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Government and policy financial institutions announce policy funds supply plan for 2023Dec 26, 2022

The FSC, relevant government ministries and policy financial institutions signed an agreement on December 26 to supply policy funds in 2023prioritizing on the key industrial strategies of relevant ministries. At theagreementsigning event, FSC Chairman Kim Joo-hyun said that it is critical to strengthen collaboration between the government ministries and policy financial institutions to effectively respond to the current complex risk situation at home and abroad. In this regard, Chairman Kim said that the policy funds supply plan for 2023 that has been agreed upon today is an important result of close cooperation between relevant ministries and policy financial institutions. For 2023, the total amount of policy funds made availablethrough the Korea Development Bank, Industrial Bank of Korea and Korea Credit Guarantee Fund willbeKRW205 trillion, up KRW11 trillion from this year. While reflecting the "new growth 4.0 strategy" and key industrial policy of each ministry, authorities will select 5 major strategic areas for support from policy funds and supply funds worth KRW81 trillion in those stratetic areas.
Authorities announce financial education plan for 2023Dec 22, 2022

FSC Vice Chairman Kim So-young presided over the 2nd financial education consultative body meeting on December 22 to discuss the outcome of financial education programs in 2022 and the planfor 2023. In his opening remarks, Vice Chairman Kim said that theways in whichfinancial education is being provided has changed over the last three years from a contact-based, one-way education method to a contactless, two-way education method, due to the COVID-19 pandemic and advancement in information technology. However, Vice Chairman Kim said that this paradigm shift in financial education does not bring aboutthe same outcomefor all age groups, and therefore, authorities will seek to provide financial education tailored to the needs of different age groups according to one's life cycle.
5th financial regulatory innovation committee meeting discusses reform agendas to promote innovation in digital financeDec 20, 2022

The financial regulatory innovation committee held its 5th meeting on December 20 and discussed measures to increase support for fintech companies, improve relevant data infrastructures to facilitate financing of SMEs and micro-enterprises and make further advancementonthe regulations regarding data security in financial sectors. In his opening remarks, FSC Chairman Kim Joo-hyun said that the government will make policy efforts in diverse areas to seek improvements in regulations across all financial sectors, provide funding assistance to fintechs through fintech innovation fund, support launching of "innovative financial services" by making improvements to how the financial regulatory sandbox program is operated, and expand the type of data available for financial MyData services and build an AI data library. Chairman Kim also said that the government will seek ways to improve regulations on P2P lending businesses and MyData service providers to ensure that these newly emerging fintech-based services can help boost consumer convenience based on stable market conditions.
Inter-ministerial consultative body launched to boost collaboration between policy financial institutions and government authorities overseeing industrial policyDec 14, 2022

FSC Vice Chairman Kim So-young presided over a kick-off meeting of the inter-ministerial consultative body on strengthening collaboration between policy financial institutions and relevant ministries overseeing industrial policy on December 14. At the meeting, participants discussed (a) industrial challenges and opportunities for 2023 and ways to provide policy support, (b) operational plans for the consultative body and (c) policy financial institutions' strategies for supplying financing support in 2023. In his opening remarks, Vice Chairman Kim talked about the importance of establishing a systematic linkage between policy-based financial resources and industrial policies sought by relevant government ministries. Vice Chairman Kim said that the inter-ministerial consultative body will discuss and prepare strategies for supplying policy-based funds for 2023 whichwill reflect industrial policy demands from relevant ministries. Vice Chairman Kim also said thatthe government will make utmost efforts to ensure that financial resources made available through policy financial institutions are put to the most effective use in the sectors and areas that can help contribute to our economy's innovative growth.
FSC and FSS hold 2022 ASEAN, Indian Ambassadors and Korean Financial Institution CEOs' Dinner EventDec 13, 2022

The FSC,FSS and Korea Federation of Banks held the 2022 ASEAN, Indian Ambassadors and Korean Financial Institution CEOs' dinner event on December 9. At the event, FSC Chairman Kim Joo-hyun talked about President Yoon Suk Yeol's indo-pacific strategy unveiled in November and said that the mutual relationship between Korea and ASEAN and India can develop further even against the backdrop of rapidly changing international political and economic order. In finance, Chairman Kim said that considering the high level of mobile infrastructure and usage in ASEAN and India, Korean financial institutions can become partners inpromoting the development offintech and digital financial services. In this regard, Chairman Kim said that the Korean government willalso makeactive support available.
FSC and KIPO hold 4th Intellectual Property Finance ForumDec 09, 2022

