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FSC Chairman speaks about significance of special youth savings accountJun 12, 2023

FSC Chairman Kim Joo-hyun attended a business agreement ceremony held among twelve banks and the Korea Inclusive Finance Agency for the launching of the special youth savings account on June 12 where he delivered congratulatory remarks. The special youth savings account is a government-matching savings product for young adults aged 19 to 34 who qualify for both individual and household income requirements. During his speech, Chairman Kim said that the special youth savings account is an important part of this administration's youth support policy. As there are high expectations about banks' efforts for giving back to society, Chairman Kim urged banks to ensure thatpractical assistance is provided to young adults through the special youth savings account program.
Vice Chairman holds meeting to check progress of soft-landing of maturity extension and payment deferment programJun 08, 2023

Vice Chairman Kim So-young presided over a meeting with the Financial Supervisory Service and relevant financial industry groups on June 8 to review current status of the efforts to soft-land the loan maturity extension and payment deferment program which was introduced in April 2020 in the wake of coronavirus outbreak. At the meeting, Vice Chairman Kim So-young said that authorities will work to ensure a soft-landing of the support program and continue to operate a help center at the FSS to make sure that borrowers can seek consultation on their payment plans, debt adjustment and the availability of other support measures.
Vice Chairman holds 11th working group meeting of the taskforce on improving management and operating practices of banksJun 08, 2023

The FSC and the FSS held the 11th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on June 7, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants talked about ways to improve rules on financial institutions' service entrustment practices and introduce proxy banking services viajoint branches or post offices. In his speech, Vice Chairman Kim discussed the importance of promoting competition within the banking sector and boosting consumer access to financial services by strengthening collaboration between different players from diverse sectors. In this regard, Vice Chairman Kim said that it is necessary to come up with measures that will help make financial services more accessible for those who are digitally deprived. For allowing proxy banking services, Vice Chairman Kim said that it is necessary to clearly establish appropriate levels of authority and responsibility for both financial institutions and third-party service providers to ensure financial stability and consumer protection.
FSC holds 5th policy seminar on strengthening global competitiveness of domestic financial investment businessesJun 08, 2023

FSC Vice Chairman Kim So-young attended the 5th policy seminar on strengthening the global competitiveness of domestic financial investment businesses on June 8 and delivered congratulatory remarks. Today's event marks the last of a series of seminars held this year and focused on ways to strengthen risk management and internal control capacity of financial investment businesses. Participants discussed the need to improve rules on the securities firms' net capital ratio requirement according to their size and to make changes to the method of calculating liquidity levels taking into account various stress conditions including a large-scale redemption. In his speech, Vice Chairman Kim talked about some of the concrete policy achievements brought about by the seminar and the government's plan to further enhance the global competitiveness of domestic financial investment businesses. As a part of this effort, Vice Chairman Kim said that the KRX derivatives market's early opening from July 31 will help boost domestic market's linkage with global capital markets.
Vice Chairman speaks on seeking appropriate balance in improving rules on listed companies' treasury stocksJun 05, 2023

FSC Vice Chairman Kim So-young delivered congratulatory remarks at a seminar held by the Korea Exchange and the Korea Institute of Finance on the topic of improving rules on listed companies' treasury stocks. In his speech, Vice Chairman Kim said that the government will review ways to improve the current rules on treasury stocks to prevent them from being used as a means of strengthening the control of large shareholders and to help with shareholder value maximization. While making Korea's treasury stock rules more consistent with global standards, Vice Chairman Kim said that authorities will work on measures that will help protect the rights and interests of general shareholders more thoroughly.
Vice Chairman holds 10th working group meeting of the taskforce on improving management and operating practices of banksJun 01, 2023

The FSC and the FSS held the 10th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 31, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants talked about ways to promote competitiveness of regional banks. Regarding ways to make regional banks more competitive,Vice Chairman Kim emphasized that regional banks need to keep up with efforts to ease interest rate burdens on households and companies. While speaking aboutfurther efforts to develop the merits of regional banks and make them different, Vice Chairman Kim urged regional banks to find new business models and draw up new financial products. Vice Chairman Kim also stated that it is necessary to seek joint business projects between regionalbanks and other banks.To ensure regional banks canboostcompetition in the banking sector as a waytomakeregionalbankingmore vibrant, the authorities will work to closely communicate with regional banks.
FSC Chairman attends global startup conference NextRise 2023Jun 01, 2023

