The Korea Herald


FSS chief promotes K-finance in Southeast Asia

By No Kyung-min

Published : May 9, 2023 - 14:49

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Financial Supervisory Service Gov. Lee Bok-hyun (center) talks at an Financial Supervisory Service Gov. Lee Bok-hyun (center) talks at an "Invest K-finance: Singapore IR 2023" event in Singapore on Tuesday, with Hana Financial Group Chairman Ham Young-joo (right) and KB Financial Group Chairman Yoon Jong-kyoo (left) in attendance. (Financial Supervisory Service)

Lee Bok-hyun, chief of the Financial Supervisory Service, is heading to Southeast Asia this week to promote the globalization of South Korea’s financial markets and attract global investors, the financial watchdog said Tuesday.

The FSS chief, accompanied by representatives from Korean financial companies, was scheduled to visit Thailand, Singapore and Indonesia and hold investor relations events there.

Lee’s visit began with a trip to Thailand on Monday, where he met with Sethaput Suthiwartnarueput, governor of the Bank of Thailand, to explore ways of strengthening bilateral relations. Lee also urged the BOT chief to pay attention to Korea’s fintech firms as they seek overseas expansion.

On Tuesday, the FSS held the “Invest K-finance: Singapore IR 2023” event in Singapore, showcasing the strength of Korea’s financial industry and its commitment to optimizing the investment climate for global investors.

During the event, Lee highlighted opportunities for mutual development between Asian countries, citing stability, growth potential and reform efforts as key factors that make Korea an attractive investment destination.

On Wednesday, Lee is scheduled to meet with Ho Hern Shin, deputy managing director in charge of financial supervision at the Monetary Authority of Singapore. They will discuss the need for increased bilateral cooperation amid a rapidly changing financial environment.

The FSS will also highlight its continued efforts to support Korean financial firms in Singapore and work with the MAS to address issues around fintech firms and growing calls for stronger environmental, social and governance efforts.

On Thursday, Lee will participate in "K-Finance Week in Indonesia 2023" and meet with local heads of Korean financial companies in the Southeast Asian country. The FSS chief will be briefed on their localization efforts and will emphasize the role of the Association of Southeast Asian Nations-Korea Financial Cooperation Center in working together with financial authorities.

On Friday, Lee plans to visit the Indonesian Financial Services Authority, or Otoritas Jasa Keuangan, and meet with Chairman Mahendra Siregar to discuss ways for cooperation, including operating an employee exchange program.