Authorities to Select 'Win-Win Finance Best Practices' Every Quarter

Inducing the Spread of Win-Win Finance

Kim So-young, Vice Chairman of the Financial Services Commission, is delivering opening remarks at the '1st Task Force on Improvement of Banking Sector Management, Business Practices, and Systems' held at the Government Seoul Office Building on the 22nd. Photo by Yoon Dong-joo doso7@

The financial authorities will strengthen win-win finance by selecting excellent cases of ‘win-win and cooperative finance new products’ every quarter to encourage the development of customized products. In addition, they decided to provide integrated guidance on related products so that financial consumers can easily access win-win financial products.

The Financial Services Commission announced on the 4th that it has prepared a plan to revitalize win-win finance through a task force (TF) working group meeting on banking management, sales practices, and system improvement chaired by Vice Chairman Kim So-young at the Government Seoul Office in Jongno-gu, Seoul on the 3rd.

Win-win and cooperative finance new products are selected from financial products newly planned for release with the purpose of sharing pain and benefits with financial consumers, considering socially vulnerable groups or helping to solve social issues such as low birth rates. However, policy financial products such as Saehope Hope Loan and Sunshine Loan are excluded.

Excellent cases will start the selection process by having financial companies apply to the Financial Supervisory Service (FSS) before directly reporting the financial product, or by recommending the financial company to apply if necessary during the FSS’s review of terms and conditions.

Afterward, the relevant department of the FSS reviews whether the applied product qualifies as an excellent case, and the ‘Product Review Related Department Heads Joint Council’ makes the final review and decision. The council comprehensively examines whether the applied product has differentiation from existing products (services), the expected economic effects on socially vulnerable groups, and the sales management status such as incomplete sales or complaint occurrences.

The FSS plans to post the financial products selected as final excellent cases on its website for one year from the selection date. Vice Chairman Kim said, “For the banking sector’s win-win efforts to practically share and alleviate the economic pain of the people, the industry itself must spread a sustainable win-win financial culture,” adding, “The financial authorities will also actively support the banking sector’s win-win efforts to be widely known to the public and for various win-win financial products to be launched.”

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