“Cooperation between supervisory authorities in the Asia-Pacific region is necessary to prepare digital financial regulations”
(Seoul = Yonhap News) Reporter Lee Ji-heon = The Financial Supervisory Service announced on the 3rd that Deputy Director Lee Jin-seok participated in a non-face-to-face meeting with the financial supervisory authorities of five countries in the Asia-Pacific region hosted by the Financial Supervisory Service of Indonesia on the 3rd.
The meeting was attended by Deputy Director Lee, Deputy Director General of the Financial Supervisory Service of Indonesia, Commissioner of the Australian Accuracy Supervision Authority, an executive in charge of risk at the Banking Insurance Supervision and Management Committee of China (Eunbo Supervisory Board), and Director of the General Policy Bureau of the Financial Services Agency of Japan.
At the meeting, they discussed various global financial issues, such as changes in the economic and financial environment following the novel coronavirus infection (COVID-19), response to climate crisis, and expansion of digital platforms and big tech.
Deputy Director Lee mentioned an increase in private debt, increased volatility in the financial market, and an increase in the need for a regulatory system for virtual assets as current financial issues in Korea. He said he was making an effort.
As the main tasks of Korean finance, he cited soundness management and new expansion of finance, such as securing the ability of financial companies to absorb losses.
According to the Financial Supervisory Service, Deputy Director Lee emphasized the need for cooperation among supervisory authorities in the Asia-Pacific region to improve ESG (Environmental, Social Responsibility, and Governance) evaluation and disclosure, and to prepare a digital financial regulatory framework, especially in relation to financial expansion.
The meeting was held last year following the G20 summit in Bali, Indonesia, when the Indonesian Financial Supervisory Authority proposed a high-level meeting between the financial supervisory authorities of Korea, Australia, China and Japan.
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2022/06/03 15:00 Send
