[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced its intention to strengthen inspections of the financial market in response to external uncertainties such as the outcome of the U.S. presidential election.
On the morning of the 3rd, Kim Tae-hyun, Secretary General of the Financial Services Commission, pointed out during a video conference of the Financial Risk Response Team that "there are persistent uncertainties including the U.S. presidential election results, the scale of economic stimulus measures, and concerns over the resurgence of COVID-19 in major countries, which could increase volatility in the financial market."
Secretary General Kim added, "We will strengthen monitoring of the financial market situation and promptly implement necessary measures if market volatility expands."
He also stated, "The importance of new technology development through innovative companies is growing even more for the leap of our economy after COVID-19," and urged, "The banking sector should continue efforts to enhance technological finance capabilities and expertise so that small and medium-sized enterprises with excellent technological skills can smoothly secure necessary funds based on evaluations of future growth potential without relying on collateral or guarantees."
Secretary General Kim further emphasized the smooth implementation of the 'Korean New Deal' project and said, "Starting with the digital New Deal sector (data, AI, 5G) on November 6, we will hold a series of investment briefings by business sector."
He added, "The importance of new technology development through innovative companies is growing even more for economic advancement after COVID-19," and said, "Efforts to improve corporate structures in preparation for the prolonged COVID-19 situation must also be steadily continued."
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