Lee Bok-hyun, Financial Supervisory Service Chief, 100 Days... Humble Communication and Strong Drive

[Asia Economy Reporter Song Hwajeong] Lee Bokhyun, the Governor of the Financial Supervisory Service (FSS), has marked 100 days since his inauguration. Perhaps mindful of being the first FSS governor with a background in inspection, Governor Lee has focused on communication by actively meeting with personnel across all financial sectors over the past 100 days. The keywords that best describe his actions since taking office are communication and drive.

According to the FSS on the 14th, Governor Lee met with representatives from the entire financial industry in less than 100 days since his inauguration. He is the first governor to have met with all sectors within 100 days of taking office. Within just over a month after his appointment, he met with about 100 people, demonstrating an exceptionally active approach.

Governor Lee’s emphasis on close interaction with the industry is interpreted as an effort to dispel concerns and prejudices about himself and to strengthen communication. Born in 1972, he is the youngest FSS governor in history and the first to come from an inspection background, making his appointment a groundbreaking move that attracted attention. Although he holds a certified public accountant license and was a leading expert in financial and tax crime investigations within the prosecution, there were concerns about how he would handle the highly specialized role of FSS governor. Shortly after his inauguration, when asked in the press room about alleviating concerns over his expertise, he responded, "I will listen to and reflect the opinions of experts in each field," and he has since worked to dispel such concerns by strengthening communication with industry experts.

His attitude toward communication also changed preconceived notions about him. Perhaps aware of the stereotype that prosecutors are authoritarian, Governor Lee maintained a polite and humble demeanor. He always bowed at a 90-degree angle when greeting, handed out business cards, and added, "Please feel free to contact me anytime if needed." A financial expert said, "Generally, prosecutors are thought to have a rigid atmosphere, but I was surprised by his politeness." At a meeting with CEOs of big tech and fintech companies at the end of last month, he reflected the industry's casual culture by attending in cotton pants and a polo shirt. He also wore cotton pants and a shirt at a meeting with FSS staff, creating a relaxed atmosphere.

Lee Bok-hyun, Governor of the Financial Supervisory Service, is greeting at the Big Tech and Fintech Industry Meeting held at Prot One in Mapo-gu, Seoul on the 30th. Photo by Moon Ho-nam munonam@

Inside the FSS, he is also evaluated as having considerable drive. Normally, the FSS conducts regular organizational restructuring during scheduled personnel changes, but Governor Lee prioritized establishing a short-selling investigation team, which he deemed indispensable given the current financial market situation. In last month’s extraordinary personnel reshuffle, he appointed department heads in their 40s and placed them appropriately to promote personnel renewal. When abnormal foreign exchange transactions and other financial incidents occurred, he immediately launched inspections and cooperated with the prosecution, customs service, and others, transparently disclosing inspection status through interim briefings.

Although Governor Lee is evaluated to have settled in well as FSS governor by emphasizing communication and drive during his first 100 days, cautious views remain. Since he has declared that illegal and unfair acts will be strictly judged and severely punished, his 'enforcer' side as a prosecutor may emerge in related matters. The possibility of intensified inspections or sanctions cannot be ruled out due to ongoing embezzlement in the financial sector, the expanding scale of abnormal foreign exchange transactions, and illegal short selling. A financial industry insider said, "Until now, the governor’s actions have focused on communication, but we need to watch how sanctions based on inspection results of financial companies will be implemented going forward."

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