FSS Governor: “KOSPI tops 6,000…calling for cooperation on capital market innovation policies”
Summary
- Lee Chan-jin, governor of the Financial Supervisory Service, said the recent KOSPI move above 6,000 and the domestic stock market’s historic rally reflect market trust in the authorities’ efforts to invigorate the capital market.
- He said the authorities view the capital market as a core platform for economic growth and are pushing innovation policies to realize the Korea premium, calling on foreign financial institutions to cooperate in advancing the domestic capital market.
- Foreign financial CEOs called for better access to Korea’s capital market and stronger alignment of regulations with international standards, and Lee said he would work to build a reasonable and flexible financial environment.
Lee Chan-jin, governor of South Korea’s Financial Supervisory Service (FSS), met with chief executives of foreign financial institutions and asked for cooperation to advance the capital market.
On the 25th, the FSS held a roundtable with CEOs of foreign financial firms at the Conrad Seoul in Yeouido, Seoul, exchanging views on key financial issues and tasks for institutional improvements. Representatives from 10 foreign financial institutions—including banking, insurance, securities, and asset management—attended.
In opening remarks, Lee said that “the domestic stock market is posting a historic boom, with the KOSPI recently topping 6,000,” adding that “Korea’s stock market achieving its best-ever performance reflects the market’s validation and trust in the potential of Korea’s capital market and in the financial authorities’ efforts to invigorate it.”
He continued, “The authorities currently view the capital market as a ‘core platform for economic growth’ and are pursuing innovation policies to realize the Korea premium,” and urged active cooperation with the authorities’ efforts to advance the domestic capital market.
He also said, “Foreign financial institutions are a key bridge to global financial markets,” and asked them to “help promote our financial market widely through various networks.”
On consumer protection, he emphasized, “Please join in establishing a preventive consumer protection framework in advance,” adding that “this will also help improve market perceptions of foreign financial institutions.”
The foreign financial CEOs who attended proposed measures such as improving access to Korea’s capital market and strengthening consistency of regulations with international standards. Lee said, “I will continue to pay attention to the issues discussed today and work to resolve them,” and added, “We will continue to foster a reasonable and flexible financial environment through two-way communication.”
Reporter Park Ju-yeon grumpy_cat@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
