Kim So-young, Vice Chairman of the Financial Services Commission, Establishes Foothold for Entry into EU Financial Market

Financial Services Commission-ECB First High-Level Meeting

Kim So-young, Vice Chairman of the Financial Services Commission, met with Patrick Montagner, Member of the Supervisory Board of the European Central Bank (ECB), on the morning of the 29th (local time) at the Eurotower, where the ECB is located. They finalized the Financial Services Commission-Financial Supervisory Service and ECB banking supervision MOU draft, discussed recent financial market trends and financial policy issues in both regions, and took a commemorative photo. Photo by Financial Services Commission

Kim So-young, Vice Chairman of the Financial Services Commission, visited Germany and Lithuania to support the export of K-finance to the European Union (EU) and achieved significant results.

On the 31st, the Financial Services Commission announced that Vice Chairman Kim So-young visited Germany and Lithuania from the 28th, agreeing to sign a memorandum of understanding (MOU) on bank supervision with the European Central Bank (ECB) within the year, and signing an MOU on financial innovation with the Bank of Lithuania (BOL).

Vice Chairman Kim met with Patrick Montagner, Director of the ECB Supervisory Board, in Frankfurt, Germany, to finalize the bank supervision MOU. Through this MOU, both countries will exchange information related to bank supervision, including financial company licensing applications, executive appointments, sanctions, and resolution plans.

Subsequently, in Lithuania, an MOU on financial innovation was signed with the central bank, and the Korea-Lithuania Fintech Roundtable was held. Vice Chairman Kim emphasized, "Lithuania is an EU fintech hub with strengths such as rapid licensing procedures, making it an important partner and a foothold for Korean fintech companies to enter the EU market."

The visit to Lithuania included three financial companies, including BC Card and Shinhan Financial Group, gathered with the Korea Fintech Support Center to explore local market entry strategies. The Bank of Lithuania promised to prepare multifaceted cooperation plans to support Korean companies' entry into the EU market.

This visit was part of follow-up measures to advance financial cooperation following the Korea-Germany summit held in May last year and the Korea-Lithuania summit held in July. Based on these achievements, the Financial Services Commission plans to actively support the entry of the Korean financial industry into the EU market.

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