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  • (April 5, 2019) The FSS hosts FSS Speaks 2019

    April 19, 2019

    The Financial Supervisory Service hosted the 11th FSS Speaks on April 5, 2019, at the Millennium Seoul Hilton with approximately 360 participants including senior-level managers from foreign financial firms to communicate key supervision and examination agenda for the year. The event consisted of Session I in the morning and Session II in the afternoon with the overarching theme of “Inclusive Finance and Responsible Innovation.” Session I began with a keynote address by Governor Suk Heun Yoon and congratulatory remarks by the Honorable Simon Smith, British Ambassador to the Republic of Korea, and Mr. Rob Rapson, Deputy Chief of Mission at U.S. Embassy Seoul. In his keynote speech, Governor Yoon spoke about the widening scope of inclusive finance and the growing importance of it in restoring the public’s trust in the financial industry. He also stressed that financial institutions need to be more mindful of risks that innovation in financial services will likely bring. Following Governor Yoon’s address, participants discussed key developments in domestic and global financial markets and latest innovations in the fintech industry. In the afternoon session, participants had an opportunity to listen to more detailed explanation on supervision and examination priorities for their sector of interest among bank, capital market, and insurance.

  • (November 29, 2018) The FSS hosts the International Symposium: Finance of the Future, New Financial Supervision

    December 4, 2018

    The Financial Supervisory Service hosted “International Symposium: Finance of the Future, New Financial Supervision” on November 29, 2018, at the Lotte Hotel in Seoul with participants from leading global technology firms including Microsoft, Google Pay, and Amazon Web Services, financial regulators from the U.S. Federal Reserve, the U.K. Financial Conduct Authority, and the Monetary Authority of Singapore, and globally active financial institutions. The symposium was divided into two tracks. In track 1, participants explored the impact of technological innovations such as artificial intelligence and big data on the financial industry and shared their expertise and insight on the future of financial supervision. During track 2 discussions, participants discussed the emerging financial supervision approaches to corporate culture and behavior employing theories of behavioral economics.

    In his opening remarks, Governor Suk Heun Yoon highlighted the importance of striking a right balance between the promises of financial innovations and their potential risk to the financial stability. He also called for more effective regulatory and supervisory oversight based on deeper understanding of financial firms’ behavior and culture to preempt financial disruptions and failures.

  • (September 18-20, 2018) The FSS hosts the 2018 Information Technology Supervisors Group Conference

    September 21, 2018

    The Financial Supervisory Service hosted the 2018 Information Technology Supervisors Group (ITSG) Conference from September 18 to 20, 2018. The ITSG consists of 24 financial supervisory authorities from 20 countries around the world. The conference topics for this year included IT risks, information protection, and cloud computing. First Senior Deputy Governor Kwang-yeol Yoo noted in his opening remarks that financial supervisory authorities need to work to contain security risks that are likely to grow with fintech innovation and pointed out the importance of information protection. FSS supervisors participating in the ITSG Conference also announced a pilot program that is expected to enable financial institutions to operate under their own voluntary self-governing security systems and cited it as one of the most effective ways to assess IT risks and ensure regulatory compliance.

    List of the ITSG member authorities participating in the 2018 ITSG Conference:

    Australian Prudential Regulation Authority, Australia
    Banca d’Italia, Italy
    Banco de Espana, Spain
    Bank Negara Malaysia, Malaysia
    Bank of Japan, Japan
    China Banking and Insurance Regulatory Commission, China
    Commission de Surveillance du Secteur Financier, Luxembourg
    De Nederlandsche Bank, the Netherlands
    Deutsche Bundesbank, Germany
    Federal Financial Supervisory Authority, Germany
    Financial Conduct Authority, U.K.
    Financial Supervisory Authority of Norway, Norway
    Financial Supervisory Service, Korea
    Finansinspektionen, Sweden
    Hong Kong Monetary Authority, Hong Kong SAR
    Monetary Authority of Singapore, Singapore
    National Bank of Belgium, Belgium
    Office of the Comptroller of the Currency, U.S.

    List of non-ITSG members participating in the 2018 ITSG Conference:

    Bangko Sentral ng Pilipinas, the Philippines
    Central Bank of Ireland, Ireland
    South Africa Reserve Bank, South Africa
    International Monetary Fund

  • (September 5-7, 2018) The FSS hosts the 20th Integrated Financial Supervisors Conference

    September 20, 2018

    The Financial Supervisory Service hosted the 20th Integrated Financial Supervisors Conference, an international forum of 16 financial supervisory authorities from Asia, Australia, Europe, and North America, in Seoul on September 6 and 7, 2018. The discussion topics for this year’s conference ranged from fintech to anti-money laundering.

