Lee Bok-hyun "Banks should also strive for non-financial support... It should not be a one-time effort"

Lee Bok-hyun, Governor of the Financial Supervisory Service [Image source=Yonhap News]

Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), stated on the 24th that "it is desirable for banks not only to provide financial support but also to help enhance competitiveness through non-financial support such as consulting."

During an on-site visit to Shinhan Bank's headquarters in the afternoon, Governor Lee said, "Self-employed individuals account for one-fifth of domestic employment and play a crucial role in our economy, but they are facing difficulties due to high interest rates and high inflation, which is regrettable." On the same day, he held a meeting with small business and household loan borrowers and attended the graduation ceremony of the 'Shinhan SOHO Academy.'

Governor Lee explained, "The FSS will actively support the smooth implementation of government support measures, such as expanding low-interest refinancing, and plans to open a comprehensive information center for small and medium-sized enterprises and the self-employed."

He also urged banks, saying, "As the proverb goes, 'If you want to go fast, go alone; if you want to go far, go together.' Banks must understand their customers' difficulties and move forward together to achieve sustainable growth. Therefore, I ask banks to put more effort into developing and operating support programs that create mutual win-win outcomes."

Furthermore, Governor Lee emphasized, "If banks' efforts do not remain one-off but take root in a sustainable form, firmly establishing a partnership with customers, it will serve as a foundation for long-term sustainable growth by strengthening the banks' revenue base in the mid to long term."

Regarding the recent Silicon Valley Bank (SVB) and Credit Suisse (CS) incidents, Governor Lee said, "We will monitor the financial market situation in real-time and strive to enhance the soundness of financial institutions," adding, "Based on solid soundness, we will ensure that the banking sector's fund intermediation function operates more efficiently."