November 22, 2024

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Lee Bok-hyun, chief of the Financial Supervisory Service (FSC), speaks at the FSS SPEAKS forum, held in Seoul on March 28, 2024. (Yonhap)

The head of South Korea's financial regulator vowed Thursday to promote "sound and fair finance," stressing the need to help revitalize the economy amid high interest rates and inflation.

Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), stressed the need to further develop and promote the recently launched Corporate Value-up Program to this end.

"Year 2024 marks an important year for Korea as we strive to build a resilient and dynamic economy amid challenging macroeconomic conditions," the FSS chief said in his opening remarks, marking the 16th FSS SPEAKS, an annual forum aimed at enhancing communication with foreign financial firms.

The forum, held at the Federation of Korean Industries tower in Seoul, was attended by some 230 officials and executives from foreign embassies and financial firms, including the ambassadors from China, Britain, France, India, Italy, Japan, Switzerland and the United States.

Lee asked the attendants to become a "valuable bridge" between South Korea and overseas markets, insisting the country's financial services industry "indeed has enormous potential and appeal to global investors."

"To realize their full potential, the capital Korean companies have accumulated over the years will need to be utilized abroad and contribute to global prosperity," he told the forum.

For local companies, the FSS chief stressed the need to promote market practices that "allow Korean companies to be valued correctly by their financial health and industry outlook."

"To this end, we will further develop and refine the government's Corporate Value-up Program," Lee said.

"These efforts, however, will not amount to much if we fail to maintain financial stability and consumer trust. In this regard, prudential regulation and protecting the integrity and fairness of the market will remain our strategic focus." (Yonhap)