    In his welcome remarks to the participating members, Governor Suk Heun Yoon noted that technology-driven financial services can bring significant efficiency gains, consumer convenience, and other positive changes to the marketplace through innovation and competition, but that the benefits of fintech will be diminished if privacy and security concerns are not effectively addressed. He then observed that one important challenge for supervisory authorities will be not getting in the way of innovation while preempting risks arising from it and called for concerted cross-border efforts to address the pitfalls of technological innovation.

    The list of the IFSC member authorities in alphabetical order that participated in the 2018 IFSC is as follows:

    Australian Prudential Regulation Authority, Australia
    Danish Financial Supervisory Authority, Denmark
    De Nederlandsche Bank, the Netherlands
    Federal Financial Supervisory Authority, Germany
    Financial Market Authority Austria, Austria
    Financial Services Agency, Japan
    Financial Supervisory Authority, Iceland
    Financial Supervisory Authority of Norway, Norway
    Financial Supervisory Service, Korea
    Magyar Nemzeti Bank, Hungary
    Monetary Authority of Singapore, Singapore
    Office of the Superintendent of Financial Institutions, Canada
    Prudential Regulation Authority, U.K.
    Swedish Financial Supervisory Authority, Sweden

    (The Swiss Financial Market Supervisory Authority and the Central Bank of Ireland were unable to participate in this year’s conference.)

  • (July 19, 2018) Governor Yoon Meets Mr. Eric Usher of the UN Environment Programme Finance Initiative (UNEP FI)

    July 20, 2018

    Governor Suk Heun Yoon met with Mr. Eric Usher, who heads the UN Environment Programme Finance Initiative (UNEP FI), on July 19 and discussed recent developments and trends in sustainable finance worldwide and participation in the global effort to promote sustainable finance and responsible investment. UNEP FI, a partinership created in 1992 between the United Nations Environment and the global financial setor, works to promote sustainable finance with the understanding that the financial services sector can contribute to sustainable economic activities by embracing environmental and social considerations into its business operations. At the meeting, Governor Yoon expressed his appreciation for the work of UNEP FI and noted that the Financial Supervisory Service is currently in the process of becoming a supporting institution of UNEP FI.

  • (March 15, 2018) The FSS hosts FSS Speaks 2018

    March 22, 2018

    The FSS hosted the 10th FSS Speaks on March 15, 2018, an annual gathering of supervisors and foreign financial firm executives designed to facilitate the information exchange and communicate key supervision agenda for the year. Approximately 360 participants including senior-level managers from foreign financial firms and representatives from foreign embassies and credit-rating providers attended the meeting. In his opening remark, FSS First Senior Deputy Governor Yoo Kwang-yeol called for a culture of innovation and competition, stronger risk management, and more effective anti-money laundering system. The event was divided into morning and afternoon sessions with the overarching theme of “Rebuilding Trust and Inspiring Innovation.” During the morning session, senior FSS supervisors discussed latest developments on Korea’s financial center initiative and policy direction going forward. The morning session was followed in the afternoon by more detailed presentations and discussions on examination and supervision priorities for individual financial sectors with feedback from the participants.

  • (December 1, 2017) The FSC/FSS Hosts Trilateral High-Level Meeting and Supervisory Cooperation Seminar with China Banking Regulatory Commission and Japan’s Financial Services Agency

    December 8, 2017

    (From the left: FSA Vice Commissioner Ryozo Himino, FSS Governor Choe Heungsik, and CBRC Vice Chairman Wang Zhaoxing)

    The FSC/FSS hosted the 8th China/Japan/Korea Trilateral Financial Regulators’ High-Level Meeting and the 10th China/Japan/Korea Trilateral Financial Supervisory Cooperation Seminar on December 1, 2017, in Songdo, Incheon. The trilateral seminar brings together financial regulators and supervisors from the three countries for in-depth discussion and exchange of ideas on financial regulation and supervision. Since its inception in 2006, the trilateral seminar has helped regulators and supervisors from the three countries earnestly engage in financial policy discussions and renew their commitment to stronger trilateral relations. In 2008, the trilateral seminar reached a new milestone with the commencement of the China/Japan/Korea Trilateral Financial Regulators’ High-Level Meeting.

    At the high-level meeting, senior regulators and supervisors from the China Banking Regulatory Commission, Japan’s Financial Services Agency, and Korea’s FSC/FSS presented their respective financial policy issues ranging from changes in supervisory approach to reform initiatives. For the FSC/FSS, the vice chairman of the FSC outlined the new administration’s financial policy agenda. The morning session was followed in the afternoon by discussions among working-level regulators and supervisors on a variety of issues including Basel III post-crisis regulatory reforms, cyber security, and Regtech.

