Support for Domestic Financial Companies' Overseas Expansion
Revision and Distribution of 'Financial Information Country Brief'
As domestic financial companies are successively entering Poland, a key country in Central and Eastern Europe, the Financial Supervisory Service (FSS) has newly published a handbook containing information on the local supervisory system.
On the 26th, the FSS announced that it has newly published the "Poland Financial Industry Supervisory System Handbook," which includes an overview of Poland's economy and politics, as well as licensing and business supervision systems by sector such as banking, insurance, and financial investment.
The handbook contains practical information necessary for entering Poland, including supervision, inspection and sanction status, and contact information for government and financial authorities. Poland is a country attracting growing interest from domestic companies due to recent exports of "K-defense," and demand for entry by domestic financial companies is expected to increase in the future. An FSS official explained, "We expect that domestic financial companies will enhance their understanding of Poland's economic and financial situation through this handbook and that it will help them systematically prepare for local entry."
Additionally, the FSS has prepared and distributed a revised version of the "Financial Information Country Brief," which contains financial and supervisory status for 33 countries that are of high interest to financial companies. As demand for overseas expansion by domestic financial companies has increased recently, the need for providing and supporting information related to overseas financial markets has grown. This trend reflects diversification of expansion demand into other regions such as South Asia and Eastern Europe, beyond the previously active Southeast Asia.
Mirae Asset Securities acquired the local Indian securities firm "Sharekhan" last November, and Industrial Bank obtained approval to establish a Polish corporation. An FSS official stated, "The published materials have been distributed to financial companies and financial associations and posted on the Financial Hub Support Center website, a one-stop information platform related to overseas expansion of domestic financial companies," adding, "We plan to actively support the overseas expansion of domestic financial companies by continuously providing information on countries with high demand for entry."
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