Eun Sung-soo, Financial Services Commission Chairman, "70 Trillion Won in Policy Microfinance to be Supplied This Year"

Eun Sung-soo, Chairman of the Financial Services Commission

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 20th, "We will supply 7 trillion won in policy-based financial services for low-income earners within this year."

At the plenary session of the National Assembly's Political Affairs Committee on the same day, Chairman Eun said, "We will drastically improve the safety net for low-income financial services." He also announced plans to "promote the enactment of the Consumer Credit Act to support debtors' recovery and reduce collection burdens."

Chairman Eun said, "We intend to proactively manage domestic and international uncertainties, as well as the concentration on high-risk, high-return investment products, to prevent market instability. We will also continue to establish supervisory systems to manage digital risks such as voice phishing and financial security breaches."

He reaffirmed his position to shift the flow of funds from households and real estate to corporations through household debt management and housing market stabilization measures. He stated, "We will promote the activation of movable property-secured loans, innovate corporate evaluation methods based on technology and future growth potential, and reform the exemption system for financial company employees."

Chairman Eun also expressed his intention to "innovate the capital market to ensure the smooth supply of venture capital." The plan includes facilitating large-scale venture capital supply by major financial companies, revitalizing public funds to attract investments from the general public, and organizing the venture capital supply system according to the stages of corporate growth: 'startup-growth-maturity.'

Furthermore, Chairman Eun said, "We will select about 1,000 candidates for innovative companies and provide 40 trillion won in financial support, while sufficiently funding key industries such as automobiles, shipbuilding, and materials-parts-equipment." He also revealed plans to enhance the competitiveness and innovation of the financial industry by promoting new entries and overseas expansion of financial businesses and expanding the scope of work for individual financial companies.