Photo News - Financial Services Commission

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FSC Chairman speaks about the significance of small business support measures introduced by banksDec 21, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with the banking sector on December 21 where the banks announced their plans to make available KRW2 trillion-plus in support for small businesses through interest refund and other measures. At the meeting, Chairman Kim talked about the significance of the support plan prepared by banks, sincethe scale of support made availableby the banking sectorfor social contribution this time is the largest ever and because it demonstratesconcerted efforts made by the Korea Federation of Banks. Chairman Kim added that the financial authorities will continue to maintain close communication with the banking sector and provide active support in the process.
Financial authorities of Korea and Japan hold 7th shuttle meetingDec 20, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a high-level meeting with Commissioner Kurita Teruhisa of the Financial Services Agency of Japan in Seoul on December 19. The shuttle meeting between the financial authorities of the two countries was held for the first time in seven years since the last meeting held in Tokyo in June 2016. At the meeting, the authorities agreed to expand the scope of supervisory cooperation to cover emerging issues, such as innovation in financial services and sustainable finance.
Authorities hold meeting on policy finance support for 2024Dec 19, 2023

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with the related government ministries and policy financial institutions on December 19 and decided on a plan for supplying policy finance support for 2024. The consultative body decided to increase the total amount of financing support made available through policy financial institutions to KRW212 trillion, a rise of 3.4 percent from this year. At the meeting, FSC Vice Chairman Kim Soyoung said that the provision of policy finance support in 2024 will be implemented with a focus on alleviating difficulties for businesses amid challenging economic conditions, while helping to boost competitiveness of key strategic industries. To this end, the FSC will closely coordinate with the relevant ministries and policy financial institutions and prepare additional financing support plans if it becomes necessary.
FSC Chairman holds meeting with heads of research institutionsDec 18, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with the heads of major research institutions from both the public and private sectors on December 18 and discussed financial market conditions and policy outlooks for the upcoming year. Speaking about potential risks associated with the real estate project finance market and high levels of household debt, Chairman Kim said that it is necessary to effectively manage these risks and provide assistance to the households and businesses struggling with economic difficulties. At the meeting, the heads of research institutions made policy recommendations on various areas, including ways to better manage risks in financial markets, bolstersupport for vulnerable groups and strengthen future competitiveness of the financial industry. The FSC plans to draw up and announce financial policy agendas for 2024, which will actively take into account policy recommendations and suggestions raised by research institutions at today's meeting.
Vice Chairman delivers welcoming remarks at the Korea-IMF joint conference on digital moneyDec 14, 2023

Vice Chairman Kim Soyoung of the Financial Services Commission delivered a welcoming speech at an international conference on digital money jointly hosted by the Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission and the International Monetary Fund in Seoul on December 14. In his speech, Vice Chairman Kim discussed global regulatory movements and relevant policy developments on virtual assets in Korea. Considering that transactions in digital money often take place unbounded by national borders, Vice Chairman Kim said that international cooperation needs to be strengthened to establish an effective regulatory system.
Authorities present awards in recognition of anti-vishing effortsDec 11, 2023

The Financial Services Commission held an award presentation ceremony in recognition of the contribution made by the selected organizations and individuals for their outstanding anti-vishing efforts on December 11, along with the Ministry of SMEs and Startups, the Financial Supervisory Service and the Korea National Policy Agency. At the event, FSC Chairman Kim Joo-hyun talked about the importance of constantly making efforts to raise public awareness and educate people about the prevalent types of vishing scams and stay alert to minimize damage.
FSC and FSS hold meeting to check financial market situationDec 11, 2023

Vice Chairman Kim So-young of the Financial Services Commission presided over a meeting with the Financial Supervisory Service on December 11 to review potential risk factors in the financial market and discuss ways to handle them. At the meeting, participants discussed (a) risks associated with global real estate alternative investments, (b) the foreign currency liquidity level of securities firms, (c) money moves in the retirement pension market, (d) financing conditions for specialized credit finance businesses, and (e) real estate project finance (PF) risks.
FSC Chairman meets with middle market enterprises in BusanDec 07, 2023

Chairman Kim Joo-hyun of the Financial Services Commission visited Busan on December 7 and held talks with local middle market enterprises to listen to their opinions on ways to better assist them in firm financing. At the meeting, Chairman Kim talked about the importance of middle market enterprises as a linchpin between SMEs and large companies in our economy. To better assist their financing needs, Chairman Kim said that the government will seek ways to (a) increase the maximum loan guarantee amount provided to middle market enterprises from KRW10 billion currently to up to KRW50 billion based on individual businesses' growth stage, (b) reduce the interest rate on primary collateralized bond obligations (P-CBOs), and (c) provide support through securitization of accounts receivable. The government plans to introduce comprehensive financial support programs for SMEs and middle market enterprises which will take into account suggestions made by companies.
FSC Chairman meets with insurance businessesDec 06, 2023

Chairman Kim Joo-hyun of the Financial Services Commission met with the CEOs of major insurance businesses along with Governor Lee Bok-hyun of the Financial Supervisory Service on December 6 as part of a series of meetings scheduled with financial sectors to ensure close communication and mutual understanding with the industry. At the meeting, Chairman Kim talked about the importance of corporate social responsibility among insurance businesses, changes taking place with the adoption of IFRS 17 and the importance of finding new ways to growth amid low birth and aging population and digital transformation.As high interest rates and inflation are causing difficulties for consumers,Chairman Kim said that insurance businesses could place more efforts to help alleviate these difficulties experienced by their customers.
FSC Chairman meets with SMEs and discuss ways to boost financing supportDec 01, 2023

Chairman Kim Joo-hyun of the Financial Services Commission held a meeting with a group of SMEs and policy financial institutions on December 1 and held talks on ways to boost financing support for SMEs made available through policy financial institutions. During the meeting, Chairman Kim listened to their challenges, such as high interest rates, making a transition to ESG management and the lack of financing opportunities for startups and venture businesses, and said that the authorities will make sure that their opinions are thoroughly reflected in the policy support programs currently being prepared for SMEs andexpected to be announced soon.
FSC holds press conference with foreign mediaDec 01, 2023

Vice Chairman Kim So-young of the Financial Services Commission held a press conference with foreign media on December 1, explaining about the recent progress in the implementation of capital market reform measures. In his opening remarks, Vice Chairman Kim said that the government's capital market policy measures are aimed at (a) establishing market discipline, (b)upgrading capital market rulesto ensureregulatory consistency with global standards, and (c) ensuring stability in the market. In particular, Vice Chairman Kim said that the primary focus of the government's short selling ban, which was announcedlast month, is to make important upgrades to the current systemto prevent illegalnakedshort selling from taking place in a prevalent manner.
FSC Chairman speaks about importance of AML efforts by financial institutionsNov 28, 2023

The Korea Financial Intelligence Unit (KoFIU) held the 17th annual anti-money laundering commemoration event on November 28. At the event, awards were presented to 7 organizations and 26 individuals who have made contributions to the country's AML efforts. Delivering a commemorative speech at the event, FSC Chairman Kim Joo-hyun highlighted the importance of boosting AML capacity of financial institutions. Through close cooperation and collaboration with law enforcement authorities, Chairman Kim said that the KoFIU will make utmost use of its investigative and analytical capabilities to prevent crimes involving virtual assets and root out illegal private lending activities. By strengthening the business approval and inspection processes for virtual asset service providers, Chairman Kim saidthat the authorities will spare no effort in preventing potential use of virtual assets in money laundering activities and ensuring protection for users.