Overseas Financial Cooperation Council Holds Korea-Mongolia Financial Cooperation Forum

The Overseas Financial Cooperation Council and the Financial Services Commission announced on June 18 that they held the Korea-Mongolia Financial Cooperation Forum under the theme "A Resilient Future Through Financial Market Development and Stability" at the Best Western Premier Tuushin Hotel in Ulaanbaatar, Mongolia, on June 17.

The forum was attended by Lee Hangyong, Chairman of the Overseas Financial Cooperation Council; Ganbat Jigjid, Vice Minister of Finance of Mongolia; Lee Yoonsu, Commissioner of the Securities and Futures Commission of the Financial Services Commission; as well as Narantuya Jargalkhuu, President of the Development Bank of Mongolia; Enkhbat Ganbold, President of the Mongolian Securities Association; and Enkhtur Minjurr, CEO of the Mongolian Asset Management Corporation. In total, over 120 representatives from major financial institutions of both countries participated.

In Session 1, which discussed "Cooperation Measures for Capital Market Development," Kim Namjong, Research Fellow at the Korea Institute of Finance, introduced the rapid development of the Korean government bond market following the foreign exchange crisis. He stated, "To respond to structural challenges such as future population aging and increased fiscal spending, it is necessary to secure a stable demand base by improving foreign investor accessibility and including Korean government bonds in the WGBI."

In Session 2, focused on "Financial Safety Nets and Resilience," the Korea Credit Guarantee Fund presented Korea's credit guarantee system designed to expand funding access for small and medium-sized enterprises, while the Korea Housing Finance Corporation introduced housing finance policies and systems aimed at stabilizing housing and improving the structure of household debt. Borjgo Batbaysuren, Director of the Central Bank of Mongolia, pointed out, "The Bank of Mongolia has established systems to strengthen financial stability and resilience. However, there is a lack of quantitative standards, failure to meet Basel standards, and unclear division of roles among institutions, making further improvement and refinement necessary."

In Session 3, which addressed "Financial Market Innovation," Baek Yeonju, Research Fellow at the Korea Institute of Finance, stated, "The Korean financial market is experiencing a wide range of innovations centered on technologies such as AI and blockchain." However, she emphasized the need for enhanced digital literacy education for marginalized groups, preparedness against cybersecurity threats, and efforts to address regulatory gaps in the stablecoin and virtual asset markets.

Jang Min, Director of the Overseas Financial Cooperation Council Center, expressed his expectations, saying, "This forum is expected to play an important role in expanding cooperation opportunities with Mongolian financial authorities and supporting the overseas expansion of domestic financial institutions."

The Overseas Financial Cooperation Council is a public-private joint consultative body established in 2013 to support the overseas expansion of domestic financial institutions and to share Korea's financial development experience.