Lee Bok-hyun "Will Accelerate Real Estate PF Restructuring"

Full Meeting of the Financial Supervisory Advisory Committee Held on the 8th

Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), stated that through the revision of business feasibility evaluation standards for real estate project financing (PF) and other areas, the speed of restructuring will be accelerated, and orderly soft landing will be pursued by supporting normalization for projects with potential for business recovery.

Governor Lee made these remarks on the 8th at the '2024 Financial Supervisory Advisory Committee Plenary Meeting' held at the Bankers' Hall in Jung-gu, Seoul. This meeting was organized to hear current issues from financial experts in various fields and to explore desirable development and supervisory directions for the financial industry. About 100 people, including advisory committee members, attended. Kim Byung-chil, Deputy Governor of the FSS, gave a presentation on 'Recent Financial Market Risks and Responses to New Trends in the Financial Industry.' Following this, Oh Soon-young, Head of the AI Center at KB Financial Group, presented on 'Current Status and Implications of Financial Services in the AI Era.'

Governor Lee emphasized that he holds a special vigilance toward the recent uncertainties in the domestic and international financial environment and will respond swiftly while laying the foundation for the advancement of Korea's economy and finance. He said, "Through promoting the advancement of the capital market, we will restore a virtuous cycle structure of the capital market where real economy development and national asset formation occur together," and added, "Regarding digital innovation such as AI utilization and data integration, we plan to create an environment where innovation and responsibility can be harmonized."

Lee Bok-hyun, Governor of the Financial Supervisory Service.

Kim Jun-gi, Chairman of the Financial Supervisory Advisory Committee, expressed hope that the advisory committee will establish itself as a representative advisory body of the financial sector by supporting the FSS's proper role through collective intelligence. He urged that financial authorities must actively communicate with the market and experts, and that advisory committee members should share many suggestions and ideas for the development of the financial industry.

The FSS plans to further strengthen communication efforts with the field by holding subcommittee advisory meetings regularly even after this plenary meeting.