Visit to Cambodia and the Philippines from March 3 to 7
On the morning of the 6th, Kim So-young, Vice Chairman of the Financial Services Commission, visited the Asian Development Bank (ADB) in the Philippines and exchanged views with the newly appointed President Masato Kanda on ways to strengthen cooperation between the Financial Services Commission and ADB for the development of the financial sector in the Asia region.
Kim So-young, Vice Chairman of the Financial Services Commission, visited Cambodia and the Philippines from the 3rd to the 7th to support K-finance overseas cooperation and expansion.
The Financial Services Commission announced on the 6th that Vice Chairman Kim visited Cambodia and the Philippines following visits to Central Asia (Uzbekistan, Kyrgyzstan), Southeast Asia (Indonesia, Vietnam, Hong Kong·Singapore, Thailand), the United Kingdom, and the EU (Germany, Lithuania).
In Cambodia, she facilitated the signing of two memorandums of understanding (MOUs) between local financial authorities and member institutions of our Overseas Financial Cooperation Council (OFCC), including the Korea Asset Management Corporation (KAMCO) and the Korea Insurance Development Institute. Through high-level meetings, she proposed co-hosting the Overseas Financial Cooperation Forum in Phnom Penh next year, laying the groundwork to support the export of our financial system.
In the Philippines, she visited the Asian Development Bank (ADB) to discuss strengthening future cooperation with the newly appointed ADB President. She also held talks with the Bangko Sentral ng Pilipinas (BSP) to discuss financial issues and the need to enhance cooperation between the two countries. It is expected that strengthening cooperation between Korean financial authorities and those of Cambodia and the Philippines will create a more favorable environment for the overseas expansion and operations of Korean financial companies.
Subsequently, Vice Chairman Kim held a meeting with representatives of local branches of Korean financial companies operating mainly in Cambodia, listening to trends in Cambodia’s financial industry, each company’s business status and issues, and suggestions to the Cambodian financial authorities.
The discussion mainly focused on the complexity and lengthy procedures involved in recovering non-performing loans in Cambodia, as well as the complicated and slow decision-making process of the financial authorities.
Vice Chairman Kim emphasized plans to actively support the overseas expansion and growth of our financial industry. She also stated that through co-hosting next year’s Overseas Financial Cooperation Forum and other efforts, she will continue close communication with Cambodian financial authorities to improve the business environment for Korean financial companies operating in Cambodia.
In the Philippines, she paid a courtesy visit to Masato Kanda, the newly appointed President who took office on February 24, and held talks with Deputy Governor Chuchi Fonacier of the Bangko Sentral ng Pilipinas.
The Philippines plans to raise the deposit insurance limit from 500,000 to 1,000,000 pesos starting March 15. The two countries agreed to continuously exchange views on policy considerations arising during the implementation process.
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