Financial Services Commission Establishes 'Financial Globalization Response Team' to "Become Sales Representatives"

"Essential to Expand Financial Industry Scope...Promoting Deregulation and More"
Relay Seminars by Sector to Begin This Month

The Financial Services Commission (FSC) will establish a new 'Financial Internationalization Response Team (tentative name)' to promote the globalization of the domestic financial industry. Kim So-young, Vice Chairman of the FSC, stated, "If necessary for results, I will personally become a salesperson to promote our financial industry and companies."

On the same day, the FSC announced that it held the '1st Financial Industry Globalization Task Force (TF) Meeting' at the Government Complex Seoul in Jongno-gu, Seoul, chaired by Vice Chairman Kim, with related organizations including the Financial Supervisory Service, financial sector associations, and research institutes. This TF was formed as a follow-up to the President's New Year work report by the FSC at the end of January, aiming to discuss support measures for globalization of the financial sector and institutional improvements.

In his opening remarks, Vice Chairman Kim explained the background for promoting the globalization of the financial industry, saying, "As the real economy enters a mature stage and the population structure ages, it is difficult to guarantee the continuous growth of the financial industry," adding, "Expanding the scope of the financial industry through globalization is essential."

At the first meeting, research institutes presented on the globalization promotion directions and institutional improvement plans for the financial industry and each sector, followed by discussions among participants. Vice Chairman Kim emphasized, "We will actively support financial companies to create new revenue sources overseas through direct overseas expansion and increased overseas investment," and added, "We will also comprehensively review related regulations to activate the inflow of global investment funds into areas such as venture capital, where existing capital allocation has been insufficient."

Furthermore, Vice Chairman Kim stated, "We will seek solutions with relevant ministries on non-financial issues such as taxation, labor, and education, which global financial companies face when entering the domestic market," and affirmed, "We will strive to develop the financial industry and create more and better jobs in the financial sector."

The FSC plans to hold sector-specific relay seminars starting this month to concretize plans for the globalization of the financial industry. In March, seminars will focus on capital markets; in April, fintech and insurance; in May, financial holding companies and specialized credit finance companies; and in early June, the banking sector.

Vice Chairman Kim remarked, "Globalization of the financial industry is a task that is difficult to achieve in the short term, so it is important to clearly set a policy vision that listens to market opinions and pursues it continuously," adding, "Starting with today's meeting, we will continuously hold sector-specific relay seminars to thoroughly collect policy proposals and difficulties from financial companies."

The Corporate M&A Support Meeting hosted by the Financial Services Commission was held on the 10th at the Capital Market Economy Center in Yeouido, Seoul. Kim So-young, Vice Chairman of the Financial Services Commission, is delivering a greeting. Photo by Heo Young-han younghan@