Financial Authorities Sign MOU with Poland Financial Supervision Authority to Support Export of 'K-Finance'

On the 35th Anniversary of Korea-Poland Diplomatic Relations, Polish Financial Supervisory Authority Chief Visits Korea for the First Time
Chairman Kim Byung-hwan Requests Interest and Support for Korean Banks' Entry into Poland

On the 13th, Kim Byung-hwan, Chairman of the Financial Services Commission, met with Jacek Jastrzebski, Chairman of the Polish Financial Supervision Authority (KNF), at the Government Seoul Office Building for the second bilateral meeting of financial chiefs and signed a Memorandum of Understanding (MOU) on bank supervision. Chairman Jastrzebski visited Korea after eight months to follow up on the MOU signing and other measures discussed during the first meeting in March. This is his first visit to Korea as the head of the Polish Financial Supervision Authority.

On the morning of the 13th, Kim Byung-hwan, Chairman of the Financial Services Commission, met with Jacek Jastrzebski, Chairman of the Polish Financial Supervision Authority (KNF), at the Government Seoul Office in Jongno-gu, Seoul. After the meeting, they signed a banking supervision MOU between the Financial Services Commission, the Financial Supervisory Service, and KNF to commemorate the 35th anniversary of diplomatic relations between Korea and Poland. (Source: Financial Services Commission)

Poland is a country with advantages such as a geographical location connecting Western and Central-Eastern Europe, excellent labor force, and cost competitiveness. Since establishing diplomatic relations in 1989, Korean companies have continuously expanded into Poland. As of 2023, the number of Korean companies operating there reached 370, with cumulative investments of approximately 6 billion USD and trade volume amounting to 9 billion USD annually. However, there are currently no Korean financial companies operating in Poland. To meet the local financial needs of Korean companies in Poland, interest in Korean financial institutions entering the Polish market has recently increased.

The visit of the Polish Financial Supervision Authority to Korea included key banks such as the Polish Bank Association, Bank Gospodarstwa Krajowego (BGK), PKO Bank, ING Bank, and Bank Ochrony ?rodowiska (BOS), providing an opportunity to lay the groundwork for exchanges between the banking sectors of both countries.

Chairman Jastrzebski congratulated the newly appointed Chairman Kim, stating, "Following the first meeting between the financial chiefs of the two countries held in Warsaw this March, I am honored to be the first Polish Financial Supervision Authority chairman to visit Korea." In response, Chairman Kim said, "This year marks the 35th anniversary of diplomatic relations between Korea and Poland. It will be recorded as a historic year in financial cooperation between the two countries, as the financial chiefs have visited each other for the first time, held two meetings annually, and signed an MOU."

Chairman Kim requested that the Polish Financial Supervision Authority show interest and support for Korean banks’ entry into Poland to facilitate smooth financing for Korean mid-sized and small enterprises located in Poland. Chairman Jastrzebski responded, "The department in charge is currently reviewing the licensing application of Korean banks, and we will continue to communicate with the Financial Services Commission for information sharing and cooperation regarding executive suitability assessments and other matters." Additionally, the two financial chiefs exchanged views on financial supervision processes, the current status and risk factors of the banking industry, and cooperation in the field of cybersecurity.

Following the meeting, Chairman Kim, Lee Se-hoon, Senior Deputy Governor of the Financial Supervisory Service, and Chairman Jastrzebski signed a bank supervision MOU among the Financial Services Commission, Financial Supervisory Service, and KNF. Through this, Korean banks are expected to use Poland as a foothold to export K-finance to the European Union (EU) markets, including neighboring Hungary, the Czech Republic, and Slovakia, especially in the mid-sized and small enterprise finance sector. Both financial chiefs agreed to expand cooperation beyond banks to include capital markets and insurance, as both the Financial Services Commission and the Polish Financial Supervision Authority are integrated financial supervisory bodies overseeing the financial industry.

Meanwhile, on the same afternoon, the Korea Federation of Banks held a financial exchange seminar at the Bankers’ Hall together with the Polish Bank Association, focusing on the banking industries of both countries and global strategies. Prior to the main event, a networking session was held where representatives from financial authorities, bank associations, and major banks from both countries gathered to share opinions on the current status of the banking industry and market conditions. In the subsequent seminar, the Korean side presented global expansion strategies by bank, overseas cooperation projects, and the status of Environmental, Social, and Governance (ESG) finance, while the Polish side presented the Polish economy and banking industry status, key technologies in the payment sector, and the activities of the Polish Bank Association and visiting banks.

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