Financial Authorities Launch 'Comprehensive Financial Support Center' for Areas Affected by Heavy Rainfall

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 14th that they will establish and operate a Comprehensive Financial Support Center for Heavy Rainfall Damage Areas (Support Center) involving all financial sectors to provide smooth financial support to residents affected by the recent continuous heavy rains.

Through the Support Center, the financial authorities plan to comprehensively consult with residents and businesses in the affected areas about their financial difficulties by linking each financial sector such as banks, insurance, and microfinance with the Financial Supervisory Service's 11 nationwide branches. They will also guide financial support programs and provide necessary assistance in a one-stop manner.

The financial authorities also plan to form a 'Dedicated Support Team for Damage Sites' at each branch of the Financial Supervisory Service, visit major affected areas to assess damage status and difficulties, and implement customized support.

Additionally, the financial authorities intend to ensure faster consultation and support through dedicated counters for flood-damaged businesses at each branch of financial institutions within the special disaster areas.

The Support Center will operate continuously until the damage situation stabilizes.