Kim Joo-hyun (R), chairman of the Financial Services Commission, speaks during a meeting with the heads of five commercial banks and one local bank in Seoul on April 1, 2024, in this photo provided by the financial regulator. (Image courtesy of Yonhap)
SEOUL, Apr. 1 (Korea Bizwire) — The head of South Korea’s financial regulator on Monday urged local banks to continue improving their business practices, saying the government will continue to push for policies that encourage “change and innovation” through competition.
Kim Joo-hyun, chairman of the Financial Services Commission (FSC), made the remark in a meeting with the heads of five commercial banks and one local bank.
“People are demanding a ‘change’ by the banking sector,” he told the meeting, insisting that the people’s trust in the financial sector has dwindled sharply due to what he called “repeated financial accidents and unimpressive profit-making.”
“Policy efforts to promote ‘change and innovation’ through competition will continue until the people’s call for such a ‘change’ is met,” he added.
The FSC chief commended the banks for taking efforts to move away from mortgage loans-oriented asset management, noting they recently established a 9 trillion-won (US$6.7 billion) future energy fund, while doubling their investment limit for venture firms.
“The FSC will join efforts with those of you here to boldly improve the financial system, so that our banks can reach their goals of ‘change and innovation’,” Kim said.
(Yonhap)
