FSS chief vows to create regulatory system up to international standards

Financial Supervisory Service (FSS) Governor Lee Bok-hyun delivers a keynote speech at the FSS SPEAKS 2023 event in Seoul on April. 13. [Photo by Yonhap]

Financial Supervisory Service (FSS) Governor Lee Bok-hyun said on Thursday that the supervisory authorities will establish a regulatory system that conforms to international standards and fix unreasonable regulations to create an innovative financial environment that can boost the vitality of the financial industry.

Lee emphasized his commitment during the FSS SPEAKS 2023 event in Seoul. The event provides an opportunity for foreign financial companies operating in Korea to share information on the supervisory and inspection direction of the FSS. Approximately 240 people attended the event, including foreign diplomats and representatives and employees of foreign financial companies.

During his keynote speech, Lee said that although the global economy is becoming more volatile and concerns about real estate project financing are growing, the authorities will focus on trust and innovation to overcome the crisis facing the Korean finance sector.

He also stated his goal to increase trust across the financial industry.

“We will devote all of our efforts to fulfilling our inherent mission of protecting financial consumers and cracking down on financial crimes that harm people’s livelihoods,” Lee said. “At the same time, we will establish an innovative task force to fix unreasonable regulations and enhance the transparency of inspection work by notifying the targets of regular inspections in advance.”

He also said that the authorities have already implemented measures such as abolishing the obligation of foreign investment registration, establishing a dedicated system for screening foreign funds and creating fintech innovation funds to conform to international standards.