Focused Support on Fintech and Asset Management... Establishing Three Major Tasks for the Financial Hub

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 17th that it held the 42nd Financial Hub Promotion Committee meeting in writing and established sector-specific tasks, including focused support for areas of comparative advantage in the financial industry.

The FSC plans to focus on growing areas of comparative advantage in the financial industry, such as fintech innovation and expansion of the asset management market, to improve attractiveness. Based on strengthening the roles of pension funds like the National Pension Service and Korea Investment Corporation, it aims to solidify overseas investments and contribute to the growth of the domestic asset management industry.

The FSC also intends to build financial payment and data infrastructure, which form the foundation of financial innovation, and to revise the domestic anti-money laundering system in accordance with international organization standards. Additionally, it plans to institutionalize special provisions in the foreign exchange system to improve consumer convenience and establish a financial regulatory framework that complies with international standards.

To this end, the FSC will continuously improve the management environment of financial companies and support their overseas expansion to strengthen global competitiveness. Seoul and Busan, designated as financial hubs in 2009, will steadily promote the development of financial hubs based on specialized strategies leveraging each region's strengths.

The FSC plans to approve the 5th Basic Plan for Financial Hubs, which includes these details, on the 27th.

The Financial Hub Promotion Committee is a deliberative body under the FSC established under the "Act on the Creation and Development of Financial Hubs." It formulates major policies related to financial hubs, reviews policy implementation status, and deliberates on matters requiring coordination among related agencies. The first Basic Plan for Financial Hubs was established in August 2008, and Seoul and Busan were designated as financial hubs in January of the following year.

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