The FSC and the Korean Intellectual Property Office (KIPO)jointly held the 4th IP Finance Forum on December 9 on the theme of promotingfinanceand investmentin intellectual property of innovative companies. FSC Vice Chairman Kim So-young attended the forum and delivered congratulatory remarks, emphasizing the importance of IP financing to facilitate the growth of innovative businesses into globally leading unicorn companies. In his speech,Vice Chairman Kim said that the government will make efforts to facilitate innovative businesses to raise funds needed for growth by attracting investment for their intellectual property. To this end, Vice Chairman Kim said that authorities will support expanding the size of the KRW900 billion tech finance fund already established so far until this year, provide a technology-based IP evaluation model for investmentand refine the method of assessing the value of intellectual property, etc.
FSC Chairman attends KDB NextRound's fintech special roundDec 07, 2022

FSC Chairman Kim Joo-hyun attended KDB NextRound's fintech special round on December 7 and delivered congratulatory remarks. In his speech, Chairman Kim explained about the government's policy to promote fintech firms and drive innovation in digital finance and encouraged fintech entrepreneurs participating in the event for investment attraction. While speaking about the importance of adapting to the 4th industrial revolution and digital transformation, Chairman Kim said that the government will bolster policy support in the following four specific areas to ensure that fintech firms can overcome current difficulties and help lead the future of the financial industry--(a) expanding the availability of funding support for fintech startups, (b) pursuing regulatory reforms in line with digital transformation, (c) making improvements to the operation of the financial regulatory sandbox program and (d) building diverse infrastructures needed to promote innovation in financial sectors.
Vice Chairman delivers congratulatory remarks at KCGS's outstanding business award ceremonyDec 02, 2022

FSC Vice Chairman Kim So-young attended the Korea Institute of Corporate Governance and Sustainability's outstanding business award ceremony on December 2 and delivered congratulatory remarks. In his speech, Vice Chairman Kim explained about the government's policy on corporate governance structure and ESG management, saying that authorities will seek regulatory reforms to increase transparency in corporate governance structure to enhance regulatory consistency with advanced markets. In this regard, Vice Chairman Kim said that the government will gradually expand the English-language disclosure requirement in stages starting with large listed firms in 2024 and continue to make policy efforts to strengthen the transparency and sustainability in corporate management.
FSC holds talks with fintech and blockchain businessesDec 01, 2022

The FSC and the Ministry of Science and ICT jointly held a meeting with the fintech and blockchain sectors on December 1 to listen to policy suggestions for promoting blockchain-based fintech services. At the meeting, FSC Secretary General Lee Se-Hoon said that the government will seek balanced ways to promote innovation based on the blockchain technology and ensure consumer protections and financial stability at the same time. Secretary General Lee said that the government will establish a regulatory framework on virtual assets which will focus primarily on investor protections to promote the development of the virtual asset market rooted in investors' trust. At the meeting, participants agreed to maintain close public-private cooperation in continuously promoting the fintech and blockchain sectors.
FSC launches youth policy advisory groupNov 29, 2022

The FSC launched a youth policy advisory group on November 29, which is made up of twenty members led by the FSC's special youth policy advisor and will make recommendations on youth-oriented financial policies for a two-year term. The youth policy advisory group will be organized into four subdivisions--employment finance, housing finance, asset formation and management, and financial education--to monitor policy issues and search best practice cases and make policy recommendations. FSC Chairman Kim Joo-hyun attended the launch event and delivered welcoming remarks, saying that the youth policy advisory group will help strengthen the participation of young adults in drawing up financial policies that meet the needs and demands of young adults. Chairman Kim also said that effective and frequent communication should take place between financial authorities and the members of the youth policy advisory group.
KoFIU Holds 16th annual AML commemoration dayNov 28, 2022

The KoFIU held the 16th anti-money laundering (AML) commemoration day event on November 28, which is an annual event held to raise the awareness on AML controls and procedures and to award those who made contributions to the country's AML efforts. FSC Chairman Kim Joo-hyun attended the event and delivered welcoming remarks. In his speech, Chairman Kim said that the current AML regulatory framework, which makes up an integral part of Korea's financial system, has been made possible by persistent efforts of the KoFIU, especially with the enactment of the Act on Reporting and Using Specified Financial Transaction Information in 2020. As such, Chairman Kim urged the KoFIU to continue to grow as a globally trusted AML agency by keeping close tabs on evolving technologies and mechanisms that are used in money laundering and other illicit activities such as decentralized finance (DeFi) and virtual assets.
FSC Chairman holds meeting to review financial market conditions and monitor risksNov 25, 2022

FSC Chairman Kim Joo-hyun presided over a meeting with FSC officials on November 25 to check financial market conditions following the Bank of Korea's recent base rate hike of 25 bps. At the meeting, FSC officials checked year-end risk factors in financial markets and discussed response strategies. Authorities evaluated that the Bank of Korea's 25bp rate hike yesterday was largely in line with market expectations and that the recent turmoil in domestic credit market appears to be stabilizing somewhat due to expectations about a slower pace of monetary policy tightening at home and abroad and implementation of a series of market stabilization measures. However, as there are looming risks and uncertainties, authorities agreed to preemptively prepare and respond to both external and internal risks in order to prevent market anxieties from spreading.