.The measures have been prepared after holding a series of taskforce meetings on improving the management and operating practices of banks since February this year. The key banking sector reform areas include (a) promoting competition and overhauling the industrial structure, (b) improving the interest rate system through expanded availability of fixed interest rates, (c) enhancing loss absorbing capacity, (d) increasing the proportion of non-interest revenues, (e) improving the employee remuneration system and the shareholder return policy and (f) promoting corporate social responsibility.
MOU signed for operating KRW1 trillion real estate PF normalization fundJul 04, 2023

FSC Standing Commissioner Kwon Dae-youngattendedthe memorandum of understanding signing event between the Korea Asset Management Corporation and five asset management companies for operatingthe real estate PF normalization fund worth KRW1 trillion from September this year. At the MOU signing event, FSC Standing Commissioner Kwon said that the newly created fund will serve as a stepping stone to promote normalization of the real estate PF market and urged financial holding groups and other financial institutions in the private sector to actively participate in the effort. Following the MOU signing event, the FSC and the FSS held a meeting with the relevant industry assoications to check the recent progress and conditions regarding the real estate PF market.
Vice Chairman holds financial education council meetingJun 30, 2023

FSC Vice Chairman Kim So-young presided over this year's1st financial education council meeting held on June 30 with officials from the relevant government ministries and public and private organizations participating. At the meeting, authorities discussed ways to make improvements to the current financial education platform (e-financial education center) operated by the Financial Supervisory Service, make educational content more user-oriented and strengthen efforts to make the availability of financial education programs more widely known to the public. In addition, authorities discussed a plan to carry out financial literacy survey on consumers between August and December this year, the result of which will be announced in the first quarter of 2024.
Vice Chairman holds 3rd consultative body meeting on policy finance supportJun 26, 2023

FSC Vice Chairman Kim So-young presided over the 3rd consultative body meeting on policy finance support with the relevant government ministries and policy financial institutions on June 26 to review the progress of credit offering to the five major strategic development sectors and discuss a special support process for outstanding businesses. At the meeting, Vice Chairman Kim said that amid the high interest rate and sluggish economic conditions, provision of credit support to the strategically important sectors by policy financial institutions have helped to boost their business activities. In this regard, Vice Chairman Kim asked policy financial institutions to continue to make efforts to help recover domestic businesses' export competitiveness and to secure super gap high-tech industries by providing credit support to outstanding businesses.
Vice Chairman speaks about importance of strengthening global competitiveness of domestic semiconductor ecosystemJun 26, 2023

FSC Vice Chairman Kim So-young and First Vice Minister of the Ministry of Trade, Industry and Energy Jang Youngjin held a business agreement ceremony to create a KRW300 billion fund intended to make targeted investments to help boost international competitiveness of the domestic semiconductor industry along with major chip makers and policy financial institutions. At the event, Vice Chairman Kim said that in order to more effectively respond to the global semiconductor industry competition taking place between major economies as well as deepening supply chain regulations, it is important to boost support for domestic fabless chip makers and strengthen competitiveness of semiconductor materials, parts and equipment businesses.
FSC Chairman meets with financial industry groups and talks about internal control reform planJun 22, 2023

FSC Chairman Kim Joo-hyun held a meeting with the FSS and financial industry groups on June 22 and discusseda plan to strengthen internal control of financial companies. The key reform measure being proposed requires CEOs of financial companies to prepare a responsibilities map demonstrating how internal control responsibilities are shared and divided among executive officers within their companies. In this regard, FSC Chairman said that the most important element in this reform initiative is not a change in formality but a change in the overall organizational awareness and value that will help bring about actual change in actions. As such, Chairman Kim said that the willingness and leadership of financial companies' top management are very important to ensure effective operation of internal control system.
Vice Chairman outlines plan to improve regulations to promote overseas expansion of domestic financial businessesJun 19, 2023

The FSC held a meeting with the FSS, relevant industry groups and financial institutions on June 19 and had discussions on ways to promote overseas expansion of domestic financial businesses and seek regulatory overhaul.At the beginning of the meeting, FSC Vice Chairman Kim So-young delivered opening remarks and outlined the FSCs plan to improve regulations in the following four areas(a) acquisition of a foreign subsidiary to bolster global competitiveness, (b) raising funds for an overseas subsidiary by the parent company, (c) flexible application of domestic use only regulations on overseas branches, and (d) removing excessive redundancy in disclosure and reporting duties and switching the current ex ante reporting requirement to ex post reporting.
FSC Holds Financial Cooperation Forum with Thailand and Attends IOSCO Annual MeetingJun 15, 2023

The FSC held the Korea-Thailand Financial Cooperation Forum and attended the 48th annual meeting of the International Organization of Securities Commission (IOSCO) held in Bangkok, Thailand on June 12-15. At the Korea-Thailand Financial Cooperation Forum, Securities and Futures Commission (SFC) Standing Commissioner Kim Jeong-kag of the FSC delivered congratulatory remarks and talked about the importance of bilateral cooperation between the two countries. In his speech, Standing Commissioner Kim said that Koreas experience with online-only banks, open banking and financial MyData services can offer valuable examples regarding digital transformation of the financial sector and that Korean financial institutions are very much willing to participate and contribute to Thailands virtual banking initiative.
Vice Chairman holds 12th working group meeting of the taskforce on improving management and operating practices of banksJun 15, 2023

The FSC and the FSS held the 12th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on June 14, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to make disclosure of information on banks' management and operating status more transparent, detailed and easy-to-understand for consumers. A draft document form on banks' management and operating status was prepared by the Korea Federation of Banks containing largely three components--(a) asset/liability status, (b) profit/cost status and (c) how banks use net profits for capitalization and dividend distribution. At the meeting, Vice Chairman Kim said that it is important for banksto better communicate with consumers about how they make profits and how and where their profits are being used to facilitate better understanding by consumers andbuildtrustwiththe public. In this regard, Vice Chairman Kim said that the proposed form on banks's management and operating status will help increase transparency and promote competition between banks.
Vice Chairman visits call center of special youth savings programJun 15, 2023

FSC Vice Chairman Kim So-young visited the call center of special youth savings program on the first day of its launch on June 15. The call center is set up with 200 specialists intended to help young adults with various questions about the newly launched special youth savings account program such as main features of the program, matching contribution by the government and application process. Vice Chairman Kim visited the call center to have pep talks with the call center employees and urged them to ensure that accurate information about the product structure and various benefits is provided to young adults. Vice Chairman Kim said that the special youth savings account offers interest earnings equivalent to that provided by ordinary savings products, but with a five-year maturity, it can help young adults accumulate assets over a longer period than other ordinary types of savings products.
Vice Chairman talks about high expectations for overseas expansion of specialized credit finance businessesJun 14, 2023

FSC Vice Chairman Kim So-young attended a seminar on strengtheningglobal competitiveness of specialized credit finance businesses on June 14 and held talks with both academic and industry experts on ways to support their business expansion overseas. In his opening remarks, Vice Chairman Kim said that as specialized credit finance businesses are facing fierce competition in domestic environmentand highly volatile economic and financial market conditions, it is necessary for them to seek new growth strategies. In this regard, Vice Chairman Kim talked about their potential in emerging markets where domestic specialized credit finance companies can help to build digital financial infrastructure there. Vice Chairman Kim said that this will help domestic companies to expand and diversify their profit base while making contributionto the advancement of local financial markets in emerging markets.