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South Korea aims to attract more foreign capital as part of its efforts to promote globalization of its financial industry, the top financial watchdog said Thursday.
Zhin Woong-seob, governor of the Financial Supervisory Service, made the remarks earlier in the day at an international conference of finance in the southern port city of Busan.
South Korea is working to promote the derivative financial sector, although challenges remain, Zhin said.
"The financial authorities have recently re-established financial policy objectives by shifting our focus to promoting cross-border financial transactions," Zhin told the meeting.
"What this means is that we intend to further boost trading of global capital in the Korean financial market, thereby creating more investment and business opportunities," Zhin said.
To achieve the goal, Zhin vowed to eliminate barriers and change rules to meet global standards.
"We will introduce various supportive measures for the financial industry and improve regulations deemed unreasonable or inconsistent with global standards," Zhin said. (Yonhap)
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