Financial Services Commission Selects 5 Exemplary Cases of Proactive Administration Including Financial Support for Small Businesses Affected by COVID-19

[Asia Economy Reporter Kangwook Cho] The Financial Services Commission announced on the 8th that it has selected five cases, including financial support programs for small business owners struggling due to the novel coronavirus infection (COVID-19), as exemplary cases of proactive administration.

Son Byung-du, Vice Chairman of the Financial Services Commission, announced these cases at the vice ministerial meeting held that day and said, "Going forward, the financial sector will take the lead in proactive administration to restore economic vitality and respond to the post-COVID era."

Earlier this year, as the COVID-19 crisis spread, initial applications for small business support loans surged, causing bottlenecks in fund disbursement and early depletion of resources. In response, the Financial Services Commission divided roles among institutions such as commercial banks, the Industrial Bank of Korea, and the Small Enterprise and Market Service, and improved work procedures by expanding non-face-to-face loans and simplifying screening requirements.

Additionally, they clarified the exemption of liability for responsible employees and temporarily eased bank liquidity regulations to support rapid fund provision. As a result, the Financial Services Commission evaluated that it was able to play a "pillar" role by quickly providing 14.8 trillion won in funds to 610,000 small business owners.

Along with this, cases mentioned included financial regulatory flexibility measures in response to COVID-19, the "Innovation Dedicated Manager" system for operating the financial regulatory sandbox, hosting non-face-to-face fintech expos, and easing evaluation burdens on unlisted startups.

The Financial Services Commission plans to focus its capabilities on creating tangible results for the public by selecting key tasks for the second half of the year aimed at restoring economic vitality and responding to the post-COVID era. The key tasks include proactive administration in the financial sector such as COVID-19 response, reform plans for the exemption system, and activation of digital finance in preparation for the post-COVID era.

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