Lee Bok-hyun, Financial Supervisory Service Chief, Attends Basel Committee on Banking Supervision Meeting

[Asia Economy Reporter Song Hwajeong] The Financial Supervisory Service (FSS) announced on the 13th that Lee Bokhyun, Governor of the Financial Supervisory Service, attended the Basel Committee on Banking Supervision (BCBS) High-Level Meeting (GHOS) held in Basel, Switzerland on the 12th.

Governor Lee held individual meetings with senior officials in charge of research and fintech at the Bank for International Settlements (BIS) and the Secretary General of the International Association of Insurance Supervisors (IAIS) to discuss the global economic and financial market situation and response issues. He also conducted individual meetings with heads of financial supervisory authorities and banking supervision executives from four countries including Indonesia and Japan to support Korean companies' overseas expansion and to establish a cooperation system for the increased volatility of financial markets.

GHOS is the highest decision-making body of BCBS, attended by heads of financial supervisory agencies and central bank governors of member countries. At this meeting, it was reiterated that although there will be many difficulties given the current conditions, Basel III should be implemented as promptly and thoroughly as possible. Regarding the ongoing work of the Basel Committee, it was reconfirmed that the scope of work should focus on climate risk, and it was emphasized that establishing a strong and sound regulatory framework for banks' digital asset exposures is important in relation to digital assets.

An FSS official stated, "The FSS plans to enhance the global consistency of domestic regulations by guiding the smooth implementation of Basel III by domestic banks, actively participate in global financial regulatory discussions related to climate risk and digital assets, and promote the enhancement of global status through opportunities for exchange and cooperation with international organizations and overseas financial supervisory authorities."

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