'FSS SPEAKS 2025' Event Held
FSS Outlines Key Directions for Supervision and Inspection
"We will proactively respond to factors causing instability in the financial market and firmly maintain financial stability."
On the 27th, Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), said this at the 'FSS SPEAKS 2025' event held at the Korea Economic Association Conference Center in Yeouido, Seoul, targeting foreign financial companies. He stated, "We will prepare for domestic and international uncertainties based on a robust financial system."
He assessed that the Korean economy and financial market are surrounded by complex uncertainties. He said, "Domestically, high inflation, high interest rates, and high exchange rates persist, and political uncertainty has been added amid sluggish domestic demand. External variables such as the policy direction of the new U.S. administration are increasing concerns about downside risks to the domestic economy and market volatility."
Governor Lee added, "We plan to focus on creating a virtuous cycle structure where the financial industry grows together with the people." He explained, "Through consistent and stable household debt management and objective evaluation of real estate project financing (PF) feasibility, we will induce a virtuous cycle of funds in the financial market and thoroughly manage the soundness of financial companies."
Along with this, to advance the capital market, he said, "We will support the establishment of multiple market systems such as faithful exercise of voting rights by asset management companies, improvements to the initial public offering (IPO) system, and the launch of alternative trading platforms to be firmly established in our capital market." He emphasized, "Since short selling will resume after about a year starting next week, we will meticulously prepare for the smooth resumption of short selling through the establishment of IT systems and improvement of financial companies' business practices." He added, "We will also actively support digital innovation in the financial sector by establishing a balanced digital regulatory framework."
Finally, he stressed, "The Korean financial industry and financial authorities have grown by turning numerous crises into opportunities and are currently responding promptly to domestic and international political and economic uncertainties. I ask for valuable suggestions so that the Korean financial market can wisely overcome the current crisis and grow together with foreign financial companies."
Colin Crooks, British Ambassador, mentioned the development of Korea's financial industry over the past few years, including Korea's inclusion in the World Government Bond Index (WGBI), in his congratulatory speech. He said, "The Financial Supervisory Service is creating an environment for financial market stability and corporate growth," and added, "Recently, the UK has been promoting various policies to enhance the competitiveness of the financial industry, and we hope to continue cooperation with Korea in the future."
Koichi Mizushima, Japanese Ambassador, also said, "The two countries actively shared experiences in improving corporate governance through Korea's value-up program," and evaluated, "Despite recent domestic and international political and economic conditions, the Korean economy is operating smoothly due to the proactive response of the Korean government and financial authorities."
Eric Teo, Singaporean Ambassador, stated, "The Monetary Authority of Singapore and the Financial Supervisory Service are closely cooperating on global supervisory issues and the growth of financial companies." He explained, "This year marks the 50th anniversary of diplomatic relations between Korea and Singapore, and we will continue ongoing cooperation to strengthen the competitiveness of financial companies in both countries."
At the event, the Financial Supervisory Service explained changes in the financial market environment, directions for financial supervision and inspection tasks, and trends and supervisory directions in digital finance. Going forward, it plans to continuously communicate through various channels such as meetings with foreign financial companies and briefings on major issues.
About 230 people attended the event, including representatives and employees of foreign financial companies, embassies in Korea, chambers of commerce in Korea, the Financial Services Commission, Seoul city, and related organizations.
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