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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.
Vice Chairman delivers keynote address on future trends and response strategiesFeb 27, 2025

Vice Chairman Kim Soyoung attended the seminar on future finance organized by Korea Institute of Finance on February 27 and delivered a keynote speech on major future trends and response strategies in the financial sector. In response to three key defining trends of the future, which include demographic shift, climate change, and technological advancement, Vice Chairman Kim said that it is important for the financial sector to play a more active role and seek new growth drivers to secure competitiveness. In this regard, Vice Chairman Kim introduced a three-pronged approach encompassing mitigation, adaptation, and innovation strategies. Through these strategies, Vice Chairman Kim suggested that the financial sector can turn challenges into opportunities to ensure a continuous growth in the future.
FSC Chairman visits local bank and pledges contiuous support for small merchantsFeb 27, 2025

Chairman Kim Byoung Hwan of the Financial Services Commission visited a local bank on February 27 to check on the provision of banking sector's proposed financial assistance programs for small merchants. On February 24, banks decided on their joint efforts to provide debt adjustment support for small merchants and lending assistance for those undergoing business closures. Starting from today, banks have begun to provide earlyconsultation on these support programs, and small merchants are able to seek relevant information from them. In his visit to a local bank, Chairman Kim held talks with the bank employees and small merchants there and pledged to provide continuous support to ensure a seamless operation and implementation of the proposed financial support programs.
Vice Chairman holds media briefing and announce measures to prevent mis-selling of highly complex financial investment productsFeb 26, 2025

Vice Chairman Kim Soyoung of the Financial Services Commission held a media briefing on February 26 and announced a set of measures intended to prevent mis-selling of highly complex financial investment products. The FSC and the FSS prepared the measures to bring about improvements to the sales practices of financial investment products at banks, to make sure that consumer protection principles are effectively observed by financial companies, and to help establish internal control mechanisms designed to prevent mis-selling and strengthen regulatory oversight. In the aftermath of large-scale losses incurred to investors regarding the sales of Hong Kong index-linked ELS products by domestic financial companies, the financial authorities have held a series of meetings with related experts and industry groups to come up with specific measures, which include allowing banks to sell ELS products only at certain qualified branches that are equipped with adequate consumer protection mechanisms and requiring a physical separation of counters between those handling the sale of ELS products and those handling ordinary deposit-taking and lendingfunctions.