Four Key Directions
Enhancing Competitiveness of the Financial Industry
Securing Trust in the Financial Market
Supporting the Real Economy, etc.
Kim Byung-hwan, the nominee for Financial Services Commission Chairman, stated that he will prioritize financial market stability in policy to address various domestic and international economic risks.
On the 22nd at 10 a.m., during his opening remarks at the confirmation hearing held by the National Assembly's Political Affairs Committee in Yeouido, Seoul, Kim said, "Above all, I will place financial market stability as the top priority in policy."
Kim noted that uncertainties in domestic and international economic conditions remain and said he would focus on four directions to respond to these conditions. First, regarding financial market stability, he mentioned the real estate project financing (PF) issue, stating, "We will induce an orderly soft landing based on strict feasibility assessments and promote related institutional improvements." He pledged to thoroughly manage the growing household debt problem through strengthening the Debt Service Ratio (DSR). He also said efforts would be made to monitor and secure the soundness of the secondary financial sector, including savings banks.
He also spoke about measures to enhance the competitiveness of the financial industry. Kim said, "We will boldly improve regulations on the scope of financial companies' operations in line with future environments such as digital transformation," mentioning the expansion of loan refinancing services and strengthening the disclosure of interest rate spreads between deposits and loans.
He added that he would secure public trust in the financial market through establishing market discipline and consumer protection. He said he would address financial crimes such as illegal private loans, voice phishing, and unfair stock market trading through cooperation with relevant ministries and agencies, as well as improve financial product sales systems and practices through policy measures.
To strengthen finance’s role in supporting the real economy, Kim said he would prepare measures such as expanding the New Start Fund for small business owners and self-employed individuals, ensuring stable supply of policy-based financial services for vulnerable groups, and supporting advanced industries such as semiconductors and artificial intelligence (AI).
Kim stated, "If given the opportunity to serve as Financial Services Commission Chairman, I will steadily tackle the current challenges such as financial market stability, financial industry development, and restoration of financial trust based on my public service experience," adding, "I will actively listen to the voices of the market and the field and communicate closely with the National Assembly."
Kim Byung-hwan, the nominee for the Financial Services Commission chairman, is answering questions from the press as he arrives at the confirmation hearing office set up at the Korea Deposit Insurance Corporation in Jongno-gu, Seoul on the 5th. Photo by Kang Jin-hyung aymsdream@
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