Who Is Ahn Changguk, the Symbol of Financial Innovation at the Financial Services Commission?

Entered Public Service through the 41st Higher Civil Service Examination
Served in the Ministry of Finance and Economy before Moving to the Financial Services Commission
Led the Introduction of the ISA System
Established the Growth Ladder Fund
Strength in Financial Policies Encouraging Private Sector Participation
Responsible for Insurance Sector Reform

Ahn Changguk, Director of the Financial Industry Bureau at the Financial Services Commission, is attending the '2025 Asia Financial Forum' hosted by Asia Economy at the Chosun Hotel in Jung-gu, Seoul on the 21st, delivering a special lecture on the topic of 'Sustainable Development Directions of Korea's Financial Industry including Banking and Insurance.' 2025.5.21. Photo by Kang Jinhyung

If there is one figure at the Financial Services Commission who symbolizes "innovation," it is Ahn Changguk, Director of the Financial Industry Bureau. He oversaw the stalled reform of the insurance sector and is regarded as a proactive civil servant in driving innovation within the financial industry, including the reform of the Bank for International Settlements (BIS) system.

There are clear reasons why he is recognized as an icon of "innovation." In 2012, while serving as Team Leader for New Growth Finance at the Financial Services Commission, he led policy initiatives that supported the venture ecosystem through policy finance. At that time, 99% of small and medium-sized enterprises relied on loans for financing. When the concept of "investment" was still unfamiliar, he established the "Growth Ladder Fund" with a scale of 6 trillion won, successfully encouraging private investment?a move led by Director Ahn.

The Growth Ladder Fund was designed so that policy finance would absorb losses first if investment losses occurred. This structure enabled participation from private capital such as fund managers. Furthermore, the idea to provide additional performance-based incentives to fund managers investing in challenging sectors also originated from Director Ahn.

Having entered public service through the 41st Higher Civil Service Examination, Director Ahn is a traditional economic bureaucrat who has served in the Securities System Division and Financial Policy Division of the Ministry of Finance and Economy. After the establishment of the Financial Services Commission, he moved to various positions including Team Leader for New Growth Finance, Director of Asset Management, Director of Industrial Finance, Director of Capital Markets, and Head of the Capital Markets Investigation Division, eventually rising to his current role as Director of the Financial Industry Bureau.

Director Ahn was also the official who established the "technology finance" system. At a time when using intangible technology as collateral was unfamiliar, he worked to enable financial institutions to provide funding based on a company's technological capabilities.

In 2014, while serving as Director of Asset Management, he also led the introduction of the Individual Savings Account (ISA) system. Within the Financial Services Commission, he is sometimes referred to as the "original architect of the all-purpose ISA account."

After moving to the role of Director of Industrial Finance in 2016, he promoted the creation of the "Innovation Venture Fund" with a scale of 10 trillion won. This was aimed at fostering a private sector-led ecosystem for innovative startups. The major policies he has pursued are characterized by regulatory innovation and support for new growth industries. For these reasons, he is regarded both within the Financial Services Commission and by the financial industry and academia as someone who combines the mindset of a civil servant and an entrepreneur.