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FSS Gov. meets with foreign financial institutions

Published: 22 Feb. 2023, 16:58

Financial Supervisory Service (FSS) Gov. Lee Bok-hyun, center, speaks during a meeting with foreign investors at the FSS office in Yeouido, western Seoul, on Wednesday. [FSS]

Financial Supervisory Service (FSS) Gov. Lee Bok-hyun met foreign investors during their visit to Korea on Wednesday.

The meeting was aimed at explaining supervision directions to foreign investors with the goal of raising their interest in Korea’s financial firms.

The attendees included J.P. Morgan.

Lee told the investors of plans to focus on stronger and more comprehensive responses to ensure financial system stability given that “the road ahead still seems long and bumpy.”

He said the banking industry needs to become more competitive from a mid-to-long-term perspective and that it should have discretion in making decisions about shareholder returns based on sufficient loss-absorbing capacity.

Lee said the FSS plans to reform the capital markets so they are better aligned with global markets. One way to make an improvement is the relaxation of some regulations, including separation of banking and commerce, in a more flexible and reasonable way as the financial industry faces a rapidly changing environment.

BY JIN MIN-JI [[email protected]]