Kim Byunghwan and Lee Bokhyun's First Meeting... "Focused Management of Risks Such as Household Debt and Real Estate PF"

Bold Innovation in Financial Regulations Unsuitable for Changing Environment
Wemakeprice and Tmon Incident, Focused Inspection on Legal Violations... "Promoting System Improvement"

On the morning of the 1st, Kim Byung-hwan, Chairman of the Financial Services Commission, and Lee Bok-hyun, Governor of the Financial Supervisory Service, held their first meeting at the Chairman's office of the Financial Services Commission in the Seoul Government Complex.

On the 1st, newly appointed Financial Services Commission Chairman Kim Byung-hwan and Financial Supervisory Service Governor Lee Bok-hyun held their first meeting at the FSC Chairman's office in the Government Seoul Office.

Chairman Kim and Governor Lee first agreed on the importance of focusing on managing the four major risk factors facing our financial market: household debt, real estate project financing (PF), debt of small business owners and self-employed individuals, and the soundness of the secondary financial sector, in order to alleviate market concerns.

They then shared the view that rapid changes in global trade and industrial structures, as well as megatrends such as demographics, climate, and technology, are already having a significant impact on our financial industry and financial markets.

Chairman Kim and Governor Lee agreed to boldly innovate financial regulations that no longer fit the changed environment, support this through financial supervision to expand the scope of our financial industry, accelerate the advancement of capital markets including corporate value-up, and ensure thorough protection of financial consumers alongside support for ordinary citizens and small business owners.

Regarding the recent Wemakeprice (WEMAKEPRICE) and TMON incidents, they decided to promptly proceed with remedies for consumer damages and resolve financial difficulties faced by sellers. In particular, they will work with related agencies to intensively inspect illegal activities related to these incidents and swiftly prepare institutional improvement measures to prevent similar problems from recurring in the future.

Meanwhile, Chairman Kim and Governor Lee jointly emphasized that the essence of finance is 'trust,' and agreed to promote financial administration by closely communicating and coordinating in order to further enhance market trust going forward.