The South Korea Financial Services Commission reported on Vice Chairman Kim Soyoung’s 3 to 7 March visits to Cambodia and the Philippines to deepen financial regulatory cooperation and support the overseas expansion of Korean financial firms. The trip featured new cooperation arrangements with Cambodian authorities on non-performing loan resolution and insurance development, alongside discussions in Manila on regional financial development and deposit protection reforms. In Phnom Penh, Kim met the National Bank of Cambodia, where a memorandum of understanding between the Korea Asset Management Corporation and the Cambodian central bank was signed to share experience and know-how on NPL resolution, and Cambodian counterparts also requested policy sharing from the Korea Deposit Insurance Corporation on deposit protection. Discussions also covered operational issues raised by Korean financial companies in Cambodia, including the complexity and duration of NPL recovery processes and decision-making by local authorities. Separate engagement with Cambodia’s Non-Bank Financial Services Authority was followed by an MOU between the Korea Insurance Development Institute and Cambodia’s insurance regulator to cooperate on insurance development. In Manila, Kim met Asian Development Bank President Masato Kanda to discuss strengthening cooperation through knowledge sharing and capacity development programs, and held talks with a deputy governor of the Bangko Sentral ng Pilipinas on NPL resolution and deposit protection as both countries move to raise deposit insurance limits, from KRW 50 million to KRW 100 million in Korea and from PHP 500,000 to PHP 1 million in the Philippines. Korea also set out plans to hold an annual international financial cooperation forum in Cambodia next year and to continue follow-up discussions with Philippine counterparts on policy implementation progress.

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