President Yoon Suk-yeol names new chief of Financial Services Commission

Kim Joo-hyun [JOONGANG ILBO]

President Yoon Suk-yeol named Kim Joo-hyun, chairman of the Credit Finance Association, as the new chief of the Financial Services Commission (FSC) on Tuesday.

“I will continuously support the development of the fintech industry and reform regulations aimed to promote digital innovation across the finance industry,” Kim said at a press conference held in central Seoul on Tuesday.

Born in 1958, Kim majored in economics at Seoul National University and passed the civil service exam in 1981.

He started his career in the Finance Ministry and worked at the FSC before serving as president of the state-owned Korea Deposit Insurance Corporation. He has been the chairman of the Credit Finance Association since 2019.

Kim is said to excel in risk management, seen as useful skill as Korea faces the triple threat of high inflation, rising interest rates and a weakening currency.

Lee Bok-hyun [FSS]

On the same day, Lee Bok-hyun, a former chief prosecutor of the Seoul Northern District Prosecutors’ Office, was named as the new head of the Financial Supervisory Service (FSS).

Lee was recommended for the position because he is expected to be able to effectively handle the issues confronting the FSS, including consumer protection, based on his investigative experience in economic crime, said the FSC.

Lee also studied economics at Seoul National University. He passed the certified public accountant exam in 1998 and passed the bar exam in 2000.

Kang Seog-hoon, an economics professor at Sungshin Women’s University, was named the chairman of the Korea Development Bank on the same day.

Following the approval, Kang said he will untangle “the tasks confronting the Korea Development Bank.” He added that he feels “heavy responsibility to take on the role in difficult times.”

BY JIN MIN-JI [jin.minji@joongang.co.kr]