Do Kyusang, Vice Chairman of the Financial Services Commission, "Top Priority is Overcoming the COVID Crisis" (Comprehensive)

Return to 'Home' Financial Services Commission After Over 3 Years
"Overcoming Small Business Difficulties Is Important"

[Asia Economy Reporter Kim Hyo-jin] Do Gyu-sang, the newly appointed Vice Chairman of the Financial Services Commission (vice-ministerial level, photo), expressed his ambition on the 2nd, saying, "I will diligently carry out various tasks to overcome the novel coronavirus disease (COVID-19) crisis."

Vice Chairman Do made this remark during a visit to the FSC press room at the Government Complex Seoul in Gwanghwamun, Seoul, on the morning of the day for his inauguration greeting.

Vice Chairman Do said, "(It has been) a little over three years since I left the FSC. (Returning) feels quite unfamiliar," adding, "The top priority is, in any case, related to COVID-19, especially because small business owners are struggling, so overcoming these difficulties is important."

Recognized as a leading 'financial and economic expert' within the government, 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 Bureau, Director of Financial Policy Bureau, and Director of Economic Policy Bureau at the Ministry of Strategy and Finance, earning a reputation for exceptional understanding and expertise in finance and economics overall.

Having worked as the Blue House Economic Policy Secretary from December 2018 to May this year, where he laid the groundwork for economic policies, he is seen as well-suited to reflect President Moon Jae-in's state philosophy in the financial sector.

The financial sector expects Vice Chairman Do to also focus on preparing debt management measures, including household loans, which the government has recently prioritized.

The Blue House's announcement of Vice Chairman Do's appointment the day before, highlighting 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 financial authorities. Although the rapid increase in household loans such as mortgage loans and credit loans has somewhat slowed since last September, financial authorities judge that it is still difficult to consider the situation stabilized.

Accordingly, 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.

Financial authorities are planning so-called 'pinpoint regulations' that comprehensively manage loans while not obstructing financial access for financially vulnerable groups.

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

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

The official also forecasted, "There will be accelerated progress in policies related to financial innovation mentioned by the Blue House, such as digital, platform, and data finance."

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.