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| Financial Services Commission's (FSC) newly-appointed Vice Chairman Kim So-young speaks during a market monitoring meeting held at the government complex in Seoul, Wednesday. Courtesy of FSC |
By Anna J. Park
The new vice chairman of the Financial Services Commission (FSC) presided over a financial market monitoring meeting on Wednesday morning, stressing the regulator's determination to keep local financial companies' risk management capacities under control. The meeting was Vice Chairman Kim So-young's first public appearance following his appointment on Tuesday, which received the spotlight since he is known to be President Yoon Suk-yeol's mentor in economic affairs.
"Both external and international economic and financial market conditions surrounding the country are so difficult that the first official schedule as FSC's vice chairman has to be holding this monitoring meeting," Kim said during the market monitoring meeting held earlier in the day at the government complex in central Seoul.
After earning his masters and doctoral degrees in economics from Yale University, Kim has taught economics at Seoul National University since 2009. An expert in monetary finance and international finance, he served in the presidential transition committee.
Because of his close relationship with Yoon, some market watchers expect Kim to be assigned to an even more important position later during the president's five-year term.
Attending the meeting Wednesday were key officials from related financial organizations, including the Financial Supervisory Service (FSS) and the Korea Deposit Insurance Corporation (KDIC).
"Financial institutions should be fully engaged in their work with an extraordinary sense of mission and an astute sense of crisis, to curb any potential risks in the domestic financial market and system from turning into actualization," he stressed.
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| Key officials from FSC, FSS and KDIC attend the market monitoring meeting presided over by FSC vice chairman Kim So-young at the government complex in Seoul, Wednesday. Courtesy of FSC |
Kim highlighted that the financial authorities as well as financial companies need to closely monitor the financial market to detect any risk factors and manage the markets in a stable manner.
He also enumerated present external risk factors that increase concerns on global recession, such as the unstable exchange rates, the pressure from high inflation rates, major countries' tightening of monetary policies and the ongoing war between Russia and Ukraine, as well as China's lockdown.
"While the financial authorities will do their best in taking preventive measures to curb any system risks from happening amid growing market volatility, financial companies are also obliged to put risks under control while preparing an ample reserves for any possible losses," the vice chair stated at the meeting.
In addition, Kim said financial policies targeting to support those who suffer from rapidly-increased household debt during the pandemic also need to be pushed through.
