Kim So-young (front), vice chairman of the Financial Services Commission, holds a video conference with a representative from an investment bank based in Singapore on May 7, 2024, in this photo provided by the financial regulator. (Image courtesy of Yonhap)
SEOUL, May 7 (Korea Bizwire) — The vice chief of South Korea’s financial regulator highlighted the country’s strong economic conditions Tuesday, saying the economy is entering a recovery phase while its financial market remains very stable.
Kim So-young, vice chair of the Financial Services Commission (FSC), made the remark in a video conference with representatives from global investment banks (IBs) based in Singapore.
“While stressing that the South Korean economy is entering a recovery phase while its financial market also remains stable, Vice Chairman Kim So-young said the country will continue to successfully manage pending financial issues, such as the soft-landing of real estate project financing (PF) loans, strengthening the fiscal soundness of financial institutions and promoting the corporate value-up program,” the FSC said of the meeting.
Kim especially stressed that South Korea’s financial market “firmly remains in stable conditions,” according to the FSC.
“Since our financial institutions maintain enough capacity to absorb losses, with the government maintaining various means to deal with any crisis, including its 94 trillion-won (US$69.2 billion) market stabilization program, the country will be able to maintain its stable conditions in the future,” Kim was quoted as saying.
Participants from global IBs expressed gratitude for the opportunity to communicate directly with the vice chief of the financial regulator and said they have faith that the South Korean market will continue to remain stable since the government’s market stabilization steps have been working effectively since late 2022, according to the FSC.
Kim said the government will work to communicate more frequently with the international community so as to prevent unnecessary misconception and concerns about the South Korean market.
(Yonhap)
