Lee Bok-hyun, Financial Supervisory Service Chief: "T-Mef Incident, Refunds Must Be Expedited and Recurrence Prevention Measures Established"

Financial Supervisory Service Holds Financial Situation Review Meeting on the 1st

Lee Bok-hyun, Governor of the Financial Supervisory Service.
[Photo by Yonhap News]

On the morning of the 1st, Lee Bok-hyun, Governor of the Financial Supervisory Service, held a meeting and ordered the establishment of measures to prevent the recurrence of the Wemakeprice (Wemakeprice) and Tmon incident.

Governor Lee held a financial situation review meeting immediately after the conclusion of the Federal Open Market Committee (FOMC) in the morning and requested prompt refund processing to prevent the spread of consumer and seller damages related to the so-called 'Timep' (Wemakeprice and Tmon) unsettled payment incident. He also emphasized active response and support to ensure that financial support measures for affected companies are implemented smoothly on the ground. Governor Lee reviewed the consumer and seller protection mechanisms revealed in this incident, the vulnerabilities in the payment and settlement processes through payment gateway companies (PG companies) within e-commerce, and ordered the preparation of prevention measures in cooperation with related agencies to prevent similar incidents from recurring in the future.

Regarding the external economic situation, Governor Lee also warned against excessive expectations of interest rate cuts and stressed the need to handle major issues with a sense of urgency. The anticipated shift in Korea-US monetary policy in the second half of the year and the US presidential election could be turning points for the global financial market, so he closely examined major policy changes and their impacts.

With the recent interest rate hike by the Bank of Japan (BOJ), the possibility of yen carry trade liquidation is increasing. Although the inflow amount into Korea is not large, he emphasized the need to strengthen monitoring because yen carry trade liquidation in a crisis situation could amplify market volatility.

Due to the recent spread of expectations for interest rate cuts, the previously stable increase in household loans may expand. Therefore, he requested to firmly maintain a stable household loan management stance, including the scheduled implementation of the Debt Service Ratio (DSR), through close cooperation with related agencies.

Furthermore, regarding the project financing (PF) business feasibility evaluation results of financial companies, he urged thorough inspection to finalize post-management plans for projects with concerns about viability or potential insolvency by the end of this month and to promptly proceed with liquidation and restructuring.

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