Chairman Seo Yuseok Marks 100 Days in Office: "Committed to Market Stability... Will Not Lose Initial Resolve"

Seo Yu-seok, Chairman of the Korea Financial Investment Association, who marked his 100th day in office, announced on the 10th that he will do his utmost to stabilize the market and not lose his initial resolve.

Chairman Seo said, "The past 100 days have been a time to meet with various capital market stakeholders such as the government, regulatory authorities, the National Assembly, and the media, confirming their passionate commitment to the capital market."

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He added, "In February, the Ministry of Strategy and Finance announced a plan to allow securities firms to conduct general currency exchange," and said, "This is expected to lead to the emergence of various currency exchange services and promote competition in the foreign exchange market, which will also increase financial consumers' benefits by reducing currency exchange fees."

He also stated, "In March, the 'Special Taxation Act on Interest and Dividend Income from High-Yield Funds' was passed by the National Assembly plenary session," and explained, "This will have the dual effect of expanding funding supply to companies currently facing financial difficulties and improving the asset management returns for the public."

He described the Financial Services Commission’s work report and financial industry development forum held in January as a very meaningful event, saying, "It was an event that surpassed the framework of previous government work reports in terms of content, format, and scale."

He continued, "The President also emphasized the necessity for finance to develop as an industry and the need to internationalize and strengthen the competitiveness of the financial industry. Particularly, the President’s remarks on the need to expand the role of the capital market beyond the existing bank-centered structure were very encouraging as the chairman of the financial investment industry association."

"The global competitiveness enhancement seminar hosted by the Financial Services Commission in March was also an important event," he said. "Personally, I had the opportunity to present and organize my thoughts, and the industry and various stakeholders gathered to unite their efforts to strengthen global competitiveness."

At the global competitiveness enhancement seminar, he presented the five major tasks of the financial investment industry, including ▲policy support for the emergence of large global IBs, ▲publicization of bank-centered financial infrastructure, ▲relaxation and revitalization of private pension management regulations, ▲activation of public funds, and ▲restoration of trust in private equity funds.

Regarding future work directions, Chairman Seo said, "The first priority is market stabilization," adding, "Although credit crunches are easing and interest rates are stabilizing due to the government’s proactive response, the situation is still not reassuring."

He emphasized, "We will actively cooperate and support the government’s market response, such as managing real estate PF delinquency rates, and ensure the efficient operation of the 'ABCP purchase program' derived through private-sector consensus."

He also mentioned, "We will fully explain the urgent tasks of the financial investment sector to stakeholders such as the government and the National Assembly and actively promote them."

Furthermore, he said, "The financial investment sector holds and is promoting many good systems and products," and added, "We will support these to be more efficiently designed, operated, and promoted so that the unique role of the financial investment sector, which benefits both the public and companies, can be expanded."

Finally, he stated that he will consider the desirable functions and roles of financial investment companies from the investors’ perspective, including overseas expansion. He emphasized that he will seek ways for financial investment companies to actively expand overseas with member companies to overcome the perception that the financial industry is a domestic industry.

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