Kim So-Young, Vice Chairman of the Financial Services Commission, "Reviewing Financial System Response Plan to Focus on Corporate Innovation"

KCCI Financial Industry Committee
Hosts Vice Chairman for the '38th General Meeting'

[Asia Economy Reporter Choi Seoyoon] Kim Soyoung, Vice Chairman of the Financial Services Commission, stated on the 26th, "We will review and supplement response plans for financial system stability as appropriate to the situation so that companies can focus on innovation."

According to the Korea Chamber of Commerce and Industry (KCCI), Vice Chairman Kim made these remarks at the '38th General Meeting' of the KCCI Financial Industry Committee held at the Plaza Hotel in Jung-gu, Seoul.

Kim Soyoung, Vice Chairman of FSC: "Financial System Stability and Enhancing Capital Market Trust Will Be Pillars of the Financial Industry"

On the day, Vice Chairman Kim evaluated the current economic and financial market conditions during a lecture on 'The New Government's Financial Policy Direction,' stating, "The domestic financial market volatility is expanding due to global monetary tightening trends caused by high inflation and geopolitical risks."

She added, "The authorities will review and supplement response plans for financial system stability as appropriate to the situation so that companies can focus on innovation."

Vice Chairman Kim emphasized, "The foundation for our economy and financial industry to leap forward beyond the crisis is the trust of market participants," and said, "The FSC will reform systems and practices to advanced country levels so that the capital market can be a pillar of the financial industry, and improve regulations that hinder private sector innovation growth to establish new norms."

Choi Hyunman, Chairman of the Financial Industry Committee: "Close Communication with Authorities... Expanding Financial Role Supporting Future Industries"

Chairman Choi Hyunman also evaluated the current situation in his greeting, stating, "The pace of changes surrounding our economy and finance is very rapid," and "With the era of high inflation, high interest rates, and tightening arriving, exchange rates are soaring, and volatility in international financial markets is increasing."

He continued, "Expectations from the government and the public regarding the role and function of the financial industry are higher than ever," and emphasized, "In an era where new digital technologies and business models are continuously emerging, our financial market and industry must adapt well so that productive funds can be supplied to the right places for industrial innovation."

Regarding the future priorities of the KCCI Financial Industry Committee, he cited two points: ▲ closely communicating with financial authorities to propose regulatory innovations needed by the financial sector to build global industrial competitiveness, and ▲ enabling the financial industry to play a catalyst role in discovering future industries that will lead the Korean economy.

The KCCI plans to hold a general meeting with all members twice a year going forward. Starting with this introductory meeting with the Financial Services Commission, they intend to spare no support to serve as a bridge to increase communication between financial companies and the government.

Additionally, separate from the general meeting, subcommittee meetings by sector such as banking, card & capital, securities, fintech & venture capital will be held to discuss pressing issues in the financial industry. These subcommittee meetings will be operated as venues where companies and relevant government departments gather to collect opinions from the financial sector and exchange practical proposals and feedback.

The Financial Industry Committee is one of 13 committees under the KCCI. Established in 2007 to serve as a hub for financial issues in the industry, it is now in its 16th year. As a forum where financial suppliers and general companies, the demand side, come together, it has played a role as a channel to discuss urgent financial sector challenges and promote networking over the past 16 years.

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