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S. Korean Financial Watchdog Signs Agreement with ADB on Closer Cooperation
Sharing Knowledge on Financial Supervision
S. Korean Financial Watchdog Signs Agreement with ADB on Closer Cooperation
  • By Jung Suk-yee
  • August 7, 2018, 12:03
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Financial Supervisory Service (FSS) Governor Yoon Suk-heun, left, shakes hands with Asian Development Bank (ADB) President Takehiko Nakao, right, in Manila of the Philippines on Aug. 6.
Financial Supervisory Service (FSS) Governor Yoon Suk-heun (left) shakes hands with Asian Development Bank (ADB) President Takehiko Nakao in Manila of the Philippines on Aug. 6.

Financial Supervisory Service (FSS) Governor Yoon Suk-heun announced on Aug. 6 that the FSS has signed an agreement with the Asian Development Bank (ADB) to build a framework for cooperation.

Yoon is visiting Manila of the Philippines from Aug. 4 to attend the Executives' Meeting of the East Asia-Pacific Central Banks (EMEAP). The agreement was signed earlier in the day between Yoon and ADB President Takehiko Nakao in Manila to forge closer cooperation in the fields of financial supervision development, consumer protection and fintech.

Under the agreement, the two institutions will focus on advancing financial supervision for the sectors, such as bank, securities, asset management, non-banking business and insurance, supporting fintech issues and developing sustainable development projects, including inclusive financing and green financing. The FSS and the ADB will also work together in various areas from joint research and publishing to employee exchange and technical assistance.

Meanwhile, the ADB was set up in 1966 to promote economic growth and economic cooperation in Asia Pacific. It currently counts 67 members and the United States and Japan have the largest share of 15.6 percent each. South Korea have a 5 percent share, followed by China, Australia, Indonesia and Canada.