Seoul, South Korea – The Financial Supervisory Service (FSS) of South Korea has announced its key priorities for 2025, focusing on fostering digital innovation, strengthening consumer protection, and enhancing the stability of the financial system.
Key Initiatives
AI Advancement: The FSS will support the development of a shared AI platform for the financial industry and establish guidelines for its safe and effective use. This initiative aims to harness the potential of AI while mitigating potential risks.
Consumer Safeguards: The FSS will introduce measures to prevent unwanted non-face-to-face account openings and open banking registrations. It will also intensify efforts to combat financial crimes, including illegal online advertising, spam messages, and voice phishing.
Vulnerable Group Support: The FSS will expand financial support for vulnerable groups, such as low-income individuals and small business owners. It will encourage financial institutions to increase lending to these groups and promote alternative credit scoring systems.
Fintech Innovation: The FSS will streamline regulations to allow banks to offer a wider range of non-financial services and promote the development of specialized insurance companies. It will also support the growth of green finance initiatives.
Regulatory Enhancement: The FSS will improve its inspection and sanction processes, making them more efficient and transparent. It will also enhance its digital capabilities by introducing advanced systems for accounting supervision and virtual asset investigation.
FSS's Commitment
The FSS is committed to fostering a robust and inclusive financial ecosystem that benefits all stakeholders. Its 2025 plans reflect its dedication to promoting innovation, protecting consumers, and ensuring the stability of the financial system.
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