Go Seung-beom "Sufficient Support Backing for Ordinary People and Vulnerable Groups"

Holding a Meeting with the Common People and Vulnerable Groups

Financial Services Commission Chairman Ko Seung-beom is giving opening remarks at the meeting of small and medium-sized enterprises and small business organizations held on the 9th at the Korea Federation of SMEs in Yeouido, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jin-ho Kim] Ko Seung-beom, Chairman of the Financial Services Commission, stated on the 14th, "We will provide sufficient support so that low-income and vulnerable groups do not face financial difficulties amid the worsening situation caused by COVID-19."

Chairman Ko made these remarks while attending a meeting with low-income and vulnerable groups held at the Integrated Support Center for Low-Income Finance on the same day.

He said, "There are concerns that with the reduction of the maximum interest rate and strengthened household debt management, it may be difficult to supply sufficient funds to low-credit and low-income individuals."

He added, "We will support low-credit and low-income low-income groups to procure funds necessary for their livelihood in a timely manner and to continue normal economic activities."

The Financial Services Commission is expanding policy-based low-income financial products to ensure that low-income and vulnerable groups do not rely on illegal private loans and have no shortage in fund usage. Chairman Ko explained, "This year, new low-income financial products have been launched to prevent a loan cliff for low-credit and low-income borrowers following the reduction of the statutory maximum interest rate. These include the refinancing product Safety Net Loan II, as well as the lower interest rate products Hae-sal-loan 15 and Hae-sal-loan Bank, and the Hae-sal-loan Card is scheduled to be launched in October."

Furthermore, he said that more delicate policy support measures will be prepared for vulnerable groups affected by COVID-19 and young people who face difficulties in asset formation.

He stated, "We will also review additional improvements in debt adjustment through the Credit Counseling and Recovery Service to support the recovery of self-employed individuals who are struggling to repay debts, and we will make efforts to secure the passage of related budgets in the National Assembly for the launch of the Youth Hope Savings Account, which adds incentives to interest."

Finally, he emphasized that they will strictly respond in close cooperation with relevant agencies to livelihood crimes that destroy the lives of low-income and vulnerable groups, such as illegal private loans.

Chairman Ko said, "There is a saying that when a drought occurs, the edges of a reservoir dry up first and when water returns, the edges fill last. We will listen to users’ voices and reflect them in policies so that policy-based low-income finance can function like timely rain for low-income and vulnerable groups located at the edges."

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