South Korea Finance Reforms Pledged by FSC and FSS to Boost Productivity

South Korea finance reforms will be advanced by the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) to strengthen consumer protection and promote more productive finance. FSC Chairman Lee Eog-weon and FSS Governor Lee Chan-jin said the planned regulatory and supervisory overhaul will target financial scams, cybersecurity risks, and mis-selling of financial products, while urging banks to better support innovation. The pledge comes after criticism that local banks’ reliance on collateral-backed lending has hindered growth in emerging sectors. The agencies, which remain intact after a government reorganisation, said they aim to align financial oversight with broader economic goals, enhancing market stability while ensuring finance plays a larger role in sustainable development.