Go Seung-beom and Jung Eun-bo's First Meeting of the New Year... Promise of Cooperation for Financial Stability and Crisis Response

Financial Services Commission Chairman Ko Seung-beom and Financial Supervisory Service Governor Jung Eun-bo held their first meeting of the new year on the 6th at the FSS Governor's office in Yeouido, Seoul, and pledged to maintain close cooperation to ensure financial stability and crisis response. Chairman Ko (left) and Governor Jung are taking a commemorative photo.

[Asia Economy Reporter Kwangho Lee] Go Seung-beom, Chairman of the Financial Services Commission, and Jung Eun-bo, Governor of the Financial Supervisory Service, held their first meeting of the new year and pledged to maintain close cooperation in financial stability and crisis response.

On the 6th, the two heads of the FSC and FSS held a New Year's meeting at the FSS Governor's office in Yeouido, Seoul, and vowed to communicate and cooperate on financial issues.

The two leaders shared their understanding of the uncertainties and environmental changes facing our economy and finance, including the recent resurgence of COVID-19, the global normalization of financial policies, and the accumulation of domestic and international financial imbalances.

In particular, they agreed to prioritize proactive measures this year against potential risk factors such as household debt risks, the accumulation of self-employed debt, and risks in the non-bank sector.

This is interpreted as a commitment to continue a consistent risk management strengthening policy based on close communication.

Chairman Go said, "We plan to continuously support the Financial Supervisory Service so that its personnel are reinforced and deployed appropriately to actively respond to major issues such as the recent digital transformation of finance and to fully protect financially vulnerable groups." He added, "Through this, we ask the FSS to take charge of thorough financial supervision in managing new types of risks and protecting financial consumers."

In response, Governor Jung said, "We will expand the FSS's supervisory capabilities by strengthening personnel and organization." He continued, "Going forward, based on laws and principles, we will strive for a balance between proactive and reactive supervision, focusing on preventive consumer protection and actively communicating with the market."

The two leaders reaffirmed their commitment to strengthen cooperation and collaboration between the two institutions in the formulation and execution of financial policies this year. They pledged to continue maintaining financial stability without wavering by alleviating financial imbalances and to actively leverage challenges such as the spread of digitalization and changes in the financial industry environment as opportunities for innovation.

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