Financial Services Commission (FSC) Vice Chairman Kim So-young recently stated, “If more foreign financial companies expand their presence in South Korea, pioneer new markets and introduce new products, promoting innovation and competition, it will greatly contribute to the development of the South Korean financial industry.”
During a Foreign Financial Institutions CEO Roundtable held by the Korea Federation of Banks in the Jung district of Seoul on Jan. 22, Vice Chairman Kim said, “The government will continue various efforts to create a favorable environment for foreign financial institutions to operate in South Korea, especially in the context of globalizing the financial industry. In broad terms, we will strive to enhance the attractiveness of the South Korean market to foreign investors.”
He stated, “Through initiatives like the Corporate Value-up Program, which supports efforts for companies to enhance their self-assessment in the market, we will foster an investor-friendly stock market environment. In more detail, we will work on developing solutions to address the challenges that foreign financial companies may perceive.”
Furthermore, he added, “During the first half of the year, we will sequentially hold on-site meetings by industry to directly listen to the voices of foreign financial institutions. We will actively review suggestions and improvement issues. Additionally, we will work to ease the operational and business burdens caused by regulations that differ from those overseas. We aim to come up with customized regulatory improvements, addressing seemingly minor yet significantly inconvenient issues in the field, akin to ‘thorns under the fingernails.’”
Vice Chairman Kim remarked, “Foreign financial firms have played a crucial role in both the development and advancement of the South Korean financial industry, and you will continue to grow along with the South Korean economy. I urge you to continue your innovative efforts, such as launching new products and services that were not possible to introduce domestically, based on proactive regulatory improvements.”