Lee Okwon Likely to Be Appointed FSC Chairman Soon... To Meet Heads of Five Major Financial Groups on the 15th

President Lee Expected to Appoint New Financial Services Commission Chairman Soon

Yonhap News

Lee Okwon, the nominee for Chairman of the Financial Services Commission, is expected to meet with financial authorities and leaders in the financial sector.

According to the financial industry on September 12, the Financial Services Commission is reportedly preparing for the first meeting between the new Chairman and the heads of the five major financial holding companies (KB, Shinhan, Hana, Woori, and NH Nonghyup) on September 15.

With President Lee Jaemyung expected to appoint Lee as the new Chairman of the Financial Services Commission in the near future, it is believed that the appointment is imminent, prompting a series of meetings with the financial sector.

The Financial Services Commission is expected to request enhanced financial support for advanced strategic industries such as artificial intelligence (AI) and semiconductors, as well as the activation of productive finance. Additionally, the Commission is likely to urge strengthened financial support for small business owners, promote inclusive finance, and emphasize the importance of protecting financial consumers.

The financial sector is expected to request a relaxation of capital regulations. Furthermore, as calls for inclusive finance continue, the sector is also anticipated to express concerns over the increasing burden of various fines, such as those related to the mis-selling of Hong Kong equity-linked securities (ELS).