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FSC holds seminar on strengthening global competitiveness of Korean insurance marketMay 03, 2023

The FSC held a seminar on boosting the international competitiveness of Korean insurance market together with the Korea Life Insurance Association and General Insurance Association of Korea on May 3. FSC Vice Chairman Kim So-young delivered opening remarks at the beginning of the seminar where he emphasized the need to promote innovation and competition in the insurance sector. To this end, Vice Chairman Kim suggested that domestic insurance companies need to seek ways to expand to overseas markets to find new growth momentum. To promote more dynamism and diversity in Korean insurance market, Vice Chairman Kim also said that it is necessary to facilitate more foreign-based insurance companies to enter the Korean market.
FSC Chairman meets with export businesses and holds talks on export financing supportMay 02, 2023

FSC Chairman Kim Joo-hyun visited a semiconductor equipment export business located in Yongin, Gyeonggi Province on May 2 and held talks with a group of export businesses onthe need to expand the availability of export financing support to help strengthen the global competitiveness of domestic exporters. While meeting with the group of export businesses, Chairman Kim said that the government will strengthen support for trade financing, seek ways to help exporters find new markets and expand support for their facilities investment and research and development expenditures. The meeting with export businesses was organized to help authorities better understand about the needs and difficultiesfaced bydomestic exporters amid interest rate hikes, global economic slowdown and the shifting trend of supply chain policy in major economies. At the end of the meeting, Chairman Kim said that based on the suggestions and recommendations raised at today's meeting, the government will closely coordinate with the financial sector to draw up support measures tailored to the needs of export businesses.
Authorities hold meeting and pledge to make improvements to CFD trading systemMay 02, 2023

FSC Vice Chairman Kim so-young held a meeting with officials from the Financial Supervisory Service and the Korea Exchange on May 2 and discussed the need to make improvements to the CFD (contract for difference) trading system which has been used in the recent unfair market transaction cases that led to large-scale sell-offs of CFDs. At the meeting, Vice Chairman Kim said that although the cases are under investigation currently, financial authorities should seek measures to improve the CFD trading system in a preemptive manner to ensure prevention of further risks to investors and securities firms in the future. Vice Chairman Kim also urgedofficials to bolster supervision and oversight over unfair trading activities in capital markets to prevent such cases from happening again.
Vice Chairman speaks about need to strengthen public-private cooperation to promote pet insuranceApr 28, 2023

The FSC held a seminar on promoting pet insurance and strengthening the role of pet health care and insurance providers together with the Korea Insurance Research Institute, the Financial Supervisory Service and the General Insurance Association of Korea on April 28. FSC Vice Chairman Kim So-young attended the seminar and spoke about the need to strengthen cooperation between the government and the pet health care industry including veterinarians and insurance providers in promoting pet insurance. In his speech, Vice Chairman Kim pointed out that there is still inadequate infrastructure development on the treatment data system available for pets and the pet registration system, and this has prevented insurance providers from being able to more actively provide pet insurance products. Therefore, Vice Chairman Kim said that the government will work to increase the rate of pet registration as well as the effectiveness of the registration system and make improvements to the pet treatment data system by strengthening cooperation between relevant ministries and organizations.
Consortium agreement ceremony held among real estate PF creditor financial institutionsApr 27, 2023

The FSC announced that the real estate project finance (PF) creditor financial institutions' consortium held an agreement ceremony participated by all financial industry groups, government authorities and policy financial institutions on April 27. FSC Chairman Kim Joo-hyun attended the consortium agreement ceremony and spoke about the need to reasonably spread out the responsibility of funding support among creditor financial institutions. In this regard, Chairman Kim said that self-rescue efforts from real estate developers and construction companies should also take place in concert with the efforts of creditor financial institutions, and that this consortium agreement will help speed up the process ofcreditor financial institutionsreaching agreementson ways to improve the finance structures of relevant real estate projects through maturity extension, debt adjustment and new lending support.
FSC holds 2nd council meeting on promoting ESG in financial sectorApr 27, 2023

The FSC held the 2nd private-public joint council meeting on promoting ESG in financial sector on April 27, joined by businesses, investors, private sector experts and relevant institutions. At the meeting, participants held discussionsabout(a) ESG disclosure regulations in major foreign countries, (b)ESG assessment market trend, (c) climate risk and related strategies from the financial sector and (d)carbon emissions market trend. At the beginning of the meeting, FSC Vice Chairman Kim So-young delivered opening remarks where he spoke about the key direction of ESG disclosure, assessment and investment, and emphasized the importance of transparency and accountability.
FSC holds talks with fintech businesses in effort to promote fintech industry's overseas expansionApr 24, 2023

