Photo News - Financial Services Commission

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Vice Chairman holds 1st consultative body meeting on digital financeSep 10, 2020

The FSC launched a public-private joint consultative body on digital finance and held a kick-off meeting on ditigal finance via teleconference on September 10. During the meeting, Vice Chairman Sohn Byungdoo spoke about the need to (i) continue regulatory reforms to promote innovation in financial services, (ii) build a fair competition environment for market participants, (iii) ensure consumer safty in digital finance, (iv) review risk factors related to financial market stability and (v) evaluate the impact of digital transformation on the society as a whole. * Please see press release for details.
Vice Chairman holds task force meeting on improving personal debt management systemSep 09, 2020

Vice Chairman Sohn Byungdoo presided over the 9th task force meeting on improving the personal debt management system on September 9, and discussed key details of the Consumer Credit Bill, which include (i) promoting private sector driven debt adjustment process, (ii) mitigating excessive debt collection burdens and (iii) strengthening debtor protection measures. The government's proposal on Consumer Credit Bill will be announced in September this year. * Please see press release for details.
Vice Chairman holds 20th financial risk assessment meetingSep 08, 2020

Vice Chairman Sohn Byungdoo presided over the 20th financial risk assessment meeting via teleconference on September 8 to review market conditions and monitor the progress in implementing the COVID-19 financial support. During the meeting, Vice Chairman Sohn urged financial institutions to ensure digital security and seamless operation of key functions in the financial system while implementing social distancing measures. Vice Chairman also pledged that the government will play a more active role in managing financial risks including household debt and credit-based lending. * Please see press release for details.
Government unveils plans to create Korean New Deal fundSep 03, 2020

FSC Chairman Eun Sung-soo announced the government's plans for the 'Korean New Deal Fund and Korean New Deal Finance' at a press briefing held virtually on September 3. The 'Korean New Deal fund' aims to (i) provide strong funding support for the New Deal projects, (ii) help channel abundant market liquidity to productive sectors and (iii) make profit sharing from K-New Deal investment projects more widely available to the general public. * Please see press release for details.
Vice Chairman holds 19th financial risk assessment meetingSep 01, 2020

Vice Chairman Sohn Byungdoo presided over the 19th financial risk assessment meeting via teleconference on September 1 to review market conditions and monitor the progress in implementing the COVID-19 financial support. During the meeting, Vice Chairman Sohn highlighted the importance of maintaining effective lending support for businesses and households while strictly implementing the heightened social distancing measures to prevent the spread of COVID-19. Vice Chairman Sohn also touched upon the need to invest in the future and urged financial institutions' active participation in the Korean new deal initiative.* Please see press release for details.
FSC Chairman holds talks with heads of securities firmsAug 27, 2020

FSC Chairman Eun Sung-soo met with the heads of major securities companies on August 27 and held talks on the current market situation, temporary ban on stock short sale, improving rules for retail investors and channeling liquidity to the real economy sectors. At the meeting, Chairman Eun discussed the growing importance of retail investors and their role in the stock markets, and stated that the government will look into ways tocreate an environment where retail investors can have more access to the short sale market. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at a joint job fair held by financial institutionsAug 26, 2020

FSC Chairman Eun Sung-soo delivered congratulatory remarks at a joint job fair event held virtually by major financial institutions on August 26. During his speech, Chairman Eun spoke about the need to boost investment in human capital and promote diversity in the financial sector while stating that digital transformation and the shift to contactless services in finance provide opportunities of creating new jobs for young adults.
Vice Chairman holds 18th financial risk assessment meetingAug 24, 2020

Vice Chairman Sohn Byungdoo presided over the 18th financial risk assessment meeting on August 24 to review market conditions and monitor the progress in implementing the COVID-19 financial support. During the meeting, Vice Chairman Sohn said that the governmentwillremainvigilantandtakepreemptivemeasureswhennecessaryas the recent resurgence of COVID-19 cases heightens uncertainty in financial markets and the real economy. * Please see press release for details.
Vice Chairman holds 17th financial risk assessment meetingAug 19, 2020

Vice Chairman Sohn Byungdoo presided over the 17th financial risk assessment meeting on August 19 to review market conditions and monitor the progress in implementing the COVID-19 financial support programs. During the meeting, Vice Chairman Sohn emphasized the importance of maintaining strong lending support by financial institutions amid a protracted pandemic situation. Vice Chairman said that the government will bolster the provision of financial support through strong coordination and cooperation with the financial sector. * Please see press release for details.
Vice Chairman holds kick-off meeting of green finance task forceAug 13, 2020

Vice Chairman Sohn Byungdoo presided over a kick-off meeting of the green finance task force on August 13. During his remarks, Vice Chairman Sohn said that climate change can threaten the stability of the financial system in many different waysthroughphysicalrisksandtransitionrisksandthat building a sustainable future amid climate change risks requireseffortsforboth adaptation and mitigation.* Pleaseseepressreleasefor details.
FSC Chairman meets with heads of financial associationsAug 12, 2020

FSC Chairman Eun Sung-soo met with heads of financial associations on August 12, and held talks on the progress of the COVID-19 emergency financial support, ways to promote big techs' entrance into the financial services industry while ensuring a framework of fair competition and the role of finance in the government's new deal initiative and the post-pandemic economy. During the talks, Chairman Eun also expressed his gratitude to financial companies making contributions for victims of torrential rains and pledged to maintain close communication in the future. * Please see press release for details.
Vice Chairman holds 16th financial risk assessment meetingAug 11, 2020

Vice Chairman Sohn Byungdoo presided over the 16th financial risk assessment meeting on August 11 to review market conditions and monitor the progress in implementing the COVID-19 financial support. During the meeting, Vice Chairman Sohn spoke about the importance of preventing a further widening of income gap and effectively managing corporate debt in preparation for a post-pandemic era. Vice Chairman Sohn also stated that the government-initiated new deal fund with participation from the private sector is expected to create new investment opportunities. * Please see press release for details.