The Transition Committee Urges the Financial Services Commission to Establish Financial Support Linked to Small Business Loss Compensation

Kwon Dae-young, Director General of the Financial Policy Bureau at the Financial Services Commission, is seen leaving the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul on the 25th. Director Kwon joined the transition committee to help formulate the new government's financial policy. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Bu Aeri] On the 25th, the Presidential Transition Committee ordered the Financial Services Commission to prepare financial support measures linked to support policies such as compensation for losses for small business owners and self-employed individuals affected by COVID-19.

The Transition Committee received a business report from the Financial Services Commission at its office in Tongui-dong, Jongno-gu, Seoul on the same day. Present at the meeting were Choi Sang-mok, secretary of the Economic Division 1, transition committee members Kim So-young and Shin Sung-hwan, policy special advisor Kang Seok-hoon, and 11 expert committee members.

The Transition Committee and the Financial Services Commission reviewed the financial situation of small business owners and self-employed individuals, household debt trends, sanctions against Russia, and the normalization of monetary policy response systems.

They also discussed capital market advancement measures such as shareholder protection during the listing of physical division subsidiaries, improvement of delisting systems, and restrictions on insider share sales.

Regarding financial consumer protection, measures to strengthen law enforcement against illegal private loans and voice phishing were also reviewed.

Customized financial support measures such as the 'Youth Leap Account,' a pledge of President-elect Yoon Seok-yeol, and housing pensions were also addressed.

Additionally, reports were made on institutionalizing the digital asset industry to strengthen the financial industry's response capabilities to the 4th Industrial Revolution, enhancing digital and platform competitiveness of financial companies, financial regulation innovation, and reforming supervisory work practices.

The transition committee members stated to the Financial Services Commission, "In the era of the 4th Industrial Revolution, it is necessary to induce expanded private investment in small and venture companies, advance the capital market, and reorganize the roles and functions of policy finance so that capital markets and finance can lead dynamic innovative growth."

Following the business report, the Transition Committee also held discussions with the Financial Services Commission on the evaluation of COVID-19 financial support for small business owners and self-employed individuals and future management plans, as well as measures to revitalize the capital market.

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