Entered Public Service Through the 38th Civil Service Exam at the Ministry of Finance and Economy
Experienced in Managing the IMF Foreign Exchange Crisis
An Essential Economic Official in Times of Crisis
Meticulous and Strong Leadership Style
Led the Resolution of Legoland, Taeyoung Construction, and Real Estate PF Issues
Praised by President Lee for the 6.27 Lending Regulations
Daeyoung Kwon, Secretary General of the Financial Services Commission, has been appointed as the first Vice Chairman of the Financial Services Commission under the Lee Jaemyung administration. Both inside and outside the financial authorities, Kwon's appointment is being evaluated as the right person for the job.
Born in 1968 in Jinhae, South Gyeongsang Province, Kwon graduated from Jinhae High School and went on to study business administration at Korea University. He entered public service in 1995 after passing the 38th Higher Civil Service Examination.
Kwon is one of the economic officials who directly experienced the International Monetary Fund (IMF) crisis. Not long after he was assigned as an officer in the Foreign Currency Division of the Financial Policy Bureau at the Ministry of Finance and Economy (now the Ministry of Economy and Finance), the foreign exchange crisis struck. Demonstrating exceptional job performance, he was promoted to deputy director faster than anyone else. As a result, he has earned the reputation of being a "crisis response expert."
A former official from the Ministry of Economy and Finance said, "Vice Chairman Kwon underwent rigorous training as a civil servant while directly experiencing the foreign exchange crisis in the Financial Policy Bureau. He is the right person in a crisis situation."
Since the launch of the Financial Services Commission, Kwon has served as Director of Asset Management, Director of Small and Medium Finance, Director of Banking, and Director of Financial Policy. During the Moon Jaein administration, he was seconded to the Economic Policy Office of the Presidential Secretariat and followed a typical elite career path, including as Head of the Financial Innovation Planning Division, Director General of the Financial Industry Bureau, and Director General of the Financial Policy Bureau.
Daeyoung Kwon, Secretary General of the Financial Services Commission (center), Sehoon Lee, Senior Deputy Governor of the Financial Supervisory Service (right), and others attended the task force meeting of related ministries regarding unsettled payment settlements for Wemakeprice and Tmon at the Government Seoul Office in Jongno-gu, Seoul, on the 29th, engaging in discussion. Photo by Yongjun Cho jun21@
Although Kwon is known as the "father of fintech," he truly shines in times of crisis. It was Kwon who took the lead in resolving the "Legoland" incident in 2022. He played the role of firefighter in major issues such as the Saemaeul Geumgo bank run, the Taeyoung Construction workout, and the restructuring of real estate project financing (PF).
An executive at a state-run bank said, "The restructuring of real estate PF was unprecedented in our history, and new guidelines had to be created. Vice Chairman Kwon took charge of the situation, saying, 'I will take responsibility,' after receiving the report."
The recently announced 6·27 real estate measures (household debt management plan), which President Lee Jaemyung publicly praised, are also said to reflect Kwon's style. This is because Kwon is known for being meticulous and thorough in policy design, while also demonstrating strong leadership and control.
All of these events occurred while Kwon was serving as a standing commissioner and later as Secretary General. In particular, after the term of former Vice Chairman Soyoung Kim expired in May and no successor had been appointed, Kwon served as acting Vice Chairman. During this period, it is said that he was so hands-on that the financial industry hardly felt the absence of a Vice Chairman.
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