Lee Bok-hyun, Financial Supervisory Service Chief, Urges Financial Executives to Pay Attention to Vulnerable Borrowers

On the 14th, Lee Bok-hyun, Governor of the Financial Supervisory Service, delivering the opening remarks at the "Communication Meeting and Best Practices Presentation for Revitalizing Support for Self-Employed and Small Business Owners in the Financial Sector" held at the Bankers Hall in Jung-gu, Seoul.

[Asia Economy Reporter Song Seung-seop] On the 14th, the Financial Supervisory Service held a 'Communication Meeting and Best Practices Presentation for Revitalizing Support for Self-Employed and Small Business Owners in the Financial Sector' at the Bankers' Hall in Jung-gu, Seoul.

At the first part of the event, the 'Communication Meeting,' self-employed and small business owners whose business environments improved through bank support, as well as the president of the Federation of Vocational Economic Organizations, attended. At this meeting, they shared their experiences using bank support programs such as management consulting and listened to the difficulties faced by self-employed and small business owners. Discussions were also held on the necessity of active financial and non-financial support from the financial sector and ways to revitalize such support.

In the second and third parts of the event, many officials in charge of support for self-employed and small business owners from major banks participated. The Korea Federation of Banks introduced the 'Current Status of Financial Support for Vulnerable Borrowers in the Banking Sector,' and Kookmin, Shinhan, Daegu, and Gwangju Banks presented their respective 'Management Consulting Programs for the Self-Employed and Best Practices.' The contents of these presentations and the collection of best practices will be shared across the entire financial sector and made available through the Financial Supervisory Service's website.

Baek Hye-ryun, Chairperson of the Political Affairs Committee, stated, "Self-employed individuals are facing not only the aftermath of COVID-19 but also decreased sales and increased operating costs due to the three highs (high interest rates, high prices, and high exchange rates), making multifaceted support urgently needed," and urged, "I hope the financial sector will take a more active role in supporting self-employed and small business owners."

Lee Bok-hyun, Governor of the Financial Supervisory Service, said, "I request continuous attention from management regarding support for vulnerable borrowers," and added, "Please further develop support programs and actively engage in a path of mutual growth with customers."

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