Financial Authorities "Committed to Innovation, Inclusion, and Consumer Protection"

Eun Sung-soo, Chairman of the Financial Services Commission

[Asia Economy Reporter Kim Hyo-jin] Financial authorities have reiterated the realization of the values of innovative finance, inclusive finance, and consumer protection as the key themes for the new year.

According to the financial authorities on the 5th, Eun Sung-soo, Chairman of the Financial Services Commission, stated at the '2020 Pan-Financial New Year Meeting' held at the Shilla Hotel in Jung-gu, Seoul on the 3rd, "This year, the FSC will secure a budget of about 600 billion KRW and devote efforts to spreading innovative finance and inclusive finance."

Chairman Eun also asked political and government officials attending the New Year meeting to support the passage of the Data 3 Act, including the Credit Information Act, through the National Assembly, and told financial professionals, "I want to be regarded not as a watchdog monitoring you, but as a partner running alongside you."

Yoon Seok-heon, Governor of the Financial Supervisory Service, said at the same event, "Restoring the public's trust in the financial sector must be pursued as the top priority."

Governor Yoon added, "It seems difficult for the financial environment to improve significantly even in the new year," and predicted, "With the trends of low growth and low interest rates, the burden of household debt, and added overseas risk factors, conflicts and uncertainties of various sizes will increase, making the financial environment far from smooth."

He further stated, "As a national risk manager, the Financial Supervisory Service will focus on securing trust in supervisory duties with the attitude of 'Hosiubo (虎視牛步)'?watching like a tiger and moving like an ox?and do its best to create a trusted financial system."

Governor Yoon added, "We will carefully monitor risk factors that threaten the stability of the financial system and diligently carry out supervisory duties without wavering, striving to secure trust in supervision and do our utmost to build 'trusted finance.'"

Yoon Seok-heon, Governor of the Financial Supervisory Service

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