Financial Supervisory Service As the integrated supervisory authority, the FSS oversees financial services firms across
the entire financial sectors.

News

Press Releases

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  • The Financial Supervisory Service held the 14th FSS SPEAKS, an annual forum for communication and dialogue with foreign financial companies, at the Millennium Seoul Hilton on April 29, 2022. Approximately 230 officials and executives from embassies and foreign financial firms attended the FSS SPEAKS 2022, and the forum was held this year under the theme “Post Corona, Transformation and Financial Stability.” Among high-profile attendees were Colin James Crooks, Ambassador of the British Embassy in Seoul; Joanne Doornewaard, Ambassador of the Netherlands Embassy in Seoul; Catherine Raper, Ambassador of the Australian Embassy in Seoul; and Dagmar Schmidt Tartagli, Ambassador of Switzerland Embassy in Seoul.

  • The number of domestic financial holding companies (FHCs) was ten as of year-end 2021. Compared to the same period a year earlier, the number of subsidiary units increased from 264 to 290.

  • The Financial Supervisory Service and Asian Development Bank held a joint seminar by using a contact-free method (webinar) on responses to climate change in the financial sector on November 25, 2021. This webinar was part of APEC Financial Regulators Training Initiative (FRTI) that the FSS and ADB hold on an annual basis. This year, financial supervisory authorities from ten Asian countries participated in the webinar.

  • The Financial Supervisory Service holds the 2021 Busan Financial Hub Convention on International Marine Finance jointly with Busan Metropolitan City on November 2, 2021. The international conference has been held annually since 2013 with an aim to promote Busan Metropolitan City as a financial hub which specializes in marine finance. In particular, this year, with other relevant events such as Maritime Conference and Korea Ship Finance Forum, the convention is expanded into Busan Maritime Finance Week, which is to be held from November 2 to November 4.

  • The Financial Supervisory Service and Ewha Womans University jointly held an international conference centering on ESG and green finance and a job fair at the Ewha Campus Complex (ECC) on October 26, 2021. The conference and job fair this year adopted a contact-free method—online video conference system, and the FSS was set to live stream the whole event on its Youtube and Facebook pages.

  • Jeong Eun Bo took office as the 14th Governor of the Financial Supervisory Service on August 5, 2021. He was appointed by the President with the recommendation of the Chairman of the Financial Services Commission as provided under article 29 of the Act on the Establishment of the Financial Services Commission. He serves a three-year term that may be renewed once. In announcing Mr. Jeong’s nomination, the FSC noted his long and distinguished career in public service, including Deputy Minister of Strategy and Finance and Vice Chairman and Secretary General of the FSC. Immediately prior to joining the FSS, Mr. Jeong spent close to two years as Ambassador for Defense Cost-sharing Talks with the United States.

  • The Financial Services Commission identified five bank holding companies (BHCs) and five banks as domestic systemically important banks (D-SIBs) for 2022 on July 13: Shinhan Financial Group, KB Financial Group, Hana Financial Group, Woori Financial Group, NH Financial Group, Shinhan Bank, KB Kookmin Bank, Woori Bank, KEB Hana Bank and NH Bank. Those identified as D-SIBs are required to set aside an additional common equity capital of 1%, and the higher loss absorbency requirement will take effect on January 1, 2022.

  • The Financial Supervisory Service announced that it selected 32 heavily indebted business groups for 2021. Under amendments to the Regulations on Supervision of Banking Business, the main debtor groups came to be selected based on total borrowings and the amount of credit provided from banks The selection criteria for 2021 were group wide borrowings in excess of KRW1.9190 trillion and the amount of provided credit in excess of KRW1.1 trillion as of year-end 2020.

  • The Financial Supervisory Service holds the FSS SPEAKS 2021, an annual forum for communication and dialogue between foreign financial companies and the FSS, on April 20-21. The annual forum this year adopts a contact-free method—online video conference system, and the FSS is set to live stream the two-day forum on its Youtube and Facebook pages.