Photo News - Financial Services Commission

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Vice Chairman holds meeting on debt workout program for small businessesMar 27, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission met with officials from related organizations and microfinance support center on March 27 and held talks on the provision of debt workout assistance made available for small merchants and self-employed business owners under the new start fund program. The government-sponsored debt workout program has been in place since October 2022 and the scope of partnership organizations and its eligibility criteria have been expanded since then to make assistance available for a broader group of businesses. In this regard, Vice Chairman Kim underscored the significance of backstop provided by this program for small merchants and self-employed business owners who are struggling to restart or regain footing. Prior to the meeting, Vice Chairman Kim took time to visit a business that has been able to continue to operate despite pandemic-era difficulties with assistance provided by the debt workout program.
Vice Chairman presides over 10th consultative body meeting on policy finance supportMar 26, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 10th consultative body meeting on policy finance support with officials from related ministries and policy financial institutions on March 26. At the meeting, officials reviewed the progress of policy funds being frontloaded toward the early months of the year and announced detailed plans for supplying policy funds for the semiconductor and nuclear power industries. In his opening remarks, Vice Chairman Kim highlighted the role of the consultative body in efficiently coordinating and supplying policy funds in accordance with the needs of relevant ministries and industries and helping to enhance the quality in the provision of policy funds. In this regard, Vice Chairman Kim added that authorities will continue to work to improve the quality of policy finance support while adequately taking into account the needs of related ministries. At today's meeting, authorities also announced plans to set up a new fund in the amount of at least KRW100 billion for the development of small and medium-sized enterprises in the nuclear power industry. In this regard, Vice Chairman Kim said that the newly established fund is expected to help enhance the global competitiveness of Korea's nuclear power industry.
FSC Chairman meets with mid-sized shipbuilders in South Jeolla ProvinceMar 24, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited Mokpo, South Jeolla Province on March 24 and held a meeting with officials from local shipbuilders and related financial companies to discuss ways to facilitate the issuance of refund guarantees for mid-sized shipbuilders. In his opening remarks, Chairman Kim highlighted the importance of the shipbuilding sector in the economy and spoke about efforts made by the government and financial companies in promoting the issuance of refund guarantees to help revitalize Korea's shipbuilding ecosystem. In this regard, financial companies are encouraged to more actively support the issuance of refund guarantees for mid-sized shipbuilders to help improve their global competitiveness. After the meeting, Chairman Kim took time to tour a major local shipyard with officials from related financial companies.
FSC Chairman holds meeting on ways to enhance the role and capacity of savings banksMar 20, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission presided over a meeting with officials from related organizations and savings banks on March 20 and held discussions on ways to enhance the role and capacity of savings banks. In his opening remarks, Chairman Kim spoke about the importance of making consistent efforts to ensure prudential management and restore market confidence in the savings banks sector by establishing a sufficient level of loss absorbing capacity. At today's meeting, participants also discussedplansto enhance the role and capacity of savings banks, which include measures to expand the supply of microloans and financing opportunities in the regions outside the Seoul metropolitan area, boost the operational capacity of small and medium-scale savings banks, and facilitate prompt restructuring in the industry by temporarily easing the current MA requirements and bolstering the current liquidation and restructuring mechanisms available for real estate project finance loans. In the second half of this year, the FSC plans to announce additional set of measures intended to upgrade regulations on savings banks.
Vice Chairman meets with UK business and trade department officialMar 19, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission met with Sam Lister, Director General for Industrial Strategy at the Department for Business and Trade (DBT) of the United Kingdom on March 19 and held talks on ways to increase financial cooperation between the two countries. At the meeting, the two sides had talks on each country's financial market policy and agreed to continue to maintain bilateral exchanges and strengthen cooperation in the financial sector.
Vice Chairman holds seminar on financial education during OECD's Global Money Week campaignMar 17, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a seminar with officials from related organizations and research institutions on March 17 to review and promote financial education programs for school curriculum. The seminar was held during this year's Global Money Week (GMW) campaign held under the slogan of "Think before you follow, wise money tomorrow." The International Network for Financial Education under the Organization for Economic Cooperation and Development holds GMW campaign in March every year to raise awareness on the importance of financial education worldwide.Starting from this year, the high school curriculum will offer an elective course on finance. In this regard, Vice Chairman Kim said that the FSC and related authorities will closely work with the financial education council to promote the provision of financial education in school curriculum and make available periodic financial educational programs tailored to one's lifecycle.
