Financial Services Commission Chairman and Financial Supervisory Service Chief: "We Will Carry Out Livelihood Stability Tasks Without Delay"

Kim Ju-hyun, Chairman of the Financial Services Commission (left), and Lee Bok-hyun, Governor of the Financial Supervisory Service

[Asia Economy Reporter Song Hwajeong] Kim Juhyun, Chairman of the Financial Services Commission, and Lee Bokhyun, Governor of the Financial Supervisory Service, urged the swift and flawless implementation of the government's recently announced tasks for stabilizing people’s livelihoods.

According to the Financial Services Commission on the 15th, Chairman Kim requested at the executive meeting that the financial sector livelihood stabilization tasks announced at the 2nd Emergency Economic Livelihood Meeting chaired by President Yoon Seok-yeol be carried out without any setbacks.

Chairman Kim emphasized, "We must strengthen publicity and public guidance to ensure that low-credit, low-income, and financially marginalized groups do not miss out on benefits due to lack of awareness of the system," adding, "Close cooperation through dialogue with the financial sector is crucial to achieving policy effectiveness." He continued, "The measures announced yesterday are not the end but the beginning," and added, "Please supplement any shortcomings during the implementation process and proactively identify and prepare additional necessary measures to stabilize the livelihoods of the underprivileged and vulnerable groups."

Chairman Kim plans to personally oversee key issues at the Financial Services Commission. He identified ▲ responding to financial market risks ▲ supporting vulnerable groups for livelihood stabilization ▲ regulatory reform and institutional improvements in the financial industry due to digitalization as the new government’s core financial issues, stating, "Given the increasing uncertainty in recent economic and financial conditions, I will directly oversee these key issues at weekly executive meetings."

Governor Lee also ordered the flawless implementation of livelihood stabilization tasks at the executive meeting that day. He said, "The burden on vulnerable groups such as small business owners, youth, and low-income earners is increasing due to rapid rises in interest rates and prices, making effective financial support for vulnerable borrowers urgently needed," and urged, "Each department should actively strive to ensure that the financial sector livelihood stabilization tasks are implemented without any setbacks."

Additionally, Governor Lee emphasized the role of the financial sector. He stated, "Beyond government-level measures, the financial sector needs to voluntarily make various efforts to protect vulnerable borrowers," and added, "I hope that excellent cases with good outcomes among the vulnerable borrower support programs operated independently by individual financial companies will spread to other financial companies."

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