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FSC Chairman holds meeting with heads of insurance companiesNov 03, 2021

FSC Chairman Koh Seungbeom held a meeting with the CEOs of insurance companies and industry officials on November 3 and held talks on ways to promote development of the insurance industry and ensure consumer protection. Amid rapid changes taking place in the structure of demographics, rising interest rates, digital transformation and so on, Chairman Koh pledged that the government will provide active support for insurance businesses in making innovative attempts. Chairman Koh also said that the government's support for insurance business should be provided under the condition of well-established consumer protections and consumer trust. * Please see press release for details.
FSC Chairman speaks at 4th accounting day commemoration eventNov 01, 2021

FSC Chairman Koh Seungbeom attended the 4th accounting day commemoration event held in Seoul on November 1 and delivered a speech emphasizing the importance of accounting reforms which began with the 2017 revision of the Act on External Audit of Stock Companies. With the international accounting and auditing standards introduced in Korea about ten years ago, Chairman Koh said that smaller sized companies may have been overburdened in some cases due to high costs of compliance relative to benefits. In this regard, Chairman Koh pledged to continue to work for improvements in Korea's accounting and auditing system.
FSC Chairman holds talks with bank chiefs and industry officialsOct 28, 2021

FSC Chairman Koh Seungbeom met with the heads of major banks and industry group leaders in the banking sector on October 28 and held talks on ways to promote the banking industrys growth in the future. At the meeting, Chairman Koh talked aboutmajor changes taking place in the banking sector due to digital transformation, such as an increasedvolume offinancial transactionsbeing conductedthroughmobile and contactless channels, unbundling and re-bundling ofvariousfinancialservices and financial services being provided through platforms. Against this backdrop, Chairman Koh pledged that the FSC willwork toprovide active supportto the banking sector to promote digital transformation,adopt innovative business models and create a level playing field. * Please see press release for details.
FSC Chairman delivers congratulatory remarks at the 6th annual finance day celebration eventOct 26, 2021

FSC Chairman Koh Seungbeom attended the 6th annual finance day celebration event held in Seoul on October 26 and delivered congratulatory remarks. During his speech, Chairman Koh spoke about the three important functions of finance in an economy-(a) enabling the growth of enterprises and economy by providing efficient intermediation for financial transactions, (b) providing opportunities for individuals to enjoy the benefit of economic growth and (c) helping those undergoing hardships a chance to get back on their feet again. Given this immense impact and the ripple effect it can have on individuals and the economy, Chairman Koh said that the officials and employees engaged in the financial industry should carry with them a heightened sense of responsibility and professionalism.
FSC Chairman visits new office of KoFIU's virtual asset investigation divisionOct 22, 2021

FSC Chairman Koh Seungbeom visited the newly created office of KoFIU's virtual asset investigation division in Seoul on October 22, which has been recently set up to supervise and oversee virtual asset service providers. During his visit, Chairman Koh held talks with KoFIU officials and urged them to work for close management and supervision of the virtual asset sector in order to help establish a transparent trading order. Chairman Koh also discussed the importance of field-based oversight functions and working to maintain close communication with market participants.
FSC Chairman pledges to provide targeted supports for young adultsOct 14, 2021

FSC Chairman Koh Seungbeom attendedthe financial development review committees 2nd special committee meeting on young adults on October 14 and delivered welcoming remarks. During his speech, Chairman Koh spoke about the negative effects of digital transformation in the society as well as economic shocks caused by the COVID-19 pandemic, especially on young adults. Chairman Koh pledged that the FSC will work to provide targeted support for young adults through preferential savings, investment schemes and so on in order to help young adults build potential for their future. * Please see press release for details.
FSC Chairman holds talks on promoting stability and development in capital marketsSep 30, 2021

FSC Chairman Koh Seungbeom met with relevant officials in the capital marketson September 30 and held talks on ways to promote stability and development in the capital markets. At the meeting, Chairman Koh discussed recent trends in the capital markets and notable changes to pay attention, such as growing number of investors investing in overseas stocks and the emergence of new asset class including virtual assets and non-fungible tokens. While discussing about keyfunctions of the capital markets, Chairman Koh emphasized the importance of maintaining stability in the financial system. * Please see press release for details.
FSC Chairman discusses key policy issues with heads of state-backed financial institutionsSep 28, 2021

FSC Chairman Koh Seungbeom met with the heads of eight state-backed financial institutions on September 28 and held talks on key policy issues and the role of state-backed financial institutions. At the meeting,Chairman Koh talked about the need to consider an orderly normalization process and preparation for the future along with the COVID-19 crisis management measures. In this regard, Chairman Koh put forward four key policy tasks(a) provision of adequate support for vulnerable sectors, (b) management of financial imbalances aimed at maintaining stability, (c) restoration of market functions in a gradual manner and (d) enhancing the role of finance to support new growth industries. * Please see press release for details.
FSC Chairman holds talks with market experts and discusses risk factors in marketsSep 27, 2021

FSC Chairman Koh Seungbeom held a meeting with economic and financial market experts on September 27 and discussed diverse risk factors in both domestic and overseas financial markets. At the meeting, Chairman Koh spoke aboutthe issue of excessive household debt or risks emanating from global financial imbalances, while stressing on the necessity to(a) clearly understand the structure of the problem, (b) preemptively remove the trigger factor safely and completely and (c) raise alertness to prepare for risk. * Please see press release for details.
FSC Chairman holds meeting on registration of VASPsSep 26, 2021

FSC Chairman Koh Seungbeom held a meeting with relevant officials on September 26 to discuss ways to protect consumers from facing financial losses. As of September 24, a total of 42 VASPs have completed submitting their registration reports to the Korea Financial Intelligence Unit.At the meeting,Chairman Koh stated that the financial authorities will work to inspect VASPs and any illegal activities in close coordination with the investigative authorities. Chairman Koh also emphasized that users are advised to check the registration status of VASPs and report any delay or illegal activities to the financial authorities if they encounter. * Please see press release for details.
FSC Chairman holds meeting to review registration of VASPsSep 22, 2021

FSC Chairman Koh Seungbeom presided over a joint meeting between the FSC and the FSS on September 22 to review the progress of registration of virtual asset service providers as the September 24 deadline for business registration draws near.As of September 22, six VASPshave filed their registration reports and the authorities have so far decided to grant approval to one entity (Upbit).The authorities expect that most VASPs and other entities (wallet or depository service providers) that have obtained ISMS certifications will file registration reports as 31 other entities (21 VASPs and 10 others) besides those mentioned above have entered preliminary consultation. During the meeting, Chairman Koh urgedbothvirtual asset service providers and their users totake necessary steps to minimize damages inflicted on users. * Please see press release for details.
FSC Chairman meets with financial industry groups over six-month extension of loan support for SMEs and small merchantsSep 16, 2021

FSC Chairman Koh Seungbeom held a meeting with the heads of financial associationson September 16 and agreedon a six-month extension(until the end of March 2022)of the availability of loan maturity extension and deferment of principal and interest payments for SMEs and small merchants that have been struggling through COVID-19. At the meeting,Chairman Kohand the heads of financial associations also discussed working for an orderly normalization process and laid outspecific plans to help both capable and vulnerabledebtors with repayment plans tailored to the needs of individual debtors. * Please see press release for details.