FSS chief reaffirms will to revamp financial systems

Lee Bok-hyun, chief of the Financial Supervisory Service, delivers a keynote speech during the FSS Speaks conference held at the Federation of Korean Industries building in Seoul on Thursday. (FSS)

Lee Bok-hyun, chief of the Financial Supervisory Service, on Thursday renewed his commitment to establishing a financial ecosystem that meets global standards.

"The supervisory authorities have already decided to repeal the registration requirement for foreign investors and also are revamping the system to meet the demands of overseas financial institutions and investors, including establishing a dedicated system for screening foreign funds,” Lee said during the FSS Speaks conference held at the Federation of Korean Industries building in Seoul.

Lee’s pledge came after financial authorities announced a reform plan earlier this year to attract more foreign investors.

The plan includes extending the operating hours of the foreign exchange market and mandating listed firms to file disclosures in English. After the changes take place, foreign investors can be informed of dividend information before they make investment decisions as well.

The FSS Speaks conference is organized by the Korean financial watchdog to share its supervisory and inspection direction with foreign financial companies in Korea and also listen to their management issues and suggestions.

Over 240 guests attended the event this year, including foreign diplomats in Korea such as Philip Goldberg, the US ambassador to Korea, Colin Crooks, the British ambassador to Korea, and Joanne Doornewaard, the Dutch ambassador to Korea, as well as representatives and employees of foreign financial firms.

Lee also talked about FSS’ recent drive to assist Korean financial firms to expand their presence in the overseas market during the conference.

“Recently, the FSS and the Indonesian Embassy have been enhancing cooperation by jointly holding a Korea-Indonesia business forum to assist Korean financial firms and fintech companies enter the Indonesian market,“ Lee said.

Lee is also scheduled to visit Indonesia and Singapore from May 8-12 to attend several investor relations events. During these events, he will elaborate on the efforts of Korean financial companies to expand globally and advocate for the support of Korean financial authorities.

“We hope to see more collaborative opportunities with the distinguished guests here from different countries,” Lee added.

Philip Goldberg, the US ambassador to Korea, talks during the FSS Speaks conference held at the Federation of Korean Industries building in Seoul on Thursday. (FSS)

Meanwhile, during the conference, the US ambassador stressed that now is a crucial period for the Korea-US relationship and called for the cooperation of foreign companies, particularly those from the United States.

“Last year we celebrated the 10th anniversary of the Korea-US free trade agreement and President Biden visited Seoul last May, and as you all probably know, President Yoon will be visiting Washington in just two weeks,” Goldberg said.

“Cooperation between our two countries remains critical to securing our economic future. This includes the vital contributions from the private sector."

By Song Seung-hyun(ssh@heraldcorp.com)