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FSC holds 7th financial regulatory innovation committee meetingApr 05, 2023

The FSC held the 7th financial regulatory innovation committee meeting on April 5 and discussed measures to ease rules on the loan-to-deposit ratio (in KRW) for local branches of foreign banks, promote online insurance comparison and recommendation platform services and make the current procedure of "duty to explain" financial products more consumer-oriented. Previously, foreign bank branches with a total volume of loans (in KRW) worth KRW2 trillion or more had to maintain 100 percent or lower in their loan-to-deposit ratio. However, this 100 percent or less threshold will be required from foreign bank branches whose total size of loans (in KRW) amounts to KRW4 trillion or more. At the meeting, FSC Chairman Kim Joo-hyun talked about the need to continue to push forward with the financial regulatory reform agendas in line withdigital transformation even against the backdrop of increased market uncertainties following steep rate hikes and the recent bank turmoil abroad. In this regard, Chairman Kim said that authorities will work to effectively balance financial market stability and financial regulatory reform in order to further enhance the global competitiveness of Korea's financial industry.
FSC Chairman meets with CEOs of major financial holding companiesMar 31, 2023

FSC Chairman Kim Joo-hyun met with the CEOs of five major financial holding companies on March 31 and held talks on the issues regarding financial stability, restoring trust in financial sectorand ensuring accountability. In the wake of recent bank failures abroad, Chairman Kim said that their effects on domestic market appear to be limited. However, as there are lingering uncertainties, Chairman Kim called for strong cooperation to maintain stability in financial markets. Chairman Kim also talked about the importance ofhavingeffective internal control mechanismsand risk management capacity in financial sector. Based on their responsible management practices, Chairman Kim said that the government will continue to seek regulatory reforms to help increase the competitiveness and innovativeness of the financial industry.
Vice Chairman holds 2nd taskforce meeting on improving management and operating practices of banksMar 30, 2023

The FSC and the FSS held the 2nd taskforce meeting on improving the management and operating practices of banks on March 29, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants went over the issues that have been discussed in previous working group meetings up to nowand held discussions on things to consider when introducing small licensing unitsfor banking businessand consumer benefits and regulatory direction for allowing payment settlement services for nonbank financial institutions. Authorities plan to hold the 5th working group meeting of the taskforce on improving the management and operating practices of banks on April 12 (tentatively scheduled) to discuss measures to promote corporate social responsibility in the banking sector.
Vice Chairman meets with Deputy Governor Nguyen Kim Anh of State Bank of VietnamMar 30, 2023

FSC Vice Chairman Kim So-young met with Deputy Governor of the State Bank of Vietnam (SVB) Nguyen Kim Anh and SVB's delegation team on March 30 and held talks on expanding and strengthening bilateral cooperation on financial sector development. During the meeting, Vice Chairman Kim said that Vietnam is one of the three major trading partners for Korea andis secondonlytoChina interms of the number ofKorean financial companies it hosts. As Korean banks operating in Vietnam have had great reputation for their successful localization and effective risk management, Vice Chairman Kim sought close cooperationto facilitatea prompt licensing of certain Korean banks that arecurrently preparing to expand their business in Vietnam.
FSC Chairman visits inclusive finance support center to check implementation of new microloan program for vulnerable borrowersMar 27, 2023

FSC Chairman Kim Joo-hyun visited a branch of the Korea Inclusive Finance Agency's support center on March 27 to see how the newly introduced microloan program for living expenses is being provided to vulnerable borrowers. During his visit, Chairman Kim said that it is very meaningful to be able to provide an opportunity to those borrowers who stand at the brink of being pushed off to illegal predatory lenders who often charge exorbitant rates on loans. At the same time, Chairman Kim also underscored the important role of the support center employees in providing consulting to applicants in a more comprehensive and substantive way. As this microloan program for living expenses is made available for the first time, Chairman Kim said that authorities will closely monitor how this program is operated and, if necessary, prepare improvement measures quickly.
Authorities hold policy seminar to support corporate M&AsMar 27, 2023

The FSC and the FSS held a policy seminar on providing support for corporate mergers and acquisitions (MAs) together with the Korea Exchange and Korea Capital Market Institute on March 27. At the beginning of the seminar, FSC Vice Chairman Kim So-young delivered congratulatory remarks and said that corporate MAs are important mechanisms for businesses in enhancing their management efficiency or seeking reorganization, and that they are useful for increasing economic productivity and facilitating economic recovery. In this regard, Vice Chairman Kim said that the government will implement measures to (a) make significant improvements in regulations on corporate MAs, (b) strengthen support for corporate restructuring, (c) support strategic MAs in line with demand for industrial restructuring and (d) make MA regulations more congruent with global standards. The FSC plans to draw up specific measures for supporting corporate MAs after having discussions with experts in the future.
Vice Chairman holds 4th working group meeting of the taskforce on improving management and operating practices of banksMar 23, 2023