The FSC held talks with fintech businesses, financial institutions, private sector experts and relevant institutions on April 24 to discuss ways to promote the fintech industry's overseas business expansion. At the meeting, participants went over the progress in relevant policy support made available to fintech businesses so far, shared experiences of best practice cases of overseas business expansionand exchanged opinions and policy suggestions. Some of the suggestions made by fintech businesses in attendance include (a) making available investment support to promising fintech businesses on a continuing basis, (b) providing target country's overseas market information and expanding the availability of consulting opportunities, and (c) promoting business networking with the financial companies and fintechbusinesses in overseas markets. In his opening remarks, FSC Vice Chairman Kim So-young said that authorities will work to refine the current fintech support system managed by Fintech Center Korea to be able to provide comprehensive one-stop assistance from an early startup stage to the growth and overseas expansion stage.
Vice Chairman holds 6th working group meeting of the taskforce on improving management and operating practices of banksApr 20, 2023

The FSC and the FSS held the 6th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on April 20, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to improve the bonus remuneration system of banks under the Act on Corporate Governance of Financial Companies. More specifically, participants discussed (a) promoting incorporation of longer term based performance pays instead of short-term bonuses, (b) introducing a say-on-pay vote to ensure that shareholders have a degree of control on the issue of executive pay, and (c) requiring a disclosure of payfornon-registered executive officers in charge of company management. The 7th working group meeting is expected to be held on April 26 in which authorities will discuss ways to improve the interest rate calculation system.
FSC Chairman holds press briefing on measures to boost support for startups and venture businessesApr 20, 2023

The FSC and the Ministry of SMEs and Startups held a press briefing on their joint effort to boost support for startups and venture businesses on April 20. In his opening remarks, FSC Chairman Kim Joo-hyun talked about the current startup and venture business environment in which securing investment for startupshas become more difficult due to high interest rates and market anxieties. Against this backdrop, Chairman Kim said that the government has drawn up measures to increase support for both venture investors and startup businesses in different stages to help ensurea continuation of their innovative drivein theeconomy.
Vice Chairman meets with relevant authorities to discuss financial support measures for jeonse scam victimsApr 20, 2023

FSC Vice Chairman Kim So-young held a meeting with officials from the Financial Supervisory Service, Korea Housing Finance Corporation, Korea Inclusive Finance Agency and Korea Asset Management Corporation on April 20 to discuss measures to provide financial support for those who have fallen victims to jeonse scams recently. In response to the growing impact of jeonse scams, first, the FSS will work to ensure that the suspension being placed from today on the practice of auctioning off victims' houses is well observed by financial institutions and debt management companies. In the meantime, authorities will also make available diverse support programs to help the victims of jeonse scams with their living expenses, debt adjustment, etc.
Vice Chairman holds 5th working group meeting of the taskforce on improving management and operating practices of banksApr 13, 2023

The FSC and the FSS held the 5th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on April 12, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to promote banks' corporate social responsibility and the measures to improve the process regarding banks' branch closures. At the meeting, Vice Chairman Kim said that promoting banks' corporate social responsibility is important to foster a virtuous cycle of win-win relationship between banks and their consumersandalsonecessary to create a condition where the economy can grow on a sustainable basis. Regarding banks' branch closures, Vice Chairman Kim said that despiteanaccelerated paceofdigital transformation, it is important for banks to prioritize the value of trust from the perspective of consumers, especially for the elderly, who may face difficulties in accessing financial services if their local bank branches close down. As such, Vice Chairman Kim urged the banking sectortoactively cooperate in implementing the measures to improve the process of banks' branch closures announced at the meeting.
Vice Chairman speaks about importance of information transparency in ESG evaluation processApr 13, 2023

FSC Vice Chairman Kim So-young attended a policy seminar on improving the transparency and credibility in the ESG evaluation market on April 13 and spoke about the need to ensure information transparency throughout the entire ESG evaluation process. In his opening remarks, Vice Chairman Kim said that the role of ESGratingsservice providers is becoming more important as there are more ESG investments taking place. In this regard, to help boost the transparency in ESG-related information, Vice Chairman Kim said that the government will work to seamlessly implement its plan to phase in the ESG disclosure requirement from 2025. Meanwhile, Vice Chairman Kim said that the government will also work to properly balance the goal of promoting market autonomy andthat ofguaranteeing investor trust. Based on the discussions at today's seminar, the FSC plans to introduce specificmeasuresto increase the credibility and transparency in the ESG evaluation market in the future.