FSC vice chief promotes Korean finance in Central Asia

FSC Vice Chairman Kim So-young speaks during a meeting held in Seoul Government Complex, May 3. Yonhap

By Lee Yeon-woo

Financial Services Commission (FSC) Vice Chairman Kim So-young is setting off for Central Asia with leaders of domestic financial firms, accelerating financial regulators' efforts to support the firms' overseas expansion.

According to the FSC, Kim will visit two Central Asian countries ― Uzbekistan and Kyrgyzstan ― from Tuesday to Friday. This will be Kim's first time taking action to support financial firms entering the global market, following the Financial Supervisory Service (FSS) chief's recent five-day tour of Southeast Asia.

He will be accompanied by Korean Federation of Banks (KFB) Chairman Kim Kwang-soo, as well as vice presidents of commercial and local banks, including Shinhan, KB Kookmin, Woori and BNK Kyongnam Bank.

“This business trip embodies our commitment to act as a salesman for successful overseas expansion of Korean financial firms, and to promote the Korean financial industry while fostering cooperation with overseas financial authorities,” the FSC said.

On Wednesday, Kim is scheduled to attend a memorandum of understanding signing between fintech industry associations of Korea and Uzbekistan and deliver a keynote speech at a seminar co-hosted by bank federations of both countries.

On Thursday, Kim will fly to Kyrgyzstan and attend the opening ceremony for BNK Finance, a subsidiary of BNK Capital, the first Korean financial firm to enter the Kyrgyzstan market.

On the last day, along with representatives of BC Card and payment platform SMARTRO, Kim will attend a ceremony where the two countries will vow cooperation in establishing Kyrgyzstan's payment infrastructure.

Central Asia and Korea have maintained close ties in various sectors including health, digital, tourism and the environment, and trade has more than doubled in the past four years. It has been 31 years since Korea established diplomatic ties with the Central Asian countries.

However, according to the FSC, bilateral cooperation in the financial sector remains limited. The FSC is particularly focused on the fact that five countries in Central Asia are driving digitalization in finance.

“If Korean financial firms, which possess advanced digital infrastructure and development experience, can enter the market, they will be able to meet the demand in the region and lead the market,” the FSC noted.

The recent support from financial authorities aligns with President Yoon Suk Yeol's policy direction, which aims to strengthen overseas sales. Since March, the FSC has been supporting domestic financial firms entering overseas markets by launching a taskforce dedicated to the globalization of the financial industry. FSS Governor Lee Bok-hyun also visited Thailand, Singapore and Indonesia last week, pledging support for international investors.