Expansion and Establishment of the Financial Supervisory Service's Emergency Response Organization for COVID-19

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] On the 24th, the Financial Supervisory Service (FSS) announced that it will expand and establish an emergency response organization to minimize the impact of the novel coronavirus infection (COVID-19) on the financial market.

The FSS made this decision after holding a financial situation review meeting chaired by FSS Governor Yoon Seok-heon on the same day.

Governor Yoon emphasized proactive measures by financial authorities, blocking infectious diseases in the financial sector, preventing damage to financial consumers, and minimizing the shock to the real economy.

The FSS will strengthen the existing response system by establishing an emergency response organization. The chairman will be Senior Deputy Governor Yoo Kwang-yeol.

The FSS also decided to suspend on-site inspections in regions where the spread is severe until COVID-19 subsides, and to minimize inspections in other areas.

Additionally, the FSS will strengthen monitoring of voice phishing (telecommunication financial fraud), smishing (financial fraud using text messages), and unfair trading in the securities market, which exploit the spread of COVID-19, and will take firm action if detected.

As confirmed cases surged over the weekend, the financial market fluctuated. On the day, the KOSPI plunged 3.87%, and the won-dollar exchange rate soared by 11 won compared to the previous trading day.

This content was produced with the assistance of AI translation services.