FSC Chairman holds meeting on one-stop financial, employment and welfare support programMar 13, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting with officials from related organizations on March 13 to have discussions on ways to make improvements to the one-stop financial, employment, and welfare support program. The integrated support program was able to provide assistance to some 78,000 individuals last year. However, in order to continue to improve upon the operation of the program, Chairman Kim said that it is important to strengthen the capacity of consulting staff through a variety of measures. In this regard, the government plans to make available various educational and vocational support programs intended to make the consulting staff's work more efficient, bolster their expertise, and help increase their morale on the job. To continue to ensure a seamless provision of integrated support to those in need, Chairman Kim urged close cooperation and collaboration from related organizations.
Vice Chairman holds meeting with virtual asset industry and related expertsMar 12, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with the virtual asset industry and related experts on March 12 to have discussions on key details of the guidelines being prepared for allowing corporate transactions of virtual assets in stages. At the meeting, Vice Chairman Kim outlined the progress of establishing virtual asset regulations in the domestic market and highlighted the importance of ensuring regulatory consistency with global standards. In this regard, Vice Chairman Kim said that the roadmap introduced last month to allow corporate participation in the virtual asset market is part of this effort and that adequate AML mechanisms and internal control standards should be prepared for best practice guidelines. With regard to the timeline for preparing theguidelines, Vice Chairman Kim said that the inter-ministerial taskforce will seek to introduce guidelines for non-profit corporations and virtual asset exchange service providers in April and for listed companies and qualified professional investors in the third quarter of this year.
Vice Chairman visits local bank and holds talks on importance of anti-vishing measuresMar 12, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission visited a local bank on March 12 to have talks on the importance of anti-vishing efforts and promote the newly launched service in the financial sector that allows consumers to safely block new account opening using stolen private data in the digital sphere. The newly launched service is available from some 3,613 banks, savings banks, mutual finance companies, and post offices, and consumers can apply to have new account opening blocked under their names either online or through walk-in. The service can be canceled anytime in the future if they need to open a checking account. Speaking about the danger and the economic and social costs of fraudulent activities, Vice Chairman Kim said that vishing scams threaten the safety of financial markets. To help make the service more convenient and easily accessible, Vice Chairman Kim said that authorities will continue to work to expand the service to open banking.
Vice Chairman presides over 7th insurance reform committee meetingMar 11, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 7th insurance reform committee meeting with officials from related organizations, insurance companies, research institutions, and industry experts on March 11. At today's meeting, participants discussed the overall insurance reform measures intended to boost confidence and promote innovation in the industry, ways to make improvements to the capital regulations in the insurance industry, and ways to cope with future challenges. Today's meeting marks the final meeting of the insurance reform committee, and from now on, insurance reform agendas will be handled through insurance reform platforms organized by related industry associations. Attoday'smeeting, Vice Chairman Kim expressed his appreciation towards all participants for making efforts to lay the groundwork to boost confidence and make improvements in the insurance industry and urged them to continue to push forward with reform agendas.
Vice Chairman holds meeting to review current market situation and discuss response strategiesMar 10, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with a group of market experts on March 10 to go over current market situations at home and abroad and discuss risk factors and response strategies. At the meeting, participants assessed that despite a continuation of heightened level of uncertainties abroad, the financial markets at home have maintained relatively stable conditions.However, as there exist various downside risks, such as the spread of protectionismaround the worldand potential slowdown in the U.S. economy, participants suggested that the government will need to make continuous efforts to ensure stability in the market. To be thoroughly prepared for the impact of changing international economic environment, Vice Chairman Kim said that the financial authorities will enhance market monitoring through close coordination with related organizations, continue to operate market stabilization programs to quickly respond to market anxieties, and work to ensure a rigorous management over domestic risk factors and the soundness of financial institutions.
Vice Chairman visits Cambodia and the Philippines to promote financial cooperation and support overseas expansion of K-FinanceMar 06, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission visited Cambodia and the Philippines on March 3-7 with aims to promote financial cooperation with the two countries and support overseas expansion of Korea's financial services with members of the Council on International Financial Cooperation (CIFC). In Cambodia, Vice Chairman Kim had high-level meetings with the National Bank of Cambodia (NBC) and the Non-Bank Financial Services Authority (FSA) and took part in the two MOU signings: (i) one between the Korea Asset Management Corporation (KAMCO) and the NBC and (ii) the other one between the Korea Insurance Development Institute (KIDI) and the Insurance Regulator of Cambodia (IRC).In his visit to the Philippines, Vice Chairman Kim held meetings with President Masato Kanda of the Asian Development Bankto pave the way for financial sector collaboration between Korea and the ADB. Vice Chairman Kim also met withDeputy Governor Chuchi G. Fonacier of the Banko Sentral ng Pilipinas (BSP), the central bank of the Philippines.