Yoon Seok-heon, Financial Supervisory Service Chief, "Actively Removing Obstacles to Financial Support for Small Business Owners"

Yoon Seok-heon, Governor of the Financial Supervisory Service

[Asia Economy Reporter Kim Hyo-jin] Yoon Seok-heon, Governor of the Financial Supervisory Service (FSS), said on the 23rd that "any obstacles should be actively resolved" regarding financial support for small business owners affected by the novel coronavirus disease (COVID-19).

At the FSS crisis response general meeting he presided over that day, Governor Yoon emphasized, "Speed is above all important in supporting small business owners affected by COVID-19," and urged, "Financial companies must ensure that there are no complaints about delays or refusals of applications without valid reasons or passive support."

Governor Yoon expressed concern, saying, "The soundness of the domestic financial sector is at an all-time high level with sufficient shock absorption capacity," but added, "If the spread of COVID-19 continues overseas, financial instability could recur."

At the meeting, the FSS checked the liquidity situation of vulnerable industries such as aviation and oil refining, whose business performance and financial conditions have deteriorated due to export and domestic demand slumps and sharp oil price drops.

They also examined the impact of economic growth rate decline, business contraction, and deepening low interest rates caused by COVID-19 on the soundness of financial companies and discussed countermeasures.

The FSS decided to strengthen detection and monitoring measures against illegal financial advertisements that impersonate public institutions or disguise themselves as government support programs, taking advantage of the difficult situations faced by ordinary citizens.

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