Go Seung-beom "Debt Consolidation Loan Platform Will Not Be Bound by Reconsideration Deadline"

Financial Services Commission Chairman Ko Seung-beom and World Economy Research Institute Chairman Jeon Kwang-woo are having a conversation at the Shinhan Financial Group's 20th Anniversary 'World Economy Research Institute-Shinhan Financial Group International Conference' held on the 2nd at Lotte Hotel in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Song Seung-seop] Ko Seung-beom, Chairman of the Financial Services Commission, stated regarding the refinancing loan (loan switching) platform, which is causing conflicts among financial sectors during its promotion process, that "we will not be bound by the reconsideration deadline."

Chairman Ko made these remarks on the 2nd during a congratulatory speech at the World Economy Institute-Shinhan Financial Group International Conference held at Lotte Hotel in Sogong-dong, Jung-gu, Seoul, and spoke with reporters.

Chairman Ko said, "We will not be bound by the reconsideration deadline, and even if it takes time, we will negotiate thoroughly."

When asked whether the biggest issue with this platform is the fees taken by fintech (financial technology) and big tech (large information and communication companies), he mentioned, "We are trying to look at various issues."

Regarding the criticism that the Financial Company Governance Act needs revision following the first trial ruling to cancel the disciplinary action against Sohn Tae-seung, Chairman of Woori Financial Group, he said, "This is an issue that needs to be reviewed going forward, and we will also reconsider the institutional aspects in light of various recent events."

Chairman Ko, who took office on the 31st of last month, held a private meeting with Jeong Eun-bo, Governor of the Financial Supervisory Service, on the same day.

Chairman Ko said, "As I mentioned before taking office, I believe the Financial Services Commission and the Financial Supervisory Service should operate as one body," adding, "In that regard, I intend to meet Governor Jeong once and discuss strengthening communication and advancing our work together."

Regarding the extension of loan maturities and interest repayment deferrals for small business owners affected by COVID-19, Chairman Ko stated, "We will review both issues together and announce a comprehensive plan before Chuseok." However, when asked whether the loan maturity extension and interest repayment deferral could be decided in different directions, he said, "We will review the specifics."

In response to criticism that the recent household loan regulations and the extension of loan maturities for small business owners are contradictory policies, he explained, "Overall liquidity has increased, so we need to respond to that aspect, and since COVID-19 quarantine measures have been strengthened, I believe we must fully consider the difficulties faced by small and medium-sized enterprises and self-employed individuals during these challenging times."

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