FSC Chairman Kim Joo-hyun attended the global start-up conference NextRise 2023 held at Seoul COEX on June 1 and delivered his congratulatory remarks. In his congratulatory remarks, Chairman Kim explained the government's plan to boost support for startups and venture startups. The plan includes (a) supporting expanded supply of funds customized for venture businesses in different stages, (b) encouraging private banks to increase venture investments and creating funds intended to build a virtuous cycle that facilitates reinvestment, and (c) expanding the availability of venture infrastructure that promotes innovative business activities.
FSC Chairman holds 49th financial hub development committee meetingMay 31, 2023

FSC Chairman Kim Joo-hyun presided over the 49th financial hub development committee meeting on May 31 and discussed the 6th three-year plan (2023-2025) to promote financial hubs in Korea. In his opening remarks,Chairman Kim said that compared to the year 2020 when the 5th three-year plan for promoting financial hubs in Korea was formulated, todays global financial environment is experiencing rapid changes amid digital transformation and spread of sustainable finance. In this regard, Chairman Kim stressed that how we respond to these changes will determine the competitiveness of global financial hubs. At today's meeting,participants decided on the 6th financial hub policywhichcontains four key task areasthatwill allow the government and the financial sector to quickly respond to the changing global financial environment and actively make use of the areas where the Korean financial industry has a comparative advantage.
FSC holds meeting to check preparation for launching special youth savings account in JuneMay 31, 2023

FSC Vice Chairman Kim So-young held a meeting with relevant institutions and banks on May 31 to check the progress in preparing for launching the special youth savings account program in June. The special youth savings account program will be offered by twelve banks and each lender will disclose its base interest rate and preferential rates on the website of the Korea Federation of Banks in June. At the meeting, Vice Chairman Kim urged authorities and the lending institutions to make efforts to ensure a seamless operation of the program to meet the expectation of young adults and help them accumulate assets over the medium- to long-term. The special youth savings account program is a 5-year savings product for young adults aged 19 to 34 whichoffers matching contributions from the government's fiscal resources as well as tax benefits on interest income.
Vice Chairman visits KFTC's control center for online one-stop loan transfer systemMay 30, 2023

FSC Vice Chairman Kim So-young visited the Korea Financial Telecommunications Clearings Institute's control center in Seongnam-si, Gyeunggi Province on May 30 to inspect the preparation and emergency contingency plan for the online loan transfer system scheduled to be launched on May 31. During his visit, Vice Chairman Kim urged officials to closely monitor the operating status especially during the early stage of system operation to prevent potential accidents from taking place. Considering a heavy volume of access attempts expected in early stages, Vice Chairman Kim said that a special attention is required to maintain stability in server and traffic management and to prevent temporary delays in access.
Vice Chairman announces availability of online one-stop loan transfer system from May 31May 30, 2023

FSC Vice Chairman Kim So-young gave a briefing on May 30 and announced the opening of the online one-stop loan transfer system from May 31. Establishing an online one-stop loan transfer system has been a key policy agenda of this administration to help alleviate peoples interest payment burdens and promote digital transformation in the financial sector and competition between banks. Beginning on May 31, consumers will be able to use their smartphone apps (MyData-enabled loan comparison platform app or major financial company apps) to search for loans offering better borrowing terms and make a switch from their existing credit loans issued by 53 financial institutions (19 banks, 18 savings banks, 7 credit card companies and 9 specialized credit finance businesses).
Authorities hold meeting and announce measures to reform regulations on CFD tradesMay 30, 2023

FSC Vice Chairman Kim So-young presided over a meeting with relevant institutions on May 26 to finalize a set of measures intended to strengthen regulations on trading of contracts for difference (CFDs). Financial authorities plan to (a) enhance transparency in the provision of relevant investment information, (b) close loopholes to prevent regulatory arbitrage, (c) require individual investors applying for the qualified professional investor status to go through an in-person verification process and (d) establish a new investment requirement for OTC derivatives transactions such as trading of CFDs. At the beginning of the meeting, Vice Chairman Kim said that the government and the relevant institutions plan to quickly and thoroughly carry out reforms to address the problems that have been pointed out in the wake of the recent unfair market transactions which have resulted in the erosion of public trust and market confidence.In this regard,Vice Chairman Kim said that the financial investment industry should actively take up the regulatory improvement measures and promote sound investment practices.