Plan to Boost Financial Infrastructure Exports to Be Announced in Second Half "Great Help for Financial Firms' Market Entry"

Vice Chair Kim So-Young to Visit Southeast Asia Next Month

The authorities will prepare measures to activate the overseas expansion of financial infrastructure in the second half of the year. To this end, the authorities will directly visit the Southeast Asia region next month to listen to voices from the field and continue related support.

[Image source=Yonhap News]

On the morning of the 28th, the Financial Services Commission announced that it held a 'Financial Infrastructure Overseas Expansion Activation Meeting' at the Bankers Hall in Jung-gu, Seoul, chaired by Vice Chairman Kim So-young. The meeting was attended by the Overseas Financial Cooperation Council and public enterprises related to financial infrastructure, as well as the Korea Institute of Finance.

This meeting was organized to share the current status and success cases of overseas expansion of financial infrastructure by institution, and to discuss the mid- to long-term development plans of the Overseas Financial Cooperation Council (Haegumhyeop) and measures to activate the overseas expansion of financial infrastructure. Haegumhyeop is a council launched in 2013 to support the overseas expansion of domestic financial institutions.

The participating institutions shared cases of overseas expansion of financial infrastructure they had carried out. The Korea Financial Telecommunications and Clearings Institute introduced the establishment of a payment system in Cambodia and an integrated overseas remittance system in Armenia, while the Korea Exchange presented a case of exporting a clearing and settlement system to Thailand.

In the following session, Dr. Kim Hyun-tae of the Korea Institute of Finance gave a presentation on the 'Mid- to Long-term Development Plan of Haegumhyeop,' and discussed measures to activate overseas expansion of financial infrastructure using ODA with related external aid institutions such as the Export-Import Bank of Korea.

Vice Chairman Kim said, "The export of financial infrastructure will greatly help domestic financial companies' future entry and the establishment of local networks, and Haegumhyeop should play the role of a control tower for this." He added, "We need to explore ways to expand the use of Official Development Assistance (ODA) to activate overseas expansion in the financial sector."

Meanwhile, Vice Chairman Kim plans to visit the Southeast Asia region next month to gauge the atmosphere on the ground related to the export of financial infrastructure and to prepare support measures.