Selected Best Cases of Proactive Administration in the Second Half: Foreign Exchange Service Innovation and Liquor Regulation Improvement

Kim Yong-beom, 1st Vice Minister, Presents 'Ministry of Economy and Finance Active Administration Best Practices'

[Asia Economy Reporter Kwangho Lee] 'Foreign exchange service innovation' through convergence, non-face-to-face expansion, and competition promotion, the hosting of the 'Korea Together Sale' to form consumer momentum, 'liquor regulation improvement' covering the entire process of liquor manufacturing, distribution, and sales, and the reduction and exemption of national property rental fees were selected as excellent cases of proactive administration in the second half of this year.

On the 10th, Kim Yong-beom, the 1st Vice Minister of the Ministry of Strategy and Finance, announced the '2020 Second Half Proactive Administration Promotion Plan and Excellent Cases' at the 37th Vice Ministerial Meeting.

This announcement was prepared to share meaningful proactive administration achievements in areas such as 'economy, livelihood, and post-COVID-19' in the second half, following the first half's 'proactive administration to overcome the novel coronavirus infection (COVID-19)'.

First, innovation in foreign exchange services through convergence, non-face-to-face expansion, and competition promotion was selected as an excellent case. To innovate in the foreign exchange service sector, measures such as full licensing for entrusted currency exchange and remittance, recognition of methods other than inter-account transactions by fintech companies (such as unmanned devices and counter transactions), and the introduction of a rapid confirmation and exemption system for new business regulations are being promoted.

Also, the Korea Together Sale held from June 26 to July 12 was selected as an excellent case.

The government held a 'win-win' discount event involving large and small enterprises, traditional markets, and small business owners based on thorough quarantine measures to revitalize the domestic market, which was depressed due to COVID-19.

During the Together Sale period, it was calculated that the average daily sales of traditional markets increased by 10.7% compared to the previous week, Zero Pay payment amounts increased by 7.3%, and department store sales increased by 4.0% compared to the same period last year.

Also, taking advantage of the Together Sale, the distribution industry established a win-win and virtuous cycle model between the government and industry by signing win-win agreements with suppliers.

In addition, improvements in liquor regulations to strengthen the competitiveness of the liquor industry, which has recently stagnated, satisfy diverse consumer preferences, and enhance public convenience, the reduction and exemption of national property rental fees for small business owners and SMEs, and the establishment of a specialized contract system tailored to digital services to activate the use of digital services in the public sector received favorable evaluations.

Vice Minister Kim said, "As the Ministry of Strategy and Finance has led the establishment of a proactive administration execution system among central ministries and set a leading example for spreading it to all ministries, it will continue to play a key role in proactive administration to overcome the COVID-19 crisis and achieve a new leap forward for our economy."

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