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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.
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.