President Lee Says "Be Sure to Ask"... Financial Services Commission Holds Another On-Site Meeting with Small Business Owners in 10 Days

Financial Services Commission Holds On-site Meeting with Korea Federation of Micro Enterprises
Secretary General Kwon Daeyoung, Praised by President, Attends in Person
Demonstrating Presence Ahead of Organizational Restructuring

Kwon Daeyoung, Secretary General of the Financial Services Commission, held the first on-site meeting on the 8th to listen to opinions in order to resolve financial difficulties faced by small business owners.

The Financial Services Commission visited the field to address the debt issues of small business owners just ten days after the 'Chungcheong Region Town Hall' meeting. Kwon Daeyoung, Secretary General of the Financial Services Commission, who was personally praised by President Lee Jaemyung, attended the event to listen to voices from the field. While the Financial Services Commission stated that it was simply "fulfilling its duty," both inside and outside observers interpret the swift policy execution ahead of a reorganization of the financial authorities as an effort to demonstrate the necessity of the Commission.

On July 17, the Financial Services Commission announced that it held an on-site discussion at the Digital Education Center of the Korea Federation of Micro Enterprises in Seoul under the theme "Listening to the Financial Difficulties of Small Business Owners On-site and Responding with Policy."

This meeting was jointly organized by the Korea Federation of Micro Enterprises and the Financial Services Commission to introduce policy directions for financial support to small business owners, including those who have been repaying their debts faithfully, and to hear directly from the field.

The event was attended by Song Chiyoung, President of the Korea Federation of Micro Enterprises, along with 15 small business owners representing various industries and regions. Four government officials from relevant ministries, including the Ministry of SMEs and Startups and the Ministry of Employment and Labor, as well as related policy financial institutions and experts on small business issues, were also present. In addition, financial industry representatives such as Cho Yongbyung, Chairman of the Korea Federation of Banks, and Jung Wankyu, Chairman of the Credit Finance Association, as well as banks, card companies, capital firms, and payment service providers, attended to listen to the voices of small business owners.

This is not the first time the Financial Services Commission has held an on-site meeting. On July 8, it held its first on-site meeting and addressed issues raised at the Chungcheong Region Town Hall. The Commission decided to immediately delete disadvantageous information for debtors who have repaid their debts faithfully for one year following a court rehabilitation decision, and is currently identifying additional tasks for review with relevant agencies.

In addition, to expedite the implementation of the second supplementary budget program for supporting small business owners, the Financial Services Commission gathered opinions and checked progress through meetings with experts, relevant agencies, and on-site counselors regarding the long-term delinquent debt adjustment program (July 11) and the New Start Fund system improvement (July 14).

The Financial Services Commission plans to use these on-site meetings as an opportunity to fundamentally improve the way its officials work. The Commission explained that it will pursue institutional improvements alongside the use of policy and private sector finance, and will shift from a supplier-centered approach at the desk to developing demand-centered policies by listening to voices from the field.

Additionally, the Commission noted that, in light of situations where policies are created but not well known or not strongly felt in the field, it will improve its communication and publicity systems going forward, and will continue to refine its policies through feedback even after distributing policy press releases as needed.

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