Kim So-young, Vice Chairman of the Financial Services Commission, held discussions with local financial authorities on exporting financial infrastructure and the overseas expansion and operations of domestic financial companies during a two-day visit to Indonesia.
According to the Financial Services Commission on the 6th, Vice Chairman Kim concluded her two-day (April 4-5) schedule in Indonesia and moved on to Ho Chi Minh City, Vietnam. During her visit to Indonesia, she held high-level talks with local financial authorities and held a meeting with local Korean companies and export finance stakeholders.
As of the end of the first quarter, Indonesia is a country where 27 domestic financial companies operate 32 branches, and it is a country with high demand for further overseas expansion. In particular, Indonesia is known to have great interest in Korea’s financial infrastructure such as open banking, payment systems, and non-performing financial institution resolution systems.
During this visit to Indonesia, Vice Chairman Kim attended the "Korea-Indonesia Financial Cooperation Forum." This event was hosted by the Financial Services Commission and the Indonesia Financial Services Authority (OJK), with about 100 participants including Vice Chairman Kim, the OJK Chairman, and officials from financial institutions of both countries.
Vice Chairman Kim stated, "To systematize financial cooperation with countries like Indonesia that have a high interest in Korea’s financial infrastructure, we will strengthen the role of the Overseas Financial Cooperation Council. We will supplement the council’s personnel and resources and subdivide projects by financial sector and region to proactively identify and support the projects most needed by counterpart countries such as Indonesia."
She then held high-level talks with the OJK and proposed resolving operational difficulties faced by Korean financial companies operating locally. Vice Chairman Kim conveyed the challenges faced by domestic financial companies in Indonesia, such as the management suitability screening process and regulations limiting the number and tenure of home-country employees. The OJK responded, "We highly appreciate the local expansion of Korean financial companies" and said, "We will review this with related agencies such as the Ministry of Manpower."
During her visit to Indonesia, Vice Chairman Kim also visited Hyundai Motor’s Indonesia plant and held a meeting with Hyundai and its partners. This was a follow-up to the "Comprehensive Export Finance Support Plan" announced last month. Additionally, she visited the Korea-ASEAN Financial Cooperation Center, which opened last year, to receive reports on its status and challenges.
Meanwhile, Vice Chairman Kim moved to Ho Chi Minh City, Vietnam, on the afternoon of the previous day to attend the "Fintech Demo Day in Ho Chi Minh." She plans to continue her remaining Southeast Asia visit schedule by traveling to Hanoi on the same day and to Hong Kong on the 7th.
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