Kim Juhyun, Chairman, First Visit to Poland: "Establishing New Cooperation in the Financial Sector"

Support for Domestic Banks' Local Expansion... Agreement on Swift Supervisory Cooperation MOU
Meeting with Local Expansion Companies in Defense, Battery, and Auto Parts
Financial Services Commission and UNIDO Sign Mutual Cooperation MOU

Financial Services Commission Chairman Kim Ju-hyun is taking a commemorative photo with Jacek Jastrz?bski, Chairman of the Polish Financial Supervision Authority (KNF), after a meeting at the KNF in Warsaw, Poland, on the 25th (local time). (Source: Financial Services Commission)

Financial Services Commission Chairman Kim Joo-hyun visited Poland and the United Nations Industrial Development Organization (UNIDO) from the 24th to the 28th, carrying out a schedule that included signing a memorandum of understanding (MOU) between the Korea-Poland Bank Association, a meeting with the head of the Polish Financial Supervision Authority, and a roundtable with local companies. This visit was the first by a Financial Services Commission chairman and was prompted by the expanding demand for financial cooperation between the two countries following their summit meetings.

Since establishing diplomatic relations in 1989, Poland has served as a production base for domestic companies within Europe. Especially after the Korea-Poland summit in July last year, there has been a growing need for active financial support for large-scale cooperative projects such as defense, nuclear power, infrastructure, and Ukraine reconstruction. As domestic banks push for entry into Poland to provide financial support, interest in 'K-Finance' is also increasing among Polish financial authorities and the private financial sector.

Chairman Kim attended the MOU signing ceremony and joint seminar for strengthening mutual cooperation, co-hosted by the Korea Federation of Banks and the Polish Bank Association. About 70 bank executives and employees from both countries participated in the event. In his congratulatory remarks, Chairman Kim stated, "The partnership between the banking sectors of both countries will further develop the real economy cooperation between the two nations, which has been steadily expanding through trade and investment," and added, "Financial authorities will actively support this partnership."

He also held talks with Jacek Jastrzebski, the head of the Polish Financial Supervision Authority. This was the first meeting between the heads of the financial authorities of the two countries. Chairman Kim and Mr. Jastrzebski agreed that the talks were highly meaningful for establishing cooperative relations between financial authorities amid deepening economic cooperation in defense and nuclear power and the push by Korean banks to enter Poland.

Furthermore, since licensing reviews for Korean banks such as Woori Bank have begun or are scheduled, they agreed to expedite the finalization of the supervisory cooperation MOU currently under discussion. Mr. Jastrzebski requested the Financial Services Commission's cooperation in sharing materials for the licensing reviews of Korean banks, and Chairman Kim emphasized that the entry of domestic banks into Poland would contribute to Poland's sustainable economic development and the strengthening of bilateral partnerships, promising maximum cooperation. They also agreed to strengthen cooperation in supporting small and medium-sized enterprises as well as startups and venture companies. Chairman Kim then invited Mr. Jastrzebski to Korea and proposed signing the MOU in Seoul, to which Mr. Jastrzebski responded positively.

Financial Services Commission Chairman Kim Joo-hyun is delivering a greeting at a meeting with policy financial institutions and representatives of Korean companies operating in Poland, held on the 26th (local time) at the conference room of the Warsaw Marriott Hotel in Poland. (Source: Financial Services Commission)

On the 26th, Chairman Kim held a roundtable with local companies engaged in defense, batteries, and automotive parts. Policy financial institutions and commercial banks attended together to listen to the financial difficulties of local companies and discuss support measures. The local companies mentioned the need for policy financial support for smooth defense exports (defense), various financing programs led by Korean financial companies (battery), and pointed out that the absence of domestic banks in Poland causes significant difficulties in creditworthiness and interest rates when small and medium-sized enterprises transact with local banks, requesting the prompt entry of domestic banks (automotive parts).

In response, Chairman Kim said, "Financial support for export companies is one of the core policies of financial authorities, and to ensure Poland continues to serve as a European production base for domestic companies, policy financial institutions and commercial banks will cooperate to provide active financial support." He also stated, "To facilitate the swift entry of domestic banks, we will closely cooperate between financial authorities, starting with the meeting with the Polish Financial Supervision Authority yesterday."

He also attended a fintech seminar co-hosted by the Korea Fintech Support Center and Fintech Poland to support cooperation between the fintech industries of both countries. This seminar shared the fintech market status and entry guides of both countries and promoted eight promising fintech companies interested in entering the counterpart country, with industry stakeholders from both countries participating.

In his congratulatory remarks, Chairman Kim said, "Considering the technological characteristics of fintech such as network externalities, overseas expansion and global cooperation are essential for fintech companies to continue growing," and expressed hope that cooperation and entry in the fintech sector would actively progress in line with the strengthening cooperative relations between the two countries.

Financial Services Commission Chairman Kim Ju-hyun is taking a commemorative photo with Yuko Yasunaga, Deputy Director General of UNIDO, after signing an MOU at the UNIDO headquarters in Vienna, Austria, on the 27th (local time). (Source: Financial Services Commission)

For his final schedule, Chairman Kim moved to Austria and signed a mutual cooperation MOU with the United Nations Industrial Development Organization (UNIDO) to support the entry of domestic financial companies and fintech firms into developing countries. Chairman Kim welcomed that through this MOU, Korean financial authorities have established a cooperative relationship with a UN organization for the first time, expressing hope that the cooperation with UNIDO would contribute to developing countries by supporting economic growth and sharing the experience of Korea's financial industry, which has successfully promoted digital transformation.

After signing the MOU, Chairman Kim also proposed launching cooperative projects with the Youth Startup Foundation (D-Camp) and the Fintech Industry Association. UNIDO evaluated the cooperation with the Financial Services Commission as a meaningful approach from its perspective, which has focused on the manufacturing sector, and welcomed Chairman Kim's proposal for follow-up projects.

The Financial Services Commission stated, "This visit signifies the establishment of a new cooperative relationship with Poland in the financial sector, which had less exchange compared to the real economy such as trade and investment, in response to the increased demand for financial cooperation following the Korea-Poland summit." It added, "This cooperative relationship is expected to greatly contribute to the smooth promotion of large-scale cooperative projects between the two countries in defense and nuclear power, active business and export activities of local companies, and the entry of domestic banks into Poland." Furthermore, "Through establishing a cooperative relationship with UNIDO, which has professionally and comprehensively handled cooperation with developing countries, support for the entry of domestic financial companies and fintech firms into developing countries, which had been pursued in bilateral relations, is expected to be promoted more systematically."