Dokyusang Returns to Parental Home, New Vision for 'Targeted Loan Management' Draws Attention

Having Worked at the Financial Services Commission, Ministry of Economy and Finance, and Blue House
Likely to Strive for Establishing Loan Management Measures Including DSR

[Asia Economy Reporter Kim Hyo-jin] Do Kyu-sang, the newly appointed Vice Chairman of the Financial Services Commission (at the vice-ministerial level, pictured), who is regarded as a leading 'financial and economic expert' within the government, was appointed on the 2nd and has started his duties.

Vice Chairman Do has held various positions including Director of Financial Policy at the FSC, Director of Policy for Small and Low-Income Finance, Director of Financial Services, Director of Financial Policy Bureau, and Director of Economic Policy Bureau at the Ministry of Strategy and Finance, earning evaluations for his exceptional understanding and expertise in finance and the overall economy.

Moreover, having served as the Blue House Economic Policy Secretary from December 2018 to May this year, where he laid out the blueprint for economic policy, he is seen as the right person to reflect President Moon Jae-in's state philosophy in the financial sector.

The financial sector expects Vice Chairman Do, who has returned to his 'home base' after more than three years, to focus on preparing debt management measures such as household loans, which the government has recently prioritized.

The Blue House's announcement of Vice Chairman Do's appointment the day before, expressing expectations for ▲financial market stabilization ▲establishment of sound credit order ▲financial innovation, supports this perspective.

Particularly, attention is focused on the household loan management measures currently under review by the financial authorities. Although the rapid increase in household loans, including mortgage loans and credit loans, has somewhat eased since last September, the financial authorities judge that it is still difficult to consider the situation stabilized.

Accordingly, the financial authorities are considering measures such as expanding the Debt Service Ratio (DSR) regulations. Vice Chairman Do is well known for introducing DSR regulations to the banking sector for the first time in 2016 when he was Director of Financial Policy Bureau at the FSC.

The financial authorities are planning so-called 'pinpoint regulations' that comprehensively manage loans while not obstructing the financial access of vulnerable groups.

Financial Services Commission Chairman Eun Sung-soo recently mentioned, "We do not intend to regulate ordinary citizens or people in their daily lives," which aligns with this context.

A financial sector official said, "It is expected that Vice Chairman Do will focus on refining the overall loan management measures through coordination with Chairman Eun and the Ministry of Strategy and Finance."

The official also predicted, "The pace of policy promotion related to financial innovation, such as digital, platform, and data finance mentioned by the Blue House, will accelerate."

Born in 1966 in Busan, Vice Chairman Do graduated from Busan Baejeong High School and Seoul National University with a degree in Economics, earned a master's degree in Finance from Michigan State University's College of Business, and entered public service by passing the 34th Administrative Examination.

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