Financial authorities are establishing a dedicated organization to support inclusive finance for ordinary citizens. According to the Financial Services Commission (FSC) on September 11, the FSC has reorganized its flexible task force into the Inclusive Finance Support Division, which will focus on policies supporting small business owners. The Inclusive Finance Division is tasked with identifying initiatives that financial consumers can directly benefit from and responding to urgent issues at the commission level.
Not only the FSC but also all government ministries have flexible organizations whose topics and names can be changed every six months. The FSC explained that instead of creating a new department, it has changed the name and main responsibilities of an existing flexible organization to focus exclusively on supporting small business owners.
As President Lee Jaemyung recently instructed a reduction in interest rates for inclusive financial products, the Korea Inclusive Finance Agency is also accelerating the establishment of the Inclusive Finance Stabilization Fund. The agency plans to support vulnerable groups by securing contributions from private financial companies and injecting government funds to lower special guarantee interest rates for those with the lowest credit scores.
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