Eun Sung-soo: "COVID-19 Financial Support Is the Top Priority"

Eun Sung-soo, Chairman of the Financial Services Commission

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, stated that "the top priority is to continue active and sufficient financial support to ensure that our economy does not lose vitality due to COVID-19."

According to financial authorities on the 19th, Chairman Eun made these remarks at the first plenary meeting of the '2021 Financial Development Deliberation Council (Geumbalsim)' held the previous day at Front1 in Mapo-gu, Seoul.

He explained, "While continuing policies to ease financial burdens such as funding support for small business owners and self-employed individuals, we must also prepare smooth landing measures for the extension of loan maturities and interest repayment deferrals in the financial sector, which are scheduled to end in March."

Chairman Eun also pointed out, "At the same time, we must thoroughly manage the household and corporate debts that surged last year due to COVID-19 so that they do not pose risks to our economy."

He further mentioned, "There are also numerous policy tasks to leap forward into a leading economy after overcoming COVID-19."

He added, "To support the Korean New Deal being promoted at the pan-government level, policy-type New Deal funds and New Deal finance must be established in the market," and "financial support for innovative industries such as green finance must also continue without interruption."

Regarding the spread of untact culture and the rapid digitalization of finance, Chairman Eun said, "While easing regulations on untact finance, efforts to protect consumers and create a fair competitive environment must also be pursued."

Geumbalsim is a policy advisory body of the Financial Services Commission, with 45 members serving as commissioners this year.

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