Kim Byunghwan, Deputy Minister of Economy and Finance, "We Will Carefully Improve Our Foreign Exchange System and Transaction Infrastructure"

Kim Byung-hwan, the First Vice Minister of Strategy and Finance, who is visiting London, UK, visited the State Street Bank (SSBT) London branch on the 6th (local time) to check the progress of the pilot implementation of the foreign exchange market structure improvement that has been underway since last month.

SSBT was the first foreign financial institution to complete the registration process for participation in the domestic foreign exchange market, and at the time of Vice Minister Kim's on-site visit, a successful won-dollar foreign exchange transaction was completed between the SSBT London branch and domestic financial institutions.

Vice Minister Kim observed the transaction process and stated that until the official implementation in July, he would listen carefully to the opinions of related organizations to ensure that foreign financial institutions face no inconvenience in participating in the foreign exchange market, and would meticulously supplement our foreign exchange system and trading infrastructure. He also expressed gratitude for SSBT's interest and urged them to continue contributing to the activation of the won currency transaction network in London, a global financial center.

So far, more than 15 foreign financial institutions have applied for registration to participate in the domestic foreign exchange market, and five institutions, including SSBT London, have completed registration.