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| Financial Services Commission Vice Chairman Kim So-young speaks during a taskforce meeting on globalization of Korea's financial industry in Seoul, Monday. Yonhap |
By Lee Min-hyung
The Financial Services Commission (FSC) pledged Monday to spur the globalization of Korean financial firms and revamp the rules to increase foreign capital inflow to the country.
As part of its moves, the authority decided to set up a special team focusing on the tasks amid growing saturation of the local financial market, it said.
"Globalization is key for local financial firms to overcome the domestic market saturation and secure new growth momentum," FSC Vice Chairman Kim So-young said during a task force meeting with a group of financial associations, institutions and research bodies. "We will actively support their overseas expansion and help them widen foreign investment."
The watchdog also promised to ease complex financial regulations to induce more foreign investors to invest here.
Kim underscored the dire need for financial globalization amid looming fears of recession. Financial firms are also faced with falling investment returns amid the rapid aging of the country's population.
"We cannot expect the financial industry to achieve sustainable growth by simply focusing on development of the real economy," Kim said. "Financial companies should accomplish external growth through globalization. The financial globalization will serve as a turning point to help revitalize the real economy and overcome the country's low growth."
The FSC also promised to resolve complaints raised frequently by foreign financial firms when they make inroads here.
"Global financial firms face a tough time handling non-financial issues such as taxation, labor and education when making inroads into the Korean market," Kim said. "We will find measures to resolve such issues by teaming up with the relevant authorities."
Starting this month, the authority will hold seminars to discuss specific measures for each financial sector to go global. Officials from the local capital market will join the first seminar this month.
Fintech and insurance sectors will also share their obstacles toward the global drive in an upcoming seminar in April. The FSC will also hold the third seminar with financial holding firms and credit companies the following month. Lastly, banks are scheduled to speak on their globalization plans in June.
"The FSC's newly established financial globalization response team will support the drive with a creative and flexible mindset," Kim said.
He also expressed his strong willingness to tighten partnerships with overseas financial authorities and play a role as a "salesman" for local firms to expand their overseas presence.
