[1mm Geumyung Talk] Why the Last Tuesday of October Is 'Geumyung Day'

The Financial Services Commission held the 7th Financial Day ceremony on the 25th at the Grand Ballroom of the 63 Convention Center in Yeouido, Seoul.
At this event, attended by about 500 people including Kim Ju-hyun, Chairman of the Financial Services Commission, Lee Bok-hyun, Governor of the Financial Supervisory Service, financial development awardees, and executives and employees of financial institutions, a total of 194 people, including actors Kim Hye-su, Park Bo-gum, and Cha Seung-won, received medals and commendations in three categories: savings and investment, innovative finance, and inclusive finance.

[Asia Economy Reporter Eunju Lee] The last Tuesday of October every year is designated as "Financial Day." This year, it falls on October 25. Since 1964, it was commemorated as "Savings Day," but after revisions to various commemorative day regulations in 2016, the name was changed to "Financial Day." This year marks only the 7th time the government has held a commemorative ceremony under the name "Financial Day." Financial Day is the only statutory commemorative day in the financial sector, and on this day, the government gathers individuals who have played a significant role in financial development to present awards. The list of awardees is disclosed on the day itself. However, it is said that no separate prize money is given along with the awards.

During the Park Chung-hee administration, Savings Day was first designated on September 21, 1964. At that time, South Korea was in the early stages of industrial development. The country was so short of funds that it had to bring in foreign loans, making savings extremely important for companies to raise investment capital. South Korea’s capital market was underdeveloped, and attracting overseas funds was also difficult. Therefore, it was nationally important to encourage and promote savings among the public. For this reason, the government designated Savings Day to reflect on the impact of savings on economic development and to select and reward those who had "diligently" saved.

However, over time, the social status of savings began to decline. Entering the 21st century, companies started to diversify their methods of raising capital, and the domestic capital market matured. As the financial market developed, the importance of savings to individuals also began to diminish. With benchmark interest rates falling to the 1% range, the personal benefits of saving decreased. Various financial products emerged as investment tools beyond savings products. Nationally and globally, after experiencing several financial crises, there was growing consideration of the "inclusive" role of finance. The role of finance as a "firefighter" during crises and as a supporter for the recovery and assistance of socially vulnerable groups began to be emphasized. The value of finance as a means to enhance social value started to be highlighted.

Accordingly, from 2016, the government partially revised regulations on various commemorative days on March 22, changing Savings Day to Financial Day. Since then, the last Tuesday of October has been commemorated as Financial Day. However, there is no particular reason for specifically designating the "last Tuesday of October" as Financial Day; it is presumed that the date was chosen to avoid overlap with other statutory commemorative days. In any case, since 2016, the government has commemorated Financial Day by selecting and awarding various financial professionals who have contributed to financial development, not only in savings and investment but also in innovative finance and inclusive finance. Awardees have included researchers conducting studies on the financial industry, public officials contributing to the promotion of financial support for low-income households, and businesspeople enhancing the convenience of financial service usage.

According to the Financial Services Commission, awardees were selected again this year to mark Financial Day. The selection committee consists of 16 private members, including university professors, practitioners from various financial associations, lawyers, and accountants. However, the personal information of the judges is not publicly disclosed. This year’s Financial Day ceremony was held at 10:30 a.m. on the 25th at the 63 Building in Yeouido, Seoul.

The Financial Services Commission presented a total of 194 awards in three categories for financial development merit: "Savings & Investment," "Inclusive Finance," and "Innovative Finance." The Order of Civil Merit, the Mugunghwa Medal, was awarded in the Inclusive Finance category to Park Sung-woo, Deputy Director of the Credit Recovery Committee. Deputy Director Park was recognized for his contributions to protecting the rights of financially vulnerable groups through the establishment of a nationwide network of the Integrated Support Center for Low-Income Finance and the nationwide expansion of support for personal rehabilitation and bankruptcy litigation. The Order of Industrial Service Merit, the Cheoltap Medal, was awarded in the Innovative Finance category to Kwon Ui-jin, Deputy Director of the Korea Securities Depository, for his contribution to the launch of the overseas stock fractional trading system.

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