The FSC and the FSS held the 4th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 22, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed the recent progress and future plan for online deposit product brokerage service which is aimed atenhancingconsumer convenience and boosting competition in the banking sector as well as ways to boost the competitiveness of internet-only banks.With regard toonline deposit product brokerage service, FSC Vice Chairman Kim So-young talked about the importance of participation by many financial institutions other than banks such as savings banks and mutual finance companies in order for it to work as a catalyst for promoting competition in the financial industry. On internet-only banks, Vice Chairman Kim said that they need to actively seek ways to providehigh-quality servicesat low costs.
Vice Chairman attends 2023 Global Money Week held on March 20-26Mar 20, 2023

FSC Vice Chairman Kim So-young attended this year's Global Money Week under the theme of "Plan your money, plant your future!" held on March 20. In his remarks, Vice Chairman Kim reviewed the implementation status of financial education based on different stages of life cycle and spoke about ways to promote tailored financial education. Vice Chairman Kim stressed the following three major implementation tasks as a way to promote financial education-(i) strengthening early financial education, (ii) developing and providing practical educational contentsthat reflect the rapidly changing financial situations in a timely manner, and (iii) normalizing face-to-face financial education.
Vice Chairman holds 3rd working group meeting of the taskforce on improving management and operating practices of banksMar 16, 2023

The FSC and the FSS held the 3rd working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 15, chaired byFSC Vice Chairman Kim So-young. At the meeting, authorities discussed measures to revamp the soundness requirements in the banking sector to improve bank's loss absorbing capacity and looked into the current status of major banks' bonus remuneration system to seek improvements. At the beginning of the meeting, Vice Chairman Kim So-young said that despite recent failures of Silicon Valley Bank and Signature Bank in the U.S., domestic banks appear to be operating with sufficient liquidity, adequate soundness and without significant exposures to those banks. However, as there are possibilities of rising market volatility in the future, the Vice Chairman said that authorities will spare no effort in maintaining financial stability. The 4th working group meeting expected to be held on March 22 will deal with the current progress in the savings comparison and recommendation services and ways to boost the competitiveness ofinternet-only banks.
FSC holds seminar on strengthening global competitiveness of financial investment businessesMar 14, 2023

The FSC held a seminar on strengthening the global competitiveness of financial investment businesses on March 14, together with the Korea Financial Investment Association and the Korea Capital Market Institute. In his congratulatory remarks, FSC Vice Chairman Kim So-young spoke about the strength and opportunity of Korea's financial investment sector in boosting its global competitiveness and expanding to overseas markets. Together with the financial investment sector and private sector experts, the FSC plans to hold a series of seminars to prepare policy strategies on (a) expanding market horizon, (b) responding to "new normal" settings, (c) improving profitability and benefits for investors, and (d) strengthening internal capabilities of financial investment businesses.
FSC holds talks on promoting data-driven innovation and competition in hyperscale AI eraMar 14, 2023

The FSC held a meeting with relevant authorities, private sector experts, big tech and fintech companies, and financial institutions on March 14 on the topic of the government's policy direction on financial data to promote innovation and competition in a hyperscale AI era, chaired by FSC Standing Commissioner Kwon Dae-young. At the meeting, participants held discussions on a variety of issues including (a) opening up essential non-financial data to expand the utility of MyData services, (b) expanding the scope of financial products comparison and recommendation services, (c) allowing re-utilization of converged data, (d) opening up public data on sole proprietors, and (e) building a credibleAI user environment. At the meeting, FSC Standing Commissioner Kwon Dae-young talked about the significance of big data as an essential facility to drive innovation and competition in a big blur eraand the need to create a level playing field among big platform service providers, financial institutions and fintech businesses.
FSC holds 1st taskforce meeting on promoting overseas expansion of domestic financial industryMar 13, 2023

FSC Vice Chairman Kim So-young presided over the 1st taskforce meeting on promoting overseas expansion of domestic financial industry on March 13 together with financial industry associations, related authorities and research institutions. As a follow-up to the FSC's annual work plan announced in January, the taskforce has been set up to find measures to support overseas expansion of domestic financial sectors and ways to improve relevant regulations. At the beginning of today's meeting, FSC Vice Chairman Kim So-young spoke about some of the new challenges financial sectors face in Korea such as the slowing pace of economic growth and aging population and said that an external expansion of the financial industry is critical to effectively deal with these challenges. In the subsequent taskforce meetings, authorities will discuss ways to support domestic financial companies to expand and make investments overseas, overhaul regulations to attract more investment inflows into domestic markets and work to facilitate global financial companies' entry and business operation in Korea. The taskforce plans to hold a series of seminars with each sector to collect comments and policy suggestions from financial companies.