  • (November 15, 2017) The FSS hosts the International Fintech Seminar

    November 20, 2017

    The Financial Supervisory Service organized International Fintech Seminar: Fintech Landscape and Supervisory Challenges on November 15, 2017, in Seoul to bring together private- and public-sector fintech professionals from the global financial and regulatory communities and promote knowledge sharing and discussions on fintech’s impact, its risks, and its future prospect worldwide.

    In his opening remarks, FSS Governor Choe Heungsik outlined some of fintech’s promises and pitfalls and expressed his hope for clearer suggestions for regulatory policy directions from the Seminar participants. The Seminar was divided into three separate sessions, and the speakers who led the discussions throughout the day engaged in wide-ranging topics that included the latest fintech services and their potential to disrupt the existing services, risks to consumer privacy and the financial system, and pro-fintech policy measures and the role of regulators. The Seminar was especially relevant to emerging market financial regulators who wanted to stay abreast of most up-to-date fintech developments and trends worldwide and were looking for networking opportunities with high-level fintech supervisors and market professionals.

  • (May 31-June 1, 2017) The FSS co-hosts the 2017 Busan Financial Hub Convention on International Marine Finance with the Busan Metropolitan City

    June 9, 2017

    Governor Zhin Woong-Seob delivered the opening remarks at the 2017 Busan Financial Hub Convention on International Marine Finance that the Financial Supervisory Service co-hosted with the Busan Metropolitan City in Busan on May 31 and June 1, 2017. At the two-day meeting, marine finance experts discussed a range of developments including offshore regulations and the Fourth Industrial Revolution and assessed their implications for the future growth of global marine finance.

  • (January 17, 2017) Governor Zhin welcomes a visit from members of the General Council and the Executive Board of the Riksbank of Sweden

    January 19, 2017

    Governor Zhin Woong-Seob hosted a meeting with members of the General Council and the Executive Board of the Riksbank of Sweden, who were visiting Korea to learn more about Korea's economic and market conditions and policy regimes. At the meeting, the FSS provided a synopsis of Korea's institutional arrangements for financial regulation and supervision and engaged in earnest discussions with the Swedish delegation on some of the key financial market issues that were of mutual interest.

  • (October 21, 2015) Governor Zhin meets Commissioner Michael S. Piwowar of the U.S. Securities and Exchange Commission

    November 6, 2015

    Zhin Woong-Seob, Governor of ther FSS, had a meeting with Michael S. Piwowar, Commissioner of the U.S. Securities and Exchange Commission.

  • (October 2, 2015) Governor Zhin Meets Chairman Vu Viet Ngoan of the National Financial Supervisory Commission of Vietnam

    October 7, 2015

    Zhin Woong-Seob, Governor of the FSS, received a courtesy call from Vu Viet Ngoan, Chairman of the National Financial Supervisory Commission of Vietnam, on October 2, 2015. Governor Zhin and Chairman Ngoan discussed various issues, including supervision and examination of financial institutions, recent developments and regulations in the securities market, establishing a financial stability forum in East Asia, and enhancing financial supervision cooperation between Korea and Vietnam.

  • (October 1, 2015) Governor Zhin Meets Chair Narantuya Zagdkhuu of the Financial Regulatory Commission of Mongolia

    October 7, 2015

    Zhin Woong-Seob, Governor of the FSS, received a courtesy call from Narantuya Zagdkhuu, Chair of the Financial Regulatory Commission of Mongolia, on October 1, 2015. Governor Zhin and Chair Narantuya discussed recent developments and regulations in the capital market and enhancing financial supervision cooperation between Korea and Mongolia.

  • (May 28, 2015) Governor Zhin meets Chief Executive Officer Andrew Bailey of the UK Prudential Regulation Authority

    June 24, 2015

    Zhin Woong-Seob, Governor of the FSS, received a courtesy call from Andrew Bailey, Chief Executive Officer of the UK Prudential Regulation Authority, on May 28, 2015. Governor Zhin and Mr. Bailey discussed prudential supervision of banks, latest developments in the fintech industry, and enhancing cooperation in financial supervision between Korea and the United Kingdom.

  • (April 27, 2015) Governor Zhin meets Chairman Fadel Muhammad of the Commission XI of Indonesia’s Parliament

    May 12, 2015

    Zhin Woong-Seob, Governor of the FSS, had a meeting with Fadel Muhammad, Chairman of the Commission XI of Indonesia’s Parliament, on April 27, 2015.

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