Overseas Financial Cooperation Council Hosts
Korea-ASEAN Financial Cooperation Forum in Singapore
From the left, the 9th is Li Kouquing, Director of the ASEAN+3 Macroeconomic Research Office (AMRO), Lee Hangyong, Chairman of the Overseas Financial Cooperation Council, Hong Jinwook, Ambassador to Singapore, and Lee Janggeun, Ambassador to the Republic of Korea Mission to ASEAN. Photo by Haegumhyeop.
The Overseas Financial Cooperation Council (OFCC) announced on the 15th that it successfully held the Korea-ASEAN Financial Cooperation Forum at the Conrad Centennial Hotel in Singapore on the 11th.
The forum was attended by about 80 key financial institution officials, including Lee Hang-yong, Chairman of the Overseas Financial Cooperation Council; Li Kouquing, Head of the ASEAN+3 Macroeconomic Research Office (AMRO); Lee Jang-geun, Ambassador of the Republic of Korea to the ASEAN Mission; Hong Jin-wook, Ambassador to Singapore; Park Min-woo, Director of the Capital Market Bureau at the Financial Services Commission; and Lim Tuang Lee, Director of the Capital Markets at the Monetary Authority of Singapore.
Chairman Lee Hang-yong stated, "Korea is one of ASEAN's top five trading partners and sixth largest investor, with 4,000 Korean companies operating in the region," adding, "ASEAN is also the region where our country's private and public financial institutions are most actively expanding." He emphasized, "Korea and ASEAN should create a more dynamic and resilient world together through mutual cooperation based on shared values of dynamism and resilience."
In Session 1, themed "The Role of Finance in Economic and Social Changes," Song Min-ki, Senior Research Fellow at the Korea Institute of Finance, pointed out that Korea’s ultra-low birthrate leads to a decline in potential growth rate, increased fiscal burden, and a possible decrease in household financial assets. He forecasted that demographic changes would negatively impact the banking industry and capital markets but that the growth of individual retirement pensions could present new opportunities.
As countermeasures, Senior Research Fellow Song proposed the need for "mitigation policies" aimed at reducing marriage and child-rearing costs for young people, ensuring housing stability, and supporting asset formation; "adaptation policies" focused on enhancing financial liquidity and capital profitability for the elderly; and "financial innovation policies" centered on advancing trust services and providing customized financial services for diverse lifestyles.
In Session 2, which discussed "The Future of ASEAN+3 Capital Markets," Bernice Tan, Director of the Singapore Exchange, noted that Singapore’s capital market is gaining attention as a safe haven for investors. Kang So-young, Team Leader at Korea Securities Finance Corporation, emphasized that during the foreign exchange crisis and the pandemic, Korea Securities Finance proactively provided liquidity to the capital market, contributing to overcoming the crises.
Jang Min, Center Director of the Overseas Financial Cooperation Council, said, "This forum is expected to play an important role in expanding cooperation opportunities with ASEAN financial authorities and supporting the advancement of domestic financial institutions."
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