The Financial Supervisory Service (FSS) met with banks and small financial industry players to share best practices for revitalizing debt restructuring and discuss related measures.
On the 21st, the FSS announced that it held an 'Integrated Workshop for Revitalizing Internal Debt Restructuring' attended by about 280 people, including employees from banks, small financial sector companies, and various associations.
This workshop was organized to share outstanding cases of debt restructuring efforts by the financial sector at a crucial time when efforts to help vulnerable and delinquent debtors recover economically have become important due to environmental changes such as the enforcement of the Personal Debtor Protection Act.
Best practices shared included Samsung Card's 'Principal and Interest Reduction Rate Calculation System,' Kookmin Bank's 'Debt Restructuring Dedicated Refinancing Product,' and JT Chin-Ae Savings Bank's successful debt restructuring cases. Financial companies explained customer guidance processes (outbound calls) that notify debtors of their right to request debt restructuring early in the delinquency stage to help them return to economic activities promptly.
Additionally, the current status of non-face-to-face channels (website, mobile) that allow debtors to apply for debt restructuring easily and conveniently was introduced, along with dedicated refinancing products for debt restructuring and successful cases.
The FSS stated, "We plan to actively encourage the operation of customer guidance systems and non-face-to-face application systems necessary for revitalizing debt restructuring," and added, "Regarding the enforcement of the Personal Debtor Protection Act, we will closely communicate with financial companies and related institutions to listen to field difficulties and ensure the law is